As millennials are expected to comprise at least half of the global workforce by 2020, there’s no time like the present to begin understanding the characteristics of this demographic.
Much have been said about the collective significance of millennials. For one, those born from the early 80’s to the end of the millennium already comprise a third of the country’s total population. Many of them are already part of the workforce and are integral in the shaping of the economy.
The population and spending power of millennials make them a significant target market in real estate. As this ‘internet generation’ expectedly makes property searches online like they do other products and services, Lamudi has been able to get a better understanding of Filipino millennial property seekers.
They Are 25 Years Old or Older
Among online property seekers aged 18 to 34 years old visiting Lamudi, it is those over 25 years of age who frequently visit the Philippines’ leading real estate marketplace. Millennials comprised over four million of the online sessions on the Lamudi website in 2016, with more than 70 percent of these done by visitors in or over their mid-twenties.
This can be attributed to property seekers in this age range already being relatively tenured in the workforce, which allows some of them to command salaries that are reasonably adequate to cover modest monthly mortgages or allow them to consider a wider range of properties for rent.
Most of Them Are Female
Another characteristic of Filipino millennial property seekers who visited Lamudi in 2016 is that most were female, as they comprised 68 percent of visits made on the website. While there are no exact indicators as to why this was the case, women are traditionally better nesters/nurturers, where the natural inclination can lead to increased property searches.
They Go Online Mostly for Movies and News
Millennials don’t just go online to conduct property searches. Almost everything that they do involves the Internet and related technology, so knowing more about their preferences can also be better understood by taking into account what most of them go online for. In this case, most millennials who visit Lamudi happen to mostly go online to read the latest news or search for the latest movies.
While only by a slim margin, millennials who visited Lamudi can be considered movie lovers and news junkies. So if they were to be marketed to regarding property, and just about any other product or service actually, placing ads in news and movie sites would be ideal, as well as cinemas, and television stations showing films and news.
Most of Them are from Quezon City, Makati and Cebu City
Most of the millennial property seekers seem to be based out of Quezon City. Almost a million sessions on Lamudi in 2016 originated from the country’s former capital and most populous city. Many universities, and information technology (IT) and business process outsourcing (BPO) firms that are populated by millennials are based in Quezon City.
Makati had the second most number of millennials conducting property searches. Cebu City had the third most number of millennial property seekers, as it is the most populous city in and main regional center of Central Visayas, making it a Like Metro Manila, key destination for young professionals from the Visayas and Mindanao who are exploring new career opportunities.
Millennials Are Searching for Properties in Quezon City, Makati and Cebu
Quezon City ranks highly as the most searched location by millennial property seekers doing online searches. This is most likely fueled by their desire to live closer to where they work or go to school. Another contributory factor with all searches in general, is that at present, Quezon City has the largest number of listed properties due to its location within and being the largest city in terms of land area in Metro Manila..
Makati is the second most searched city by millennials, as this can be attributed to the desire to live in areas near their workplace. Although Cebu City is the third most searched city by millennials, it is not the third most searched place by the group, as they still prefer to look for properties in Metro Manila..
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