Millennials Live Work Play Report Figures€¦ · CBRE 7 CLIENT NAME | PRESENTATION TITLE • 13,000 responses from millennials aged between 22 and 29 • 1,000 respondents in each

2 CLIENT NAME | PRESENTATION TITLECBRE

The Millennial GenerationAs one of the largest generation in history, millennials are reshaping the global economy and influencing the built environment along the way.

They are more connected, tech-savvy, educated and culturally diverse than any generation that’s come before them. Yet, at the same time, they face unique challenges. Many are debt-laden due to the 2008 recession. Others have delayed traditional life-stages into adulthood.

As millennials enter their peak years, there is an opportunity for occupiers, investors and owners of real estate to better understand this generation and its strategic implications on real estate.

TH E OP P ORTU NI TY


TH E GLOB AL RE P ORTMillennials: Myths and Realities


TH E SE CT I ONSLive


TH E SE CT I ONSWork


TH E SE CT I ONSPlay


• 13,000 responses from millennials aged between 22 and 29

• 1,000 respondents in each of 12 countries representing the three major global regions

• Additional 6,893 internal responses from a range of ages to the same survey

• Series of internal discussion groups to extract more detailed findings

TH E SU RVE Y


TH E RE SU LT

One of the most extensive and detailed global studiesof how and where the millennial generation chooses to live, work and play, with major implications for the future of real estate.



“ I TH I NK P ROP E RTY P R I CE S ARE R I S I NG FASTE R TH AN W AGE S”

50%

55%

60%

65%

70%

75%

80%

85%

90%

Hong Kong

Spain Mexico China France UK Canada Australia USA Germany India Japan

% a

gree

ing

with

sta

tem

ent

Global average


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Hong Kong

India Spain China Mexico Japan UK Australia USA France Canada Germany

% li

ving

at

hom

e

Global average

L I V I NG W I TH P ARE NTS Affordability of housing has led to a boomerang generation


0%

5%

10%

15%

20%

25%

India Hong Kong

Japan China Germany Mexico Spain Australia UK USA France Canada

% w

ith n

o p

lans

to

leav

e th

e fa

mily

ho

me

Global average

P LANS TO LE AVE ARE ON H OLD


0% 10% 20% 30% 40% 50% 60% 70%

More practical to live with friends

Wider choice of properties that I could afford

Only way to live in the area I wanted

Did not want the commitment / hassle of owning

Short-term convenience

Cost / financial circumstances

TOP RE ASONS MI LLE NNI ALS ARE RE NT I NGChoice of accommodation is mainly dictated by cost


P LANS TO B U YMost millennials still plan to buy

30%

17%

13%

0%

10%

20%

30%

40%

50%

60%

70%

% with plans to buy

Living at home, planning to move out and rent

All living at home, and planning to move out

All renting/living rent free (not at home)



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Mexico Spain USA France India Canada Australia Germany UK Japan Hong Kong

China

‘I fe

el lu

cky

to h

ave

a jo

b’

Global average

I NSE CU R I TY I S A KE Y FE ATU RE OF TH E J OB MARKE T


26%

35%

9%

19%

1%9%

Same company

Small number of companies

Large number of companies

Self-employed

Other

Don’t know

‘What would your ideal career structure be?’

I D E AL CARE E R S TRU CTU REJob-hopping is less attractive than assumed


0% 5% 10% 15% 20% 25%

Take a modest pay cut

Give up some progression and promotion prospects

Move to a less attractive location for work

Travel farther to work

Move to a smaller, less well-known company

‘What trade-offs would you make for a better office environment?’

TRAD E -OFFS FOR A B E TTE R E NVI RONME NTMost millennials will make trade-offs to improve their environment


CU RRE NT OFFI CE E NVI RONME NT AFFE CTS P RE FE RE NCE S

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Private/shared office Open plan Activity-based working

Idea

l o

ffic

e en

viro

nmen

t

Office environment type

Private/shared office

Open plan

Activity-based working


0%

5%

10%

15%

20%

25%

Millennials Non-millennials

Ave

rage

% r

atin

g en

viro

nmen

t as

idea

l

Private/shared office

Open plan

Activity-based working

Office environment type

COMP ANY CU LTU RE MATTE RSIn the CBRE internal survey, most millennials prefer activity-based working whilst non-millennials prefer a private office


0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Dry cleaning

Bike racks

Day care

Showers

Game room

Shopping deliveries

Convenience store

Green space in building

Coffee bar

Rest areas

Wellness / relaxation

Cafeteria

% of millennials wanting facility

D E S I RE D OFFI CE FACI L I T I E S


0%

10%

20%

30%

40%

50%

60%

70%

India USA China Hong Kong

Germany France Australia UK Canada Spain Mexico Japan

‘I try

to

kee

p w

ork

and

lei

sure

sep

arat

e’

Global average

TH E ‘ALW AY S ON’ GE NE RAT I ON?Most think work and leisure should be separate


0%

10%

20%

30%

40%

50%

60%

70%

City or large town in the center

Suburbs / on the outskirts of a city/large

town

Medium/small town Out-of-town location Rural location

% r

atin

g lo

catio

n ‘f

airly

’ o

r ‘ve

ry’

appe

alin

gAP P E AL OF D I FFE RE NT W ORK LOCAT I ONSCities aren’t the only appealing location


0%

5%

10%

15%

20%

25%

30%

35%

Up to 10 mins Up to 20 mins Up to 30 mins Up to 45 mins Up to 60 mins Up to 75 mins Up to 90 mins Over 90 mins

Millennials’ longest tolerable commute

COMMU TE T I ME SIn general, millennials prefer a relatively short commute



40%

42%

44%

46%

48%

50%

52%

54%

Hong Kong

India Mexico China Germany Japan UK Canada Spain USA France Australia

% o

f inc

om

e sp

ent o

n le

isur

e

Global average

I NCOME SP E NT ON LE I SU REOverall, millennials spend almost half of all disposable income on leisure


0

1

2

3

4

5

Eat out Visit a shopping center to shop

Visit a high street to shop

Visit shopping center for a reason

other than shopping

Go to the cinema Go to a live event

Num

ber

of d

ays

a m

ont

h th

at m

illen

nial

s …

D AY S A MONTH SP E NT ON LE I SU REExperience is valued as part of leisure


0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

UK USA India Germany Australia Canada China France Japan Hong Kong

Spain Mexico

% o

f sho

ppin

g do

ne o

nlin

e

Global average

ONLI NE SH OP P I NGDon’t expect stores to become online fulfilment centers any time soon


0%

10%

20%

30%

40%

50%

60%

70%

Home delivery Third-party collection facility Office delivery In-store delivery

% c

hoo

sing

met

hod

‘alw

ays’

or

‘ver

y o

ften’

D E L I VE RY OP T I ONSFew millennials want to order online and pick up purchases in store


W H Y D ON’T Y OU D O MORE SH OP P I NG ONLI NE ?

0% 10% 20% 30% 40% 50% 60%

I want personal service in store

Better prices in store

More choice in store

Use time shopping to socialize

It’s easier to shop in store

I enjoy shopping as a leisure activity

I want to try items on

I can't get the product there and then

I like to see the products


CONCLU S I ON

Flexible offices but managed transition

Convenience in location and property management

Long-term renting

Delivery straight to the consumer

Shopping as a leisure activity

Facilities to support leisure and wellness at work Element of privacy in the workplace

Accessible location

Documents

Millennials Live Work Play Report Figures€¦ · CBRE 7 CLIENT NAME | PRESENTATION TITLE • 13,000 responses from millennials aged between 22 and 29 • 1,000 respondents in each