MILLENIALS and zoomers - described collectively as the “woke” generation - are the “game changers” in the country’s real estate market since they have been more exposed to investments, a top executive of a leading property developer said.
PHirst Park Homes Sales Operation Head Gretchen Ramos said Filipino millennials - those born between 1983 and 1994 - and the so-called Generation Z that succeeds millennials have impacted the rise of microcities and generated a positive impact on real estate.
“We are a nation of game changers. They are our millennials and zoomers,” Ramos said in the real estate forum hosted by The Manila Times on Thursday at the Hilton Manila.
Ramos said that millennials and zoomers are the “great target” of businesses because most of them are employed and have productive and disposable income. She emphasized that these generations also enter the trend of a “gig” economy, a labor-market that is dependent on freelancers, that opens more job opportunities for them.
“Millennials and zoomers are highly productive earning individuals with increased buying power. They are our game changers, and they are on to greatly impact the economy and shape the market,” she said.
The digital age contributed to these age groups’ exposure to investments and pushed them to invest in property to avoid “missing out,” Ramos said.
“Woke” has taken on a new meaning of being aware and attentive to current facts and issues.
“With their exposure to social media, we call them the “woke” generation. Compared to their predecessors, they are better informed to start investing, and one of which is real estate,” she said.
“Now, if you don’t have an investment, it's like you’re missing out…. They would also like to post #MyFirstHome. And I guess, it's also because of the stage, the different stages of the lives of the millennials,” she added.
Ramos considers affordability, accessibility, sustainability, security, and technological connectivity as the factors millennials and zoomers look at when purchasing real estate property.