Consumer behavior and product trends are shifting. It is partly due to the growth of the millennial generation, or those born between 1982 and 2002. A good percentage of them have already joined the workforce, which means they now have the purchasing power. Moreover, some are starting their family, which indicates changes in personal priorities.
What They Want
Contrary to popular belief, millennials in the Philippines prefer to spend money on items related to personal care and home. Based on the data gathered by Kantar, the young generation increased their spending on home care (10.1 percent) and food (5.5 percent). To be more specific, purchases on tissue went up 35 percent and 20 percent for dish-washing agents.
In another survey conducted by Rappler, the majority of the millennials responded career as their top priority followed by family and self. Although many said they value self-independence and ambition, more than 62 percent also preferred to be married later. No less than 80 percent revealed they wanted to have kids.
Being Wiser in Finance and Life by Choosing a Good Home
Perhaps it’s subtle, but these two surveys revealed an important trend in real estate: millennials are buying houses. If not, they will consider having one. It should not be surprising as this is also the current landscape in other countries such as the United States and Canada. The problem is buyer’s remorse is also high among the group.
Millennials who are thinking of buying a property, whether it’s a condominium or a house and lot, should then consider reading reviews first, according to Property Survey. They can look for a website with reviews created by or collated from real estate experts and show all details pertinent to the property including location and size.
A house is a long-term investment and therefore should not be taken lightly. A wrong choice can ruin one’s finances for years while a good property helps build equity. With the help of reviews, young buyers are more likely to enjoy good equity. They can use it to secure affordable loans in the future. It may also guarantee an excellent return should the owner sell it.