 "Image via Shutterstock")
Over 80% of India's young urban population in the age bracket of 22-29 years is living with parents compared with about 60% in China and 35% in Australia, says a survey by property consultant CBRE.
Nearly 70% of respondents, who are not living with their parents, prefer to rent rather than buy a property, said the CBRE Group's survey on "The Millennials".
The survey, conducted across 13 nations with India as a major participating country, tried to analyse the behaviour patterns of these millennials and its linkages to various real estate segments.
The report touches upon millennials' attitude towards the work environment (office spaces), living choices (residential real estate) and their consumption patterns (retail).
"82% of Indian Millennials live with their parents vs Australia at 35% and China at 61%," CBRE said in a statement.
As much as 25% of Indian millennial have no intention of leaving the family home, while more than 23% of Indian millennials currently staying with their parents would move out of their family homes within the next two to five years, the report said.
"65% of Millennials aspire to buy a property in the future without compromising on the quality of life. Millennials in China and India displayed the strongest intentions to buy their own property in the near future," CBRE survey said.
While for Indian Millennials, investment is the key driver (at 35%) for buying property, in China it is stability (at 69%).
CBRE Chairman, India and South East Asia, Anshuman Magazine said: "Given that by 2020, 65% of our population will be under the age of 35, it is critical that we gain insights into the behaviour of this population class."
Stating that the survey results are not only insightful, but also contrary to the general perception around millennials, he said, "For instance, 82% of the millennials stay with their parents, saving for the future is among their top priorities and a large majority look at real estate as a sound investment opportunity".
Although spending on essential goods and leisure activities rank high for millennials across the globe, present day millennials are also focusing on their savings for future use in India (24%), China (31%), Hong Kong (34%), Japan (22%) & Australia (23%).
All the millennials prefer getting their products delivered to their homes (70-75%). Product delivery to their office is the second most common response in all the countries except Hong Kong where 28% people like to collect it from a third party (collection locker, centralised collection point).
"47% of Indian millennials, who expect increase in their online shopping in coming years, will do so because of better return policies and customer care. While, a wider range of available products is the main reason for increasing adoption in Japan (37%), Australia (45%), China (51%) and Hong Kong (55%)," the report said.
