Millennials have a reputation for desiring flexibility within their social and work lives and wanting to climb the career ladder quickly.
Categorised as those born between the mid-1990s to early 2000s, it might be assumed that this demographic is not too interested in settling down and locking themselves into a long term investment like owning a property. DDproperty’s Thailand Consumer Sentiment Study illustrates how this is not the case.
The report assessed how people in Thailand invest in property to discover where their priorities lie and looked at different age categories to identify contrasting habits.
Social media is often cited as an alternative search engine and so the first point that was highlighted, and that comes as no surprise, is that millennials maximise these platforms when looking for the property thus emphasising the importance of developers investing in their various channels.
Data collected from the report illustrated that one in five millennials live with their parents, with the majority of this segment being single. While this age group is often labelled for their love of flexibility, the report revealed that over half of the respondents have a monthly saving strategy in place to reach homeownership status.
This suggests their aspiration to own bricks and mortar, which is in line with their thirst to succeed such as within the workplace. In fact, over 90 percent of millennials want to buy property rather than rent indicating their switched-on mentality and understanding of long term investments.
Additionally, the vast majority of millennials prioritise their money to save for a home rather than using their hard-earned cash to spend on hobbies or to go to concerts.
Finally, when looking for a property to buy or rent, millennials are most concerned with location. This was the number one concern across all age groups again suggesting that millennials have a good grasp of the property market and what makes it tick.
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