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Unreasonably generalized as indecisive and too consumed in digital connectivity, the millennial generation proves to be as influential on the economy as they are on electronic media
Not long ago, the argument for millennials driving the Philippine economy was not the most convincing. The unofficial generational category of individuals born between the early 1980s and early 2000s, millennials were after all just coming of age about a decade ago. It just could not be foreseen then how significant their contribution could be.
Fast forward to the present, and the country is now reaping the demographic dividends from millennials. By the United Nations Population Fund definition, demographic dividends is the “economic growth potential which results from shifts in a population’s age structure, mainly when the working-age population (15–64 years old) is larger than the non-working age (14 and below, 65 and above).”
At the 4th Asia Pacific Real Estate Investment Summit held last October 2015, real estate consultancy firm CBRE Philippines’ chairman Rick Santos said the country has one of the youngest workforces in the world. With a median age of 23.2 years old, millennials, as Santos best described, have turned the “labor force into the new people power.” Yet, what exactly drives that power?
It is well documented that the millennial generation is the first batch of digital natives. Growing up in an age of mobile phones and social media where almost everything is available at a push of a button, patience tends to become a scarce virtue among young people.
Millennials’ perceived impatience is also indicative of how much they value their time. As such, many from this generation hardly linger too long in pursuits that are of little interest or importance to them, making sure that time is made of the most effective use in things that are.
Millennials also do their best to live close to the aspects of their lives that are most significant to them, be it their offices or places they spend time with their friends and colleagues. This is the reason many young urban professionals prefer to live in Makati in order to be close to places that matter to them, allowing them to eliminate long commutes and traffic from their daily routine. As a result, they can conveniently access anything they need or go wherever they need to go, becoming more productive and self-fulfilled at the same time.
And the “Fear of Missing Out”
The millennial generation is greatly associated with the social angst FoMO, or the “fear of missing out.” It is characterized as “pervasive apprehension that others might be having rewarding experiences from which one is absent.
While the FoMO phenomenon has further perpetuated the assumption that millennials’ need to always be digitally connected and updated about the things that are significant to them, this fear of missing out has also helped keep millennials motivated and hardworking in the pursuit their interests.
Millennials look at their careers as journeys of self-discovery, and the fear of missing out causes them to explore varying work opportunities whenever presented with a chance. With this desire to try as many things as possible, an ideal home for a millennial would be one that is close to his work place and leisure areas.
Makati is one such area in Metro Manila that would be a perfect base for any millennial: it is highly accessible, a business and financial district in its own right, and offers young people plenty of exciting activities, giving them a better chance of not missing out on opportunities.
Great Earning and Spending Power
Comprising over 50 percent of the country’s currently employed individuals and two-thirds of the overall population, millennials also have a great deal of earning and spending power. Their sizable disposable incomes put them in the position to make significant purchases at an instant, or what global marketing firm Publicis Manila has dubbed as the “I want ergo I need” spending behavior.
While the general assumption is that these finances are directed toward the latest gadgets due to the generation’s affinity for the latest technology, it is also geared toward real estate. In fact, Lamudi data for the third quarter of 2015 shows that there is an almost equal proportion of renters and buyers among 18- to 24-year-old online property-hunters (50.2 percent for rent versus 49.8 percent for sale). However, there is a tendency for property-hunters to search for for-sale properties online as they get older; among 25- to 34-year-old individuals, 57.3 percent are researching for properties to buy.
Overall, millennials value their time greatly, wants to stay as relevant and close to everything important to them as possible, and have a large spending power which makes them more logical and practical in their expenditures—this is why looking for properties situated in established business districts like Makati makes more sense to them. One of the newest condo projects perfect for millennial homebuyers is Megaworld’s San Antonio Residence. Situated along Gil Puyat Avenue just a stone’s throw away from Ayala Avenue, this new condo will have 956 units ranging from studio (25 sqm) to three-bedroom apartments (93 sqm), and will also boast family-oriented lifestyle amenities, including Parent-Kid B.O.N.D. (Begin, Open, Nurture and Discover) open area, swimming pool, children’s pool, pool deck, dance studio, fitness center, street fitness park, outdoor seating area and function rooms.
Scheduled for completion in 2020, San Antonio Residence is the perfect property choice for millennial homebuyers, a worthy investment whether for rental or end-use.
To know more about San Antonio Residence, call +63917-887-6223, email email@example.com or visit the website at www.sanantonioresidence.com
Main photo via Shutterstock
This article was sponsored by Megaworld Makati
Megaworld Corp. is one of the Philippines’ largest property developers. It has an unprecedented track record of completing more than 350 residential buildings, office towers, commercial centers, and world-class hotels since 1994. The company began pursuing priority projects in Makati City, building high-rise condominium towers starting in both Legaspi and Salcedo Villages, now expanding to the other areas located minutes away from the central business district.