Almost half of millennials prioritise savings for vacations H1

This is as Singapore opened more vaccinated travel lanes.

The number of millennials in Singapore prioritising saving funds for vacations rose from 35% in the second half of 2021 to 42% in the first half of 2022 after the Lion City opened more vaccinated travel lanes this year, according to PropertyGuru’s latest study.

The analyst said Singaporean millennials are seeking to grow their savings and saving funds for a home as their top two priorities for the year, particularly, younger ones or those aged 22 to 29 years old prioritise their savings to buy their first property whilst the older millennials or those aged 30 to 39 years old are saving to pay their debts.

PropertyGuru’s research also revealed that millennials aged between 30 to 39 years old consider accessibility to amenities, larger spaces, proximity to food and beverage outlets and malls as factors when looking for a new property amidst a hybrid work arrangement implementation.

In addition, 42% of millennials demand jumbo HDB flats, followed by 24% who want three-room flats. But 23% of millennials still live with their parents even if 76% are intending to move out in the next year, whilst 50% of millennials said being unmarried prevents them from moving out of their parents’ home.

The findings were taken from a supplementary survey conducted on the back of the latest biannual H1 2022 PropertyGuru Consumer Sentiment Study (CSS), which measures the Singapore property market's current consumer sentiments and expectations.

Over 500 respondents were polled in the supplemental survey conducted from 10 January 2022 to 14 January 2022 to evaluate Singaporeans’ response to new property cooling measures that were imposed on 15 December 2021 whilst the CSS polled 860 Singaporeans between 15 November to 26 December 2021.