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.