Article | Entrepreneurship area | Year 2018 | |
A Psychological Model of Residential Property Purchasing Decision in Thailandby C. Nunarong; Prattana Punnakitikasem | |
UTCC International Journal of Business and Economics 10(1), p.53-74 |
AbstractResearch interest in residential property consumer purchase decision has widely conducted
over the past years. The majority of the research was conducted based on the external
influencing factors such as marketing mix and product attribute. It has overlooked the
importance of the internal or psychological factors that play an important role in a customer
mind before making a purchase decision.
The purpose of this paper is to study the factors that influencing a residential property
purchase decision in another perspective, which focuses on psychological factors including
attitude, motivation, personal value and belief in Thailand context. The quantitative
approach was used to conduct this research. The data were gathered from 178 respondents and
translated into a useful knowledge though the statistical techniques such as descriptive statistic,
independent t-test and chi-square.
The result reveals that two main psychological factors that impact purchase decision are
motivations and personal values. The consumers purchase a residential property with the
intention to satisfy their self-esteem and self-actualization needs. Furthermore, seven out
of nine personal values were involved in decision to purchase residential property. The
personal values include Sense of belonging, Self-fulfilment, Security, Self-respect, Sense
of accomplishment, and fun and enjoyment in life. The customer tends to emphasize on their
self-interest over the others. The value of warm relationship with others and being wellrespect were not important to their purchase intention. However, belief and attitude have
not influenced the purchase decision. Findings of this study will benefit the developers and
marketers who have an interest in the residential property business in Thailand as it
provides guidance for better understanding customer insights in order to formulate an effective
strategic decisions on product development and marketing strategies.
Keywords: Phychological Factors, Purchase Decision, Residential Property, Housing, Real Estate |