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Jo'burg second-most expensive for millennial lifestyle - study

Jul 15 2018 15:29
Carin Smith

Johannesburg came out as second-most expensive for the millennial lifestyle in 2018 among 11 cities in the world ranked by Swiss investment bank and financial services company UBS.

The study compared how much a "typical millennial shopping basket" costs around the world. The 11 cities in the study are Johannesburg, New York, Paris, London, Zurich, Dubai, Hong Kong, Moscow, Bangkok, Buenos Aires and Toronto.

“Millennial must-haves” in 2018 the study considered include an iPhone, a laptop, a pair of jeans, a pair of sneakers, a Netflix subscription, a cup of coffee, a Big Mac burger as a late-night craving and avocados - for their favourite avocado toast meal.

Avocados in Johannesburg are the fifth most expensive among the 11 cities surveyed, while a Big Mac came in second cheapest among the cities. A cup of coffee is the cheapest in Johannesburg.

Jeans were found to be the third cheapest among the 11 cities, while sneakers (tekkies) are by far the cheapest - almost a third of the price in Moscow, for example.

An iPhone, however, will cost you the second most in Johannesburg among the 11 cities, the same is true for a Notebook which is almost the same as the most expensive city for this product, Moscow.

Lastly, Netflix in Johannesburg is the fifth most expensive. It costs the same as in New York and Dubai.

One of the world's most expensive cities, Hong Kong, was actually found in the study to be the cheapest for the millennial lifestyle.

"Hong Kong turns out to be the millennial place to be," the report states.

Buenos Aires in Argentina was found to be the most expensive city on the list - although avocados are a bargain there.

In an overall comparison of 77 cities in the world - not just for the millennial lifestyle - Johannesburg was ranked 53rd on a price level, 51st on the earning level and 43rd on the purchasing power level.

The report states that Johannesburg has been undergoing rapid change, with new office and apartment developments springing up across the city.

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ubs  |  johannesburg  |  millennials  |  sa economy
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