BUSINESS INSIGHTS: What Millennials want
We've spoken at length about homebuying trends among South Africa's newest homebuyers, Gen Z, but less attention has been paid to one of the most influential forces in today's property market: millennials.
Born between 1981 and 1996, this more established cohort accounts for roughly 30% to 42% of the market, according to Lightstone. Most millennial buyers are investing in urban areas, where access to employment opportunities and lifestyle amenities align with their preferences and priorities.
However, despite their growing presence, in a tough economic climate, many millennials are still grappling with affordability issues and have often been labelled the 'renter generation'.
But this narrative is beginning to shift. According to Ooba Home Loans, both first-time and repeat homebuyers are getting older, with the average first-time buyer now aged 35, and repeat buyers closer to 40, indicating that a significant portion of millennials may now be entering the property market in greater numbers.
In addition, as interest rates continue to stabilise and more millennials enter their peak earning years, many are shifting from renting to buying in search of stability, wealth creation, personal freedom and family-friendly living.
For those selling and looking to appeal to this generation, here's an easy checklist of general preferences: Affordability dictates everything: Location, size and features are chosen with budget top of mind. Many millennials are looking beyond high-demand areas where the value per square meter is better.
Location, size and features are chosen with budget top of mind. Many millennials are looking beyond high-demand areas where the value per square meter is better. Smaller homes or fixer-uppers: Budget-conscious and resourceful, millennials are open to projects, as long as the price is right and the long-term value is clear.
Budget-conscious and resourceful, millennials are open to projects, as long as the price is right and the long-term value is clear. Function over flash: This generation values clever, efficient layouts over large footprints. It's about making the most out of every square meter. With this in mind, they will be swayed by open-plan living, storage-savvy designs and multi-use rooms.
This generation values clever, efficient layouts over large footprints. It's about making the most out of every square meter. With this in mind, they will be swayed by open-plan living, storage-savvy designs and multi-use rooms. Sustainability matters: Millennials are eco-conscious. Solar panels, water tanks, gas stoves, and energy-efficient designs are no longer nice-to-haves – they're expected.
Millennials are eco-conscious. Solar panels, water tanks, gas stoves, and energy-efficient designs are no longer nice-to-haves – they're expected. Community-first living: Secure estates or gated communities with shared green spaces, parks, playgrounds and access to quality schools and shops are in high demand. Many millennials have young families, and for some, having access to all of these amenities is imperative.
Secure estates or gated communities with shared green spaces, parks, playgrounds and access to quality schools and shops are in high demand. Many millennials have young families, and for some, having access to all of these amenities is imperative. Home office space: A quiet, functional home office or flexible workspace is now essential for many millennials.
A quiet, functional home office or flexible workspace is now essential for many millennials. Pet-friendly homes: Millennials are the largest group of pet owners, and their furry companions factor into home choices. Gardens, pet-permitting complexes and access to parks are non-negotiables for many.
Millennials are the largest group of pet owners, and their furry companions factor into home choices. Gardens, pet-permitting complexes and access to parks are non-negotiables for many. Room to grow, and personalise: A neutral, well-maintained home offers the blank slate they need. Millennials want the flexibility to add their personal style gradually, without needing to renovate from day one.
As they enter their prime earning years and seek greater financial stability, millennials' presence in the property market is growing and with it, their influence.
For sellers and developers, understanding what drives this generation's decisions is key. Affordability, functionality, sustainability and lifestyle-oriented features are not just preferences – they're major priorities.
What are your thoughts? Share your experiences as a millennial homebuyer in the comments below!
Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
2 days ago
- IOL News
Why South Africans are redefining wellness: a shift towards authentic self-care
Explore wellness apps or mindfulness tools to support your mental and physical health on your terms. Image: Nutrisense Inc /pexels Before the pandemic, wellness often felt like a luxury or, worse, an afterthought. Burnout was glorified as a sign of ambition, therapy was whispered about in secrecy, and 'doing it all' was the unspoken standard. For many South Africans, wellness was something you turned to only in a crisis. But five years after Covid-19 upended the world, something has shifted. While the world remains tough, rising living costs, load-shedding fatigue, and escalating mental health challenges affect people, especially younger generations, who are softer. And that softness isn't weakness; it's a quiet rebellion against survival mode. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Younger South Africans, particularly Millennials and Gen Z, are leading this charge. A 2023 survey found that 55% of these generations have sought therapy, with 40% actively pursuing it in 2024. Compared to Baby Boomers, only 11% have done so since the pandemic began. This shift reflects a growing cultural movement: the pursuit of wholeness over wealth, connection over competition, and designing lives instead of simply managing crises. Wellness is within reach, and it starts with small, intentional changes. Image: Nataliya Vaitkevich/Pexels Wellness is no longer confined to spa days or luxury retreats. It has stepped into the real world, becoming proactive, personal, and deeply relevant to how we live today. A new kind of self-care In 2020, wellness was largely reactive. Today, it's about prevention and intentional choices. South Africans are finding wellness in everyday moments, such as sunset walks with friends and meaningful conversations, and prioritising their mental and physical health. A Global Nature Survey recently revealed that South Africans spend more time outdoors than any other nation, with over 92% of global respondents prioritising time in nature. These moments of connection with the natural world are more than a trend; they're a lifeline in an increasingly demanding world. Wellness has also expanded to include the basics, sleep routines, step counts, healthy relationships and open conversations about mental health. In group chats, people are swapping therapy tips instead of pretending everything is fine. There's a collective shift toward normalising mental health struggles and seeking real, actionable tools to address them. But the reality is that one in six South Africans lives with anxiety, depression, or substance abuse. Public access to mental health care remains limited, with only one psychologist per 100 000 people in the state system. This gap has driven more people to turn to technology for help. A personalised approach helps individuals prioritise their mental and physical health, while also benefiting businesses. With the rise of digital tools, wellness is now more accessible than ever before, says Jaco Oosthuizen, managing director and co-founder of YuLife South Africa. South Africans don't need more apps that push users to extreme fitness goals, we encourage people to embrace wellness at their own pace. Wellness has also expanded to include the basics, sleep routines, step counts, healthy relationships and open conversations about mental health. Image: Polina /pexels Given the prominent place of social media in our lives today, it's not surprising that so many people want to share the habits, activities, and practices they use in their daily pursuit of physical, spiritual, emotional, and mental wellness. Whether in tweets, Facebook posts, or Instagram photos, many want to share their improvements and advice with others. In some cases, however, this desire to share experiences can turn into a need to 'perform' one's wellness. This can become a hindrance, overshadowing the initial goals those habits, activities, and practices were meant to serve (Well+Good, 2018). 'Prioritising wellbeing isn't just the human thing to do; it's a smart, sustainable business move,' Oosthuizen adds. Rising healthcare costs, preventable conditions, and drops in productivity all take a toll on companies. Supporting employee wellness is no longer a 'nice-to-have'; it's essential. A cultural reset This new era of wellness indicates a critical cultural reset, a collective exhale after enduring years of chronic stress. So, what does this mean for you? The message is simple yet transformative: wellness is within reach, and it can begin with small, intentional changes. The takeaway is simple but powerful: wellness is within reach, and it starts with small, intentional changes. Here's how you can embrace this new era of self-care: 1. Take it outside: Spend time in nature. Whether it's a walk in the park or a hike, being outdoors can lower stress and boost your mood. 2. Sleep smarter: Prioritise a consistent sleep routine. Rest isn't just important, it's foundational to your overall well-being. 3. Talk about it: Share your mental health journey with trusted friends or family. Normalising these conversations helps break the stigma. Explore wellness apps or mindfulness tools to support your mental and physical health on your terms. Health sometimes is in the choices we make, the boundaries we set, and the moments we create for ourselves.
TimesLIVE
2 days ago
- TimesLIVE
These are the factors that fuelled SA auto industry's strong Q1 rebound
The recovery of the SA automotive sector is driven by improved consumer sentiment, lower interest rates and access to retirement savings through two-pot withdrawals, according to the latest TransUnion SA Mobility Insights Report for Q1 2025. Rising real wages have also contributed to an upward trajectory averaging about 34,000 monthly passenger vehicle sales in the first quarter of the year, and representing the highest levels seen since Q3 2015. Affordability, longer ownership cycles and the growing availability of low-cost models remains the driver of purchase decisions, particularly younger and first-time buyers. 'SA consumers are returning to the vehicle market with a clear focus on value and flexibility,' said Lee Naik, CEO of TransUnion Africa. 'We're seeing a continued shift away from traditional premium segments in favour of more accessible alternatives that meet evolving needs and budgets.' Social media Gen Z's rising influence, responsible for a 27.9% year-on-year increase in vehicle finance volumes, highlights social media's importance to automotive brands aiming to attract younger buyers, who are said to spend more than three-and-a-half hours daily on platforms including TikTok, Instagram and YouTube.
IOL News
2 days ago
- IOL News
Savour, sample and connect: 10 key highlights at the Africa Food Show
From sizzling cook-offs to fresh global flavours, fashionably plated bites to wellness-forward innovations. The Africa Food Show 2025 is dishing up an unmissable sensory experience that's so much more than your average expo. Taking place from June 10-12, at the Cape Town International Convention Centre, this premiere food and beverage event is serving up style, culture and serious flavour all under one roof. Think top chefs battling it out live, Gen Z snacking trends, conscious food solutions, and even the local launch of Cristiano Ronaldo's bottled water brand, Ursu. Whether you're into street food culture, wellness trends, elevated dining or behind-the-scenes industry insights, Africa Food Show is where it's all happening. Connect one on one with global Food and Beverage (F&B) industry leaders, witness top chefs battle it out in the Game of Chefs, attend the Africa Food Summit and see dough done like never before in the Global Pizza Challenge, all whilst discovering new trends and technologies shared by exhibitors from around the world. There is something appetising for everyone at the Africa Food Show, taking place from 10-12 June 2025 at the Cape Town International Convention Centre (CTICC), in Cape Town, South Africa. More than 350 exhibitors representing a whopping 29 countries will be displaying innovative F&B products and solutions, covering everything from baking to catering, retail-ready food, new technologies and more. You can expect leading local brands, including the likes of Catercorp, Fair Cape, Unilever, Karan Beef, Beef Master, Spice Mecca, IFF, Doehler, Atlantis Foods, Econofoods, Rhodes Food Group, Ina Paarman's Kitchen, Petit Forestier and Fairview. And don't miss the international flavours from as far afield as Jordan, India, Saudi Arabia, the United Arab Emirates, Spain, the Netherlands, Brazil, China, Singapore and Canada - to name but a few. Running concurrently with the Africa Food Show, the two-day Africa Food Summit offers a chance to forecast the future of F&B on the continent. With a host of expert speakers from both the business and NGO sector and a focus on 'transforming healthy foods for climate and health', the conference is bound to be a big hit. Swipe right on this exciting feature of the Africa Food Show - it's the chance to make connections with leaders from across the F&B sector, both local and global. This bespoke networking service is available to trade and industry professionals, with a range of executive decision-makers expected to attend - so bring your business cards!. The Africa Food Show is strategically co-located with another large-scale, premier event - the Hotel and Hospitality Expo Africa. With 150 exhibitors on the line-up and 4,000 visitors expected to attend, there will be lots to explore in the realm of hospitality. Keep up with the latest trends in accommodation, catering and dining out and find opportunities to connect with business owners. Feast your eyes on an array of next-level F&B items and ideas, covering everything from Gen Z's snacking habits to AI in the value chain, budding biotech food trends, alternative proteins, gut-health boosting bites, rising township brands and the latest global flavours. Stand back and watch a high-intensity cook-off, as South Africa's hottest chefs and emerging talent battle it out for fame, glory and sizeable cash rewards. Supported by the South African Chefs Association and Econofoods, who have also put their names behind the Global Pizza Challenge and National Burger Challenge, the Game of Chefs is an opportunity to see mind-boggling culinary skills, live and up close. You'll witness an entire three-course set menu come to life in just 2.5 hours. What will they make? And what will the judges say? Another cooking contest you can't miss, the National Burger Challenge does what it says on the tin: brings chefs of all skills and backgrounds together to find the best hamburger in the land. With all-original recipes and hot competition, this event will leave your mouth watering. Celebrity chefs will judge the burgers on taste and presentation, awarding a cash prize to the winner. This is no ordinary pizza cook-up - you're looking at Africa's biggest pizza competition. Independent pizza-makers from around the country go rolling pin to rolling pin, with national winners selected to compete for the global crown. The challenge has been running for 16 years and just keeps getting more delicious. Tantalise your tastebuds with a brand-new feature at the Africa Food Show - one that celebrates the best of South Africa's culinary scene. Watch some of the country's most renowned chefs in action, as they take to the demo stage to share their skills, stories and - of course - signature dishes. From lekker local restaurants to icons of the industry, it's a window into the future of food on the continent. Expect to see Terrarium's Anlou Erasmus, Mill St. Bistro's Phil Carmichael, the one and only Vusi Ndlovu from Edge, Jenna Short from Short & Sweet, and Arno Ralph from Callebaut, among other top names. Enjoy a hands-on experience with a variety of displays and demonstrations, adding an immersive dimension to the latest innovations in F&B. From scrumptious tasting sessions to live cooking demos, there is always something happening. One highlight on the calendar is the local launch of Cristiano' Ronaldo's new brand of bottled water, Ursu, supported by importer Namlow. With an alkaline pH of 9, the mineral water is making waves around the world.
