Real Estate for Gen Z

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Real Estate for Gen Z

As the world is changing and moving forward, the younger generation is becoming more active. In this article, we’re going to introduce and talk about the new generation, Generation Z (Gen Z), who are starting to step into property investment.

Gen Z? Who are they?

“Gen Z” or Generation Z, is a group of people born after the year 1997. The oldest people in this generation are the 23-year old population, representing one-third of the world’s population (of 7 billion people). In Thailand, the percentage of Gen Zs is 30%. Wunderman Thompson Intelligence has researched Gen Z consumer behaviorism, ideas, interests, and trends.

They have a distinctive identity. In addition, there is a survey from Marketing Oop! That the Gen Z population in Thailand are interested in real estate, and want to save up to 65% of their money, and put down-payments on houses and condos.

Real estate with Gen Z

In the past, developers might have overlooked Gen Zs due to age and financial instability. But now, with the increase in Gen Z population entering the market, developers have turned around and adjusted their project strategies to serve the Gen Zs better, and provide customer segmentation, which will be an important part of their purchasing decision in the future.

As most Gen Zs can’t live without their phone, and spend countless days wandering through the digital world, more developers are starting to improve their online sales campaigns, as evident from their 11.11 sales campaign. Many developers have chosen to join e-commerce platforms like Lazada and Shopee.

Major developer, Sansiri, says they have been paying more attention to consumer behavior than spending power, while the Origin Property has actively been promoting and launching the Origin brand exclusively for Gen Zs. Based on the “digital native” behavior, many projects have started to create applications to make it more comfortable for residents to access common areas, and follow news updates via the app as well.

In addition to the innovations, developers are adapting to the Gen Z customers by adding amenities to suit their lifestyle. Many condos will always add special features such as smart closet, hotel service on demand, cleaning services, professional maid booking through applications, and so on. Many other condos also have co-working spaces that are created to cater towards the Gen Z lifestyle.

How to adapt to win the hearts of the Gen Zs?

In the face of the “Blue Ocean,” this group will eventually become the major customer group in the future. Studying and understanding Gen Z’s purchasing behavior first is more effective. For the most part, Gen Zs are considered “first jobbers” that just started working. Starting rental prices for condominiums are around 15,000-30,000, and prices for buying starts at around 1 million baht. If you want to attract Gen Zs, you need to consider the price, but don’t forget to pay attention to the facilities that are suitable for Gen Zs as well.

If you’re looking to invest in a condominium, and rent out to Gen Zs, you should take their style preferences into consideration when decorating your unit, or even pick a condo project that meets the needs of this customer group.

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