Millennials spend 4.7 days a month shopping online: CBRE
Asia Pacific millennials are more likely to spend their time and money on leisure activities and experiences like travel, entertainment and dining than previous generations.
Millennials shop online—at an average of 4.7 days per month —but only physical bricks-and mortar venues, particularly shopping centers, provide them with the experiences and social elements they require.
Millennials visit shopping centres for purposes other than buying products, such as to dine out, banking and visiting exhibitions, at an average of three days per month.
However, slower economic growth and a desire to save money for purchasing a home may inhibit future spending on leisure activities, suggests CBRE research.
“Millennials represent the fastest source of spending power regionally and serve as the most influential demographic framing future trends in real estate through their lifestyle behaviour, requirements and priorities of living, working and play,” said Dr Henry Chin, Head of Research, CBRE Asia Pacific.
“In order to leverage on millennials’ spending habits, retailers are recommended to increase the experience-based element of their offering and focus on providing an environment for visitors to socialise and relax.
"In addition to increasing F&B, cinema and entertainment elements in their shopping malls, retail landlords should consider organising more live events to attract millennials.
"However, they should also carefully manage their tenant mix to ensure they still cater to other generations,” added Dr Chin.
In Australia, 70 percent of non-food purchases are made in store.
