Millennials make up one-third of the population in the Philippines.
Politicians vie for their approval, marketers work hard to persuade and entice them, and companies want to hire them, or at least those who have yet to start their own company.
Truly, they are a force to be reckoned with.
Much has been said about millennials — that they are digital natives who have grown up in a rapidly evolving technological landscape, that they crave experiences and growth more than they do stability, and that they are as entitled as they are empowered.
While some of these points are subject to debate, one thing is for sure: millennials are taking over.
More than just defining their workplace and community, they are also raising a new generation.
According to data from the Labor Force Survey by the Philippine Statistics Authority in 2015, millennials make up about half of the country’s workforce. 45% of the 39 million Filipinos who have jobs are millennials aged 15 to 34. The country has the youngest workforce worldwide, with a median age of 23.2 years old.
The numbers show that millennials have a high potential in terms of their spending power. Adding to this is the fact that millennials have a “wanting, therefore, needing” attitude, plus an apparent impatience over things. Millennials would have a tendency to invest in a property in one snap decision. Making this even more plausible is the easy access to the Internet, the proliferation of social media, and the digitalization of commerce. Millennials could easily look for housing loans and residential listings in a few clicks.
Millennials grew up in a world that is fast-paced, and one that has everything within their reach. They are known for wanting to do more with the time they have. This influences their choice of where they would want to live. Many developments in Metro Manila have been adept at trying to meet the millennials’ quest for the elusive work-life balance. A study conducted by Lamudi has in fact revealed that millennials are searching for residential properties in Cebu and urbanized cities like Quezon City, and Manila.
While many millennials fall within the generalities attributed to them, they are still a nuanced generation. Learn more about the different types of millennials, and the type of home that would suit their personality.
Millennials of this type tend to be cautious consumers, charitable, globally-aware, information-hungry, and team-oriented. They consume large amounts of online content and are highly active on social media platforms. Those from this category tend to have below-average employment as they are usually students or homemakers.
Hip-ennials are more likely to seek out trendy homes and will try to find affordable options near restaurants and shopping districts, such as apartments, low-cost and resort-style condominiums.
Those from this category rebel against the typical stereotype assigned to millennials. They tend to be conservative and apathetic to trendy and eco-friendly products and services. They would rather stay in the environment they have grown familiar to, and are averse to too much interruption, change or excitement.
Anti-millennials prefer to live in a quiet, comfortable and familiar suburban area that is located close to work.
Millennial moms are generally the oldest and tend to have the highest income. They are digitally savvy, highly social, and confident. They are also known for being information-hungry. While they tend to feel isolated from others because of their busy routine, they are very driven and successful individuals who put prime emphasis on family.
Millennial moms prefer to have their homes in suburban areas that are conducive to family living and that are located within good school districts and near fitness and shopping centers like The Mactan Newtown in Lapu-lapu Cebu.
OLD SCHOOL MILLENNIALS
Old school millennials are the least wired among millennials. They are self-directed, independent, cautious consumers, confident, and charitable. They spend significantly less time online, and prefer to read instead. Millennials of this type tend to be on the older range of the generation.
Old school millennials would prefer a more traditional type of neighborhood, somewhere near the perks of the city but not at the center of things.
These millennials are cause-driven, positive, environmentally-concerned, healthy, and impressionable. Although they make up only 10% of millennials, they tend to be the most visible online, often posting cause-related content. They make up for the youngest demographic among millennials.
Gadget gurus are often savvy millennial bachelors. They are generally single and earn above-average income. They are successful, confident, at ease, free-spirited, and wired. Many believe this to be their prime decade. These millennials own the most devices and contribute lots of content online.
Gadget gurus prefer to live near the pulse of the city, bringing them close to opportunities for networking, nightlife and innovation. Condominiums located within key business and shopping districts like 38 Park Avenue are especially ideal.
Millennials are often labelled the “instant” generation, expecting to hardly lift a finger but to get great rewards anyway. They are assigned derogatory terms like “entitled”, “narcissistic”, and “lazy.” These are unnecessary generalizations though, as quite a good number of millennials have already earned a good position in a reputable company or have started their own company or business. Most often than not, millennials are simply a bunch of people who are well aware of their rights and what is due them, and are willing to speak up and assert their worth. While they rely on technology to make things easier and more efficient, they are also willing to put in the hard work where it matters.
While they may appear to waste a lot of time on social media, millennials are actually a busy and driven bunch, and are serious about building a better future not just for themselves but the people around them. Just like most Filipinos, one of the many factors that drive them is family. They strive to be in a position that would provide for their family and to start a family of their own.
Millennials are poised to become an even more powerful force in the country’s economy. Understanding their ways and what drives them can go a long way in putting in the right marketing efforts and service/product development.
Written by Jason Garcia (http://www.investmentdad.com)