Posted on February 13, 2019 by Nelsie Rita Marie Montuya

Welcome to today’s new millennium. The tech-savvy and aspirational generation era that reshapes how businesses, most especially the real estate industry, are open to adapting to the necessary changes of an emerging worldwide market – the millennials.

Born between 1980 and 2000, Millennials make up one of the largest portions of the consumer world at present. Millennials scrutinize the products that they want as they look into the standards of the business. They begin to focus on the taste for experience, causing a shift in gear in the way they spend their money.

Millennials in the digital age

Millennials who comprise 30% of the entire population are starting to begin their prime spending years. They have grown up in a rapid change of time giving them outlooks that are stridently different from the previous generations. Being tech-savvy, having a global view enables them to pore over their desired purchase by taking advantage of the digital era as well. As the first group of the digital period, Millennials also spend time on the internet listening to other people’s purchases and actively engage in social media increasing their brand loyalty.

More experience, fewer goods

More millennials are buying more experience than goods. It is an experience that brings them happiness and not mere objects itself. Money is now spent on automobiles, beauty and wellness, mobile apps, health care, and real estate.

The new target of real estate

Millennials are beginning to be the new real estate targets. Their work-hard-play-hard nature prompts them to move out of their parent’s homes earlier than expected. The improved purchasing power of Millennials is having a large impact on the economy particularly on the high rise real estate market. The boom in the high rise properties in the Philippines has made ownership accessible and flexible to these millennials. With the purchasing power on the rise, millennials are beginning to spend their hard-earned money on starter homes, studios, and one-bedroom units.

Condo living, a yes to the millennials

Condo living is also faster and easier for Millennials. They are after a work-live-play concept where the location is near the workplace and is comfortable to be in without the hassle of traveling and facing traffic. They prefer a location that offers the lenience in dining out with friends in a variety of restaurants. Millennials want to live in a vicinity that allows them to be flexible indoors and outdoors. They are also after the security, pet-friendliness of the locale, and as well as the recreational and wellness activities it offers.

A great example of a lifestyle-tailored development for millennials is found in the heart of Cebu. Inspired from their hard work, The Median is a 27-story condominium residence with Smart Home features that situates in a thriving neighborhood. Ideal for such a market. 

The quest for Millennial experience

Millennials are a growing property market posed to shape the economy. Their needs and wants are set to dictate the next trends in real estate rentals. They want to acquire good quality products that can improve quality living. The lucrative millennial market challenges long-held traditions push for efficiency and productivity and demand innovation. This new time flock is after being offered a consistently personalized brand experience where they are able to savor being prized and dear as they get their money’s worth.

With the emerging market that unfolds new fields of interests and needs, the birth of trends sparks from one point to another. Because of their passion for more experience, millennials are the creative masterminds that give them the power of shifting the black and white perspective into a fresh blank new canvas for all.