Key Highlights
- Netflix emerged to be the most popular OTT platform whereas Instagram was the most opted social media platform
- Emirates is millennials’ most preferred international airline and for domestic travel, they prefer Vistara and Indigo
- 35% of people choose to spend their free time travelling or taking vacations
- 74% of people invest in stock markets and mutual funds
- Personalized housing preferences are crucial for millennials
- Survey findings highlight millennials’ need for luxury and accessibility in housing choices
New Delhi, 3rd March: The millennial population in India is one of the largest in the world, with an estimated 400 million millennials in the country. This demographic has a significant impact on consumer trends and as millennials enjoy increasing purchasing power and seek out experiences that are both convenient and luxurious, they are driving demand for premium products and services across various sectors, from travel to housing. This trend is reflected in Housr’s survey “Inside the Millennial Mind.” The survey reveals some interesting insights when it comes to millennials’ penchant for luxury products, housing choices, leisure activities, and spending habits.
According to an online survey by Housr, Netflix emerged as the most preferred OTT platform for 64% millennials, followed by Amazon Prime with 18.27% and Hotstar with 14.36%, and Instagram was the most opted social media platform. The survey has been conducted to understand the viewing and social media habits of millennials in the age group of 25-40. The results indicate that 64% of millennials prefer Netflix for streaming content, with Amazon Prime Video and Hotstar following with 18.27% and 14.36%, respectively. On the other hand, Instagram emerged as the most opted social media platform among millennials.
Travel, Airline Choices
With nearly 40% of millennials choosing to travel as their primary leisure activity, the housing industry needs to adapt and cater to their needs. The survey reveals that 39.48% of millennials go on vacation twice a year, and 25% go once a year. For their travel plans, choosing an airline is a crucial decision. Over 42% of respondents have chosen Emirates as their preferred international airline. For domestic travel, Vistara and Indigo emerged as the most preferred airlines, with a combined preference of over 68%.
Housing and Amenities needs of millenials
The survey’s findings further shed light on the housing preferences (while travelling) of millennials, with a significant proportion preferring to stay in high-end properties. Specifically, more than 70% chose either 4-star or 5-star accommodations. On the other hand, less than 1 in 5 opted to stay in Airbnb accommodations.
Furthermore, the survey revealed that 60% of respondents identified a fully managed space with all the amenities under one roof as their top luxury. For these millennials, the experience and convenience of a well-managed space outweighed the price, and accessibility was a significant factor in their housing preferences. According to the survey, millennials emphasized the importance of amenities such as 24/7 security, on-site laundry, and concierge services. These findings underscore the desire for low-maintenance living and convenience for this generation, while also showcasing the variety of luxury features that millennials value.
Sharing his thoughts on the findings, Deepak Anand, Co-Founder & CEO, Housr said, “We are seeing a shift in the way millennials approach housing. They are prioritizing experiences over ownership and are willing to invest in luxury accommodation that offers convenience, style, and security. As the demand for luxury accommodation grows, we are committed to providing millennials with the kind of fully-managed spaces they crave, with all the amenities and services they need.”
Interestingly, the survey also revealed that more than half of the millennials are willing to allocate over 30% of their income towards a fully managed accommodation, further highlighting the significance of catering to their housing preferences. Overall, the survey results demonstrate the need for developers to consider the evolving preferences of millennials and provide tailored housing options that meet their demands for convenience, luxury, and accessibility.
Insights on Premium Brand Preferences and Investment Choices
As the economy grows, the purchasing power of millennials is also on the rise. The survey reveals that over 87% of respondents prefer premium brands like Ralph Lauren, Coach and Zara for shopping. They are also keen on investing their earnings, with 74% of respondents investing in stock markets and mutual funds.
The survey emphasizes the importance of redefining the housing industry’s parameters and catering to millennials’ diverse needs. By creating personalized spaces that offer luxury and accessibility, the housing industry can capture the essence of the millennial dream.
