senior property with healthcare services: the study …
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SENIOR PROPERTY WITH HEALTHCARE SERVICES:
THE STUDY OF ATTITUDE PERCEPTION AND
DECISION-MAKING CRITERIA.
BY
MISS JUTATIP CHAROENYINGWATTANA
AN INDEPENDENT STUDY SUBMITTED
IN PARTIAL FULFILLMENT OF
THE REQUIREMENTS FOR THE DEGREE OF
MASTER OF SCIENCE PROGRAM IN MARKETING
(INTERNATIONAL PROGRAM)
FACULTY OF COMMERCE AND ACCOUNTANCY
THAMMASAT UNIVERSITY
ACADEMIC YEAR 2018
COPYRIGHT OF THAMMASAT UNIVERSITY
Ref. code: 25616002040191HOB
SENIOR PROPERTY WITH HEALTHCARE SERVICES:
THE STUDY OF ATTITUDE PERCEPTION AND
DECISION-MAKING CRITERIA.
BY
MISS JUTATIP CHAROENYINGWATTANA
AN INDEPENDENT STUDY SUBMITTED
IN PARTIAL FULFILLMENT OF
THE REQUIREMENTS FOR THE DEGREE OF
MASTER OF SCIENCE PROGRAM IN MARKETING
(INTERNATIONAL PROGRAM)
FACULTY OF COMMERCE AND ACCOUNTANCY
THAMMASAT UNIVERSITY
ACADEMIC YEAR 2018
COPYRIGHT OF THAMMASAT UNIVERSITY
Ref. code: 25616002040191HOB
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Independent Study Title SENIOR PROPERTY WITH HEALTHCARE
SERVICES: THE STUDY OF ATTITUDE
PERCEPTION AND DECISION-MAKING
CRITERIA.
Author Miss Jutatip Charoenyingwattana
Degree Master of Science Program in Marketing
(International Program)
Major Field/Faculty/University Faculty of Commerce and Accountancy
Thammasat University
Independent Study Advisor Professor Kenneth E. Miller, Ph.D.
Academic Years 2018
ABSTRACT
Aging society has become a world-class issue. The phenomenon creates a great
opportunity for many companies to do the business for elderly people or develop a
product to serve aging society. Wellness real estate is a $134 billion fast-growing sector
in the wellness industry. Wellness lifestyle real estate is currently achieving a premium
price of 10-25%. Therefore, the purpose of this study is 1) To understand Thai
consumers’ knowledge towards wellness lifestyle real estate. 2) To understand Thai
customer attitudes and perception towards wellness lifestyle real estate. 3) To identify
key factors that impact a decision making on purchasing real estate. As a result, the
developer can use this information to create effective marketing strategies to attract their
target customers.
The research was conducted by using two designs which are Exploratory
Research and Descriptive Research. Primary research and secondary research was done
to understand the context of real estate and senior living in Thailand. The exploratory
research design was done with 12 in-depth interviews. After obtaining insight from in-
depth interviews, the descriptive research design had used to quantify the qualitative
research result with a minimum of 150 respondents from an online survey—which was
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recruited by convenience samples. The sampling selection is derived from the age of
over 40 years old.
The data were analyzed by using the Statistical Package for the Social Sciences
program (SPSS) by using frequencies, cross tabulation, compare mean and analysis of
variance (ANOVA). The results can answer the objective. Thai people have a lack of
knowledge in wellness lifestyle real estate. Consumer has a positive view of wellness
lifestyle real estate as a premium condominium and as a premium price too. Wealthy
people and well-planned people can effort the wellness lifestyle condominium.
Moreover, the factor impact decision making when purchasing real estate is not only
factors related to the product but the other factors such as security, convenience, and
location also have a powerful impact too.
Keywords: Wellness lifestyle real estate, Senior property, Senior condominium
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ACKNOWLEDGMENTS
I would like to express my sincere gratitude to my advisor, Prof.Dr.Ken
Miller for his guidance and encouragement throughout my study. His devoted time to
give advice and recommendation put me in the right way from the beginning of the topic
selection through my independent study. I am very thankful to my colleagues for
understanding my time limitation in work and support my study in the master program.
Moreover, for MIM program, friends and office staff, I very thankful for them to create
a good learning environment, support, and contributions. I am most gratefully thankful
to the respondent who answers the survey, friends, and everyone who help me share the
survey until the final. Essentially, I owe my deepest gratitude to my family who always
encourages, unconditionally support me throughout my master program.
Miss Jutatip Charoenyingwattana
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TABLE OF CONTENTS Page
ABSTRACT (1)
ACKNOWLEDGMENTS (3)
TABLE OF CONTENTS (4)
LIST OF TABLES (6)
CHAPTER 1 INTRODUCTION 1
1.1 Background 2
1.2 Research Objectives 3
CHAPTER 2 REVIEW OF LITERATURE 4
2.1 World aging society 4
2.2 Aging society in Thailand 4
2.3 Elderly healthcare service in Thailand. 5
2.4 Family Support for Older Persons in Thailand 5
2.5 Strong potential for the luxury senior housing market in Thailand 6
2.6 The growth of global wellness economy 6
2.7 Thailand’s housing market: senior consumers behavior 7
2.8 The concept of universal design 8
CHAPTER 3 RESEARCH DESIGN 9
3.1 Research Methodology 9
3.1.1 Secondary Research 9
3.1.2 Primary Research 9
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3.2 Sampling Plan 10
3.3 Data Collection 11
3.4 Data Analysis 12
3.5 Limitations of Study 13
CHAPTER 4 RESULTS AND DISCUSSION 14
4.1 Key finding from primary research and secondary research 14
4.1.1 Growth of wellness lifestyle real estate project 14
in Thailand
4.1.2 Trade-off between space and convenience 14
4.1.3 Living place life cycle 14
4.2 Key finding from in-depth interviews 15
4.2.1 The understanding of wellness lifestyle 15
real estate concept
4.2.2 Perception of people who live in wellness 16
lifestyle real estate
4.2.3 Reason to buy real estate 17
4.3 Key finding from questionnaires 17
4.3.1 Respondents profile 17
4.3.2 Consumers’ knowledge towards wellness 20
lifestyle real estate
4.3.3 Perception towards wellness lifestyle real estate 21
4.3.4 Attitude towards wellness lifestyle real estate 22
4.3.5 Factors impact decision making to buy real estate 23
CHAPTER 5 CONCLUSIONS AND RECOMMENDATIONS 28
5.1 Conclusions 28
5.1.1 Thai consumers knowledge towards wellness 28
lifestyle real estate
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5.1.2 Positive attitudes and perceptions towards 28
wellness lifestyle real estate
5.1.3 Product for wealthy people 28
5.1.4 Factors impact decision making criteria is not 29
only a product
5.2 Recommendations 29
5.2.1 Information provide 29
5.2.2 Targeting on the status 29
5.2.3 Working on price and creditability 30
REFERENCES 31
APPENDICES
APPENDIX A: In-depth interviews question guideline 34
APPENDIX B: Questionnaire 35
BIOGRAPHY 44
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LIST OF TABLES
Tables Page
3.1 In-depth Interviews Respondents Classification 10
3.2 The questionnaire Respondents Classification 11
3.3 Dummy table of consumers’ background knowledge about 12
wellness being
3.4 Dummy table of the important factor impacts buying decision 13
when purchasing the accommodation.
4.1 Respondents profile group by gender 17
4.2 Respondents profile group by age range 18
4.3 Demographic of respondents’ profiles 19
4.4 Relative importance between each demographic with knowledge 20
about the wellness lifestyle real estate
4.5 Correlation between “Who do you live with?” and the 20
concepts’ knowledge
4.6 Respondents intention to buy wellness lifestyle real estate 21
4.7 The reason behind the “YES” intention to buy wellness lifestyle real estate 21
4.8 Perception towards target groups of wellness lifestyle real estate 22
4.9 Attitude towards target groups of wellness lifestyle real estate 23
4.10 General factors impact the decision making on real estate 24
4.11 Location criteria impact the decision making on real estate 24
4.12 Environment criteria impact the decision making on real estate 25
4.13 ANOVA Table; general factor and intention to buy wellness 25
lifestyle real estate
4.14 ANOVA Table; location factor and intention to buy wellness 26
lifestyle real estate
4.15 ANOVA Table; Environment factor and intention to buy wellness 27
lifestyle real estate
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CHAPTER 1
INTRODUCTION
Aging society has become a big issue in many countries especially in developed
countries such as Japan and Italy. The structure of population has shifted and the growth
of fertility rate has declined. This is because of the rapid growth of medical technology
and innovation helps human to live longer than before. Moreover, city expansion forces
people to move into the city to live and work. Also, the behavior of urbanist has changed
e.g. having slow marriage and fewer children in family. These factors create a great
opportunity for many companies to do the business for elderly people or develop a
product to serve aging society.
In terms of living place for elderly, Thailand has a norm that aging parents will
live with adult children until the end of their lives. Most children have been raised with
the mindset that they have to take care of their parents when they get old. Generally,
they are expected to look after the elderly well. However, there are still cases that require
special nursing care. For example, if the elderly person is terribly sick and cannot live
by themselves, the special care at a hospital, senior housing home or hiring a personal
caregiver is needed.
The new trend in wellness industry called “wellness real estate” is a $134 billion
fast-growing sector. Housing represents the largest expenditures accounting to about
20% of all consumer spending. Therefore, it is logical that housing should be invested
for the purposes related to health and wellbeing. Wellness lifestyle real estate is
currently achieving a premium price of 10-25%.
In Southeast Asia, some communities are adding a healthcare aspect to target
aging populations, leveraging existing medical tourism infrastructure in wellness
lifestyle real estate segment. Moreover, some projects include universal design to serve
better accessibility and usage for the elderly.
Applying the wellness real estate with healthcare services in Thailand is difficult
and challenging for most developers to find a way to communicate with target
customers especially in the country with a unique culture like Thailand.
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This study is a contemporary topic in applied marketing and health issue area,
focusing on attitudes and perception of consumers towards property with healthcare
services in Thailand.
1.1 Background
“Jin Wellbeing county” is the first project that applied the wellness real estate
model in Thailand. It offers residential accommodation catering all lifestyles for elderly
people and providing universal design facilities and healthcare services. This project
was developed by Thonburi healthcare group (THG), leading geriatric health care in
Thailand. In former times, Thailand market had only a senior housing service providing
a place to live and care service to those who suffered from serious sickness or disability.
This service helps take care of the elderly and focuses on the senior target. On the other
hand, there is another market serving senior homecare equipment and home caregiver
service.
To purchase a new place to live in retirement age is critical for consumers in
terms of budgeting and payment terms. The financial issue is a great concern for those
who want to buy a house. This decision is likely to be the biggest decision in a lifetime.
The question is when Thai people make a decision, are they concerned about the
wellbeing for their retirement life, or do the global wellness trends change consumer’s
attitude and criteria when they make a decision to buy a house?
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1.2 Research Objectives
Definitions:
Wellness means the active pursuit of activities, choices, and lifestyles that lead to a state of
holistic health.
Wellness real estate means the construction of residential and commercial / institutional
properties that incorporate intentional wellness elements into their design, materials, and
building as well as their amenities, services, and/or programming.
In order to put the proposal of the study as mentioned above forward, the
objectives have been intentionally set into 3 main topics;
1. To understand Thai consumers’ knowledge towards “health and wellness” in the
dimension of Wellness lifestyle real estate focusing on senior living. (Institute I.
W., 2017)
2. To understand Thai customer attitudes and perception towards property with
healthcare services in Thailand.
3. To identify and measure key factors that impact a decision making on purchasing
property with healthcare services in Thailand.
The first objective is set to understand consumers’ background knowledge about the
fundamental human needs to live well. The guideline from WELL certification (the
premier building standard to focus on enhancing people’s health and wellness.) sets 11
dimensions of WELL including water, nourishment, light, movement, thermal comfort,
sound, material, mind, community and innovation. This research focuses on areas that
are related to senior living: first, a companionship & active lifestyle, second, safety &
security, and third, holistic wellness facilities and services.
The second objective is set to explore customer attitudes and perception towards the
property with healthcare services model, and to investigate whether there are any
differences among consumer ages, economic status, gender, family type, education
background, current accommodation and location.
The last objective is to find the key factors behind the purchasing decision of the
consumers. That is to say, which factors have an impact on them when they decide to
buy the products. The business can use this information to create effective marketing
strategies to attract their target customers.
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CHAPTER 2
REVIEW OF LITERATURE
2.1 World aging society
Aging society has become a world-class issue, especially in developed countries
like Japan. There has been a decline in the fertility rates among the population around
the globe. It shows that people aged 60 or over will double from 11% in 2006 to 22%
in 2050 (Global Age-Friendly Cities: A Guide, Geneva, 2007). Three major causes of
global population aging are 1) Low fertility, which is attributable to better education,
higher wages, contraception, urbanization and government policies. 2) About 19% of
the world population are baby boomers who are currently aging. 3) The improvement
of equipment for well-being, advancement in medical and accessibility to health
services has rapidly increased in life expectancy (United Nations, 2015).
2.2 Aging society in Thailand
Thailand faces demographic change too. The proportion of elderly people to the
total population is 17.13% and the figure is expected to be about one-third in 2040
((NESDB), 2017) because of the biological aging and the decline of functional capacity.
Elderly people need changes in the living environment to live their lives better and more
easily. Bangkok has a rapid growth of insufficient infrastructure and low quality of life
among the elderly. Individuals living in Bangkok face difficulties in mobility, health
problems and living condition hardship. For example, there are many public areas and
buildings which have steps and slippery walkways. These are dangerous for the elderly
to live actively and conveniently in the community.
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2.3 Elderly healthcare service in Thailand.
The number of dependent elderly who need healthcare service also increased
from 15.5% in 2009 to 20.7% in 2014 while the potential for elderly care of the family
members decreased because of the family size. The number of healthcare personnel
must be adequate to meet rising demand. The model of healthcare services in Thailand
for the elderly is divided into (1) The long-term care services which are provided for
the local dependent elderly in both medical and social services. There are care facilities
for elders or patients who are suitable for rehabilitation, giving health advice, along with
developing the potential of the elderly in terms of occupation, income, social activities
and environment, such as Elderly Allowance, Career Promotion, and
organizing facilities for elderly people to participate in social activities. (2) The
residential home, nursing home, long-stay hospital, and hospice care home, which are
mainly provided by the private sector. This trend is increasing.
2.4 Family Support for Older Persons in Thailand
One of the responsibilities of each family in Thailand is the traditional institution
for elderly care which is similar to most countries in Asia. Family members are expected
to look after their parents. For elders, children will be the main sources of living
spending. They support parents’ income and are responsible for expenses concerning
food, clothes, medical services, and also a place to live. (Praima Israsena Na Ayudhya,
2007).
The number of aging parents who live with adult children declined from 77% in
1986 to 55% in 2004. The analysis indicates higher levels of urban co-residence than
rural co-residence. Increasing from 11% in 1986 to 2014, Thais aged over 60 lived
independently but still stayed close to adult children. In terms of personal care support,
the proportion of people aged 80 and older are growing. Thus, the demand for long-
term care increases and family still remains to be an important source to be responsible
for the personal care for the elderly. Daughters and wives are more likely to be the main
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care provider compared to sons or husbands. The important role of most older persons
in Thailand is giving support to their own families and being a part of communities,
such as taking care of their grandchildren, looking after the house, cleaning and
cooking. In communities, the elderly join social and religious activities, socialize with
groups of the same age such as senior citizen clubs and perform their leading roles in
religious practices by supervising or giving useful information to the members in
communities. (Yodpet, S., 2001)
2.5 Strong potential for luxury senior housing market in Thailand
Thai families prefer sending their parents to luxury senior housing (JLL,
2017). Some families may feel embarrassed about not looking after their parents
themselves or leaving parents in senior homes. Generally, they are expected to look
after the elderly well. However, Thai families tend to feel more comfortable with the
option of sending the elderly to live in a better place like luxury senior housing with a
good quality of service. Moreover, in modern Thai society, baby boomers have a plan
for themselves after their retirement without relying on any assistance from family. All
of these show the demand for a senior home in the future. However, Thai developers
still lack knowledge of developing, operating, managing and marketing senior housing
estate. Joint venturing with international specialists can bring great opportunities to the
market.
2.6 The growth of global wellness economy
The wellness economy growth rate is faster than global economic growth.
(Global Wellness Institute, 2018). In 2017, the wellness economy grew from $3.7
trillion to $4.2 trillion, or by 6.4% annually compared to global economic growth at
3.6%. Moreover, the wellness economy represents 5.3% of global economic output.
Particularly, wellness real estate is a $134 billion fast-growing sector. Housing
represents the largest expenditures accounting for about 20% of all consumer spending.
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Therefore, it is logical that housing should be invested for the purposes related to health
and wellbeing. Wellness lifestyle real estate is currently achieving a premium price of
10-25%. In Southeast Asia, some communities are adding a healthcare aspect to target
the aging population, leveraging existing medical tourism infrastructure in the wellness
lifestyle real estate segment. Today, there are over 740 wellness lifestyle real estate
projects across 34 countries estimated by the Global Wellness Institute. Most of the
pipelines are comprised of master-planned communities and mixed-use functions with
an assortment of intentional design features, facilities, and amenities that enhance
wellness. However, in the future, wellness living concepts are expected to push the
design of the healthy living environment to a higher level. The trends of the next level
of wellness lifestyle real estate would blur the lines between home, work, and leisure.
These also include making healthy homes affordable, bringing back multigenerational
and diverse neighborhoods, catalyzing medical industry clusters and health services to
develop wellness communities, moving from green to regenerative living, leveraging
technologies to create smart-healthy homes and cities and rediscovering hot springs as
a wellness living anchor.
2.7 Thailand’s housing market: senior consumers behavior
Senior consumers also prefer condominiums, mainly for investment, leisure and
passing down to their children (EIC, 2018). The survey conducted by EIC (2018) shows
that 20% of the respondents with the age over 60 are interested in purchasing houses.
The primary reason for buying a condominium is to generate income from the rental
and price speculation. The other reasons include leisure living or second home, and wish
to pass it down to their children. Moreover, the survey suggests that older respondents
tend to purchase low-rise condominium more than high-rise condominium. The mixed-
use project is another alternative that caters the demand for residences which is close to
facilities and communities. According to EIC survey (2018), 69% of consumers having
a plan to buy condominium are interested in purchasing a residence for the mixed-use
project. Among the elderly respondents, 87% of this group still prefer having a
department store in the project, while 68% prefer having a health center or an elderly
center.
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2.8 The concept of universal design
“Universal design means products and buildings are accessible and usable by
everyone, including people with disabilities.” (Steinfeld, 1994) Universal design is not
only the installations of supportive equipment but also the layout designs and
constructions of the buildings. For example, by replacing push doors with sliding doors
and ensuring that the entrance width is at least 90-100 cm, the elderly in wheelchairs
are able to enter to anywhere without any assistance. An interesting case study of a
universal design project is SkyVille@Dawson, a condominium in Singapore. Its floor
plans are designed to let wheelchair users moving around conveniently and the
bathrooms are fitted with non-slippery tiles and safety amenities. The space between
the kitchen counters is wide enough to accommodate wheelchairs, and playground areas
are also equipped with exercise equipment for the elderly. Additionally, signs around
the building are clearly written with a larger size than normal.
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CHAPTER 3
RESEARCH DESIGN
3.1 Research Methodology
Research conducted by using two methodologies consisting of qualitative and
quantitative methods, both exploratory research and descriptive research.
3.1.1 Exploratory Research Design
The exploratory research was used to outline marketing concern in more
details. The data collected from this research is important for designing descriptive
research later.
3.1.1A Primary Data and Secondary Data
Primary Data was collected from attended to press conferences and had
a conversation with friends who works related in the company developing wellness real
estate project. Secondary data was collected from academic journals, online sources and
reference books. The purpose of secondary data is to understand the environment of the
real estate industry in Thailand, senior accommodation and senior’s living behavior.
Secondary data used to help design an appropriate survey in the study.
3.1.1B In-depth interviews
In-depth interview conducted within Bangkok and vicinity with twelve
interviewees. A mix of different age of 40 years old and above, gender and current
accommodation type. The purpose of the in-depth interview is to understand the
underlying attribution and criteria when purchasing real estate for retirement age. This
method helps to understand consumers’ perceptions and attitudes of senior property
with healthcare services. The length of time to take respondents to complete the in-depth
interviews not take longer than 30 minutes.
3.1.2 Descriptive Research Design
The descriptive research was done by using online questionnaires. The
survey questionnaire was conducted after done the in-depth interview. The purpose of
the questionnaire is to find out consumers’ knowledge, perception and attitudes towards
senior property with healthcare services. The example question for respondents who are
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in work age is do they have a plan about living in retirement life? And the question for
respondents who already retire is if you looking back for 20 years what you would like
to change when you buy a house for a living?
Key variables of this study are 1) Demographic characteristics of Thai
consumers such as gender, age, marriage status, income, occupation and family type 2)
Consumer behavior such as duration of activities to do at home 3) Psychographic
variables such as people mindset in Thai culture expected child to take care parent.
3.2 Sampling plan
The qualitative research sampling procedure for this project is the convenience
sampling in Bangkok and its vicinity, according to time constraint. The quantitative
research was distributed through online channel and more open to all area in Thailand.
Step 1: In-depth Interviews
The qualification of the in-depth interviews respondents be as follow:
Age: 40 years old or over Area: Bangkok and vicinity
The respondent number is 12 people were divided into 3 groups; 40-49, 50-59
and over 60 years old as the researcher assume that there have the differences in
behavior, perception and attitudes towards senior property with healthcare services.
Table 3.1 In-depth Interviews Respondents Classification
AGE RANGE (YEAR OLD) GENDER NO. OF RESPONDENTS
40-49 MALE 2
FEMALE 2
50-59 MALE 2
FEMALE 2
over 60 MALE 2
FEMALE 2
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Step 2: Questionnaire
The qualification of the questionnaire respondents in a total of 150 people was
set by people who are age over 40 years old and live in Bangkok and vicinity.
The questionnaires were created through an online questionnaire platform
“Survey Monkey” and was distributed through personal connections including family,
friends of parents, parent of friends, co-workers and relatives of the researchers, etc.
and through own social network accounts such as LINE, Facebook, etc. The number of
the respondents will be divided into 3 groups; 40-49, 50-59 and over 60 years old and
require minimum 50 respondents in each group.
Table 3.2 The questionnaire Respondents Classification
AGE RANGE (YEAR OLD) NO. OF RESPONDENTS
40-49 50
50-59 50
over 60 50
3.3 Data Collection
3.3.1 Primary data and secondary data were collected during 1 October 2018 –
14 November 2018. Primary data was collected by attended to two press conferences.
First, press conference from Thonburi Health Village, the topic is to launch new
wellness condominium project on 4 October 2018, second, SANSIRI announced the
partnership plan with TOKYU corporation and Samitivej Hospital, to develop wellness
residence in Thailand. The press conference happened on 25 October 2018.
3.3.2 In-Depth Interviews with 12 interviewees were selected through personal
contact including family, parent of friends, co-workers and relatives of the researchers,
etc. The interviews were conducted by one-on-one interview, both face-to-face and
telephone call (follow the preference of the interviewees) during 15 January 2019 – 10
February 2019.
3.3.3 Questionnaire was collected within 2 weeks period during 5 – 19 March
2019 with the respondents age over 40 years old through an online channel (Survey
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Monkey). The questionnaire was distributed and share through social media such as
Line, Facebook and influencer’s Instagram.
3.4 Data Analysis
For analysis, exploratory research design, in-depth interviews, focused on
consumers’ knowledge about fundamental human needs to live well (Objective 1),
perception and criteria to bought current accommodation, customer attitudes and
perception towards the property with healthcare services model (Objective 2) and which
factors have an impact on them when they decide to buy the products (Objective 3). The
data from in-depth interviews be examined using the list of key findings and been used
for the guideline of the questionnaire design.
The data analysis of the questionnaire for descriptive research was done by using
the Statistic Program for the Social Sciences (SPSS). The data examined using
frequencies, percentages, correlations, comparing the results between each treatment
and other appropriate statistical analysis as deemed necessary.
Objective 1 is to understand consumers’ background knowledge about the
fundamental human needs to live well. The key research variables consist of basic
demographic data (such as age, gender, or economic status of the target group), family
type, accommodation type, and knowledge about “health and wellness” in the
dimension of Wellness lifestyle real estate focusing on senior living. The statistical tool
SPSS is employed to calculate frequencies, mean and standard deviations.
Table 3.3 Dummy table of consumers’ background knowledge about wellness being.
Sample of Question Data Have you ever heard about condominium
with healthcare services? Nominal (Yes, No), frequencies, mode
Which factor is including in fundamental human needs to live well?
Multiple answers (Active lifestyle, safety, environment, etc.)
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Objective 2 is to explore customer attitudes and perception towards the property
with healthcare services model, to investigate whether there are any differences among
consumer ages, economic status, gender, family type, education background, current
accommodation and location. SPSS is used as a statistic instrument to test a relationship
between two variables.
Objective 3 is to find the key factors behind the purchasing decision of the
consumers. Which factors have an impact on them when they decide to buy the
products. The data analysis objective is obtained by means of 7-point Likert scale from
the most important to the least important in terms of the factor influencing when
purchased accommodation. The variables found to be significant to have an effect on
the consumers are location, price, accommodation type, function, brand and developer.
The appropriate statistical method is through the test to identify the relationship between
independent variables and correlation.
Table 3.4: Dummy table of the important factor impacts buying decision when purchasing the
accommodation
Influencing Factors Data
Location Linkert scale, value 1 to 7 (level of important)
Price Linkert scale, value 1 to 7 (level of important)
Function of usage Linkert scale, value 1 to 7 (level of important)
Brand Linkert scale, value 1 to 7 (level of important)
3.5 Limitations of the Study
According to the questionnaire collected, using an online distribution channel is
the one limitation. The total number of the respondents exceed the expectation, but for
the over 60 years old group and the male gender, the researcher cannot reach to the
number. The results shown the respondents tend to be female more than male. The data
analysis from this study may not be represented in the country.
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CHAPTER 4
RESULTS AND DISCUSSION
4.1 Key finding from primary research and secondary research
According to press conferences attended, some relevant article and research, I
found some issues related to the study as follows:
4.1.1 Growth of wellness lifestyle real estate project in Thailand
Global Wellness Institute reviews in 2017 Thailand have only 2 wellness
lifestyle real estate (Global Wellness Institute, 2018), 1 year after, in 2018, 2 new
projects have launched. Which means 100% growth of wellness lifestyle real estate in
Thailand and the products of wellness lifestyle real estate have a potential to be sold in
Thailand market from the developer point of view. To develop wellness lifestyle real
estate, the developer requires knowledge in health area by do the joint venture with a
premium hospital in Thailand. 3 of 4 projects in Thailand locates in Bangkok and
vicinity but still not in a prime area, all 3 projects are a condominium which has a clinic
and health services within a project, provided to the resident only.
4.1.2 Trade-off between space and convenience
Most of the condominium project is located in an urban area which has a
high density of population. Consumers trade-off between the high price in a prime area
and less space of living with time-consuming for traveling to the workplace in the city
and conveniences. Which mean the condominium type of residential has high potential
to sale in the prime area or alongside with public transportation such as BTS or MRT.
The condominium type is a mismatch with elderly people who have no concern about
time schedule related to work life. They more concern about the location near family or
change the house but in the same area.
4.1.3 Living place life cycle
Place of living related with the human life cycle, which can easily describe
as follows: First, after graduated, when people get a job, most of them move out from
home and decided to rent a small room to live or planned to buy a condominium nearly
workplace. Second turning point happen when they planned to marry, this stage of life
requires more concern about the place to live associated with the area, location size of
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family and the budgets. To live in a condominium in prime area 1-bedroom the size is
not enough for expanding size of family or have children. For more than 2-bedroom
type of condominium, the cost is too high and can similar to the luxury single house in
out-skirt of Bangkok. Single house or townhome becomes a new choice in the stage of
life. This house will be the last place to live for many people in Thailand. The first
reason is to buy a new house have high cost in term of real estate price which higher in
every year and also the cost of time-consume for searching a new place and time to
move a thing. The choice for elderly who their kids move out when they are adults is
first, stay at the same house and second is a move to kids’ house. Elderly unlikely to
buy a new real estate to live at this stage of life.
4.2 Key finding from in-depth interviews
In-depth interviews were conducted with 12 interviewees. 6 females and 6 males
divide equally into 3 groups and 40-49 years old, 50-59 years old and over 60 years old.
(The guideline of interview question shows in appendix A)
According to in-depth interviews, there has some relevant insight from
interviewees are as follows:
4.2.1 The understanding of wellness lifestyle real estate concept
Four of the interviewees heard about the wellness lifestyle real estate
before. But most of the explanation about the concept from interviewees does not match
with our study. Two of interviewees mentions to a large greenery landscape or the
garden inside the project. One interviewee thought the wellness lifestyle real estate is
the condominium which includes fitness. Jittra (female, 64 years old, retiree) said: “I heard
about the project which has the big garden as a facility, provide to every resident.” Chai
(male, 68 years old, retiree) said “Is this the project with include facilities support health?
Such as fitness.” “I think nowadays there have so many condominium projects is
wellness lifestyle real estate.”
Only one interviewee has understood the concept of wellness lifestyle real
estate. Au (female, 52 years old, freelance) said: “I heard that is a place built for people
who concern about health and their retirement life.” She knows there has some project
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with this concept but the location only locates in Bangkok. “I hope this project should
be more launch in Thailand. Not only in Bangkok and in more provinces in Thailand
too with an affordable price.” This interviewee has an experience visited one project
and she complaining about the price. “I visited the project which is located in the
outskirts of Bangkok” “I think the price for 1 room is reasonable. But resident needs to
pay extra for the healthcare service which the cost is very expensive. You need to pay
a lot more per month”
The results showed more than 90% of the interviewees do not understand
about the wellness lifestyle real estate. They confuse about if condominium has a facility
such as fitness and garden, it can call wellness lifestyle real estate too.
4.2.2 Perception of people who live in wellness lifestyle real estate
Male tend to related health associated with the wellness lifestyle real
estate. After the interviewees understand about the wellness lifestyle real estate, half of
the male interviewees thought the project suite with health-oriented people. Chai (male,
68 years old, retiree) said “I think people who like sport and want good health will buy
this type of condominium.” and Pan (male, 42 years old, officer) said: “Maybe this condo
is building for people who have a health issue.”
Wealth family can afford wellness lifestyle real estate. Both male and
female had issues about the price of the condominium, several interviewees thought
they cannot afford this type of condominium. Sang (female, 48 years old, own business)
said “Wellness lifestyle real estate seems very nice project, but its might suite for rich
people” “I still want to live in my house with my children” And Pan (male, 42 years old,
officer) said “Most condominium in Bangkok the price is very expensive especially in
prime area. Wellness lifestyle real estate which including clinic and healthcare service
would be set a higher price more than normal.
Well-planned people would like to buy the wellness lifestyle real estate.
Two of the interviewees said people who well-planned about their life have the potential
to buy wellness lifestyle condominium. Nee (female, 61 years old, housewife) said
“Elderly always have a health problem. So, I think someone who had planned about
their life and save money could buy the condominium”
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Healthy concern and wealthy people are the majority perception of
consumer who is going to buy wellness lifestyle real estate. 11 of 12 interviewees think
wellness lifestyle real estate is a good idea but not interested to buy it.
4.2.3 Reason to buy real estate
Au (female, 52 years old, freelance) who clearly understand concept of
wellness lifestyle real estate at the beginning gave the answer of the question “Why you
are interested to buy wellness lifestyle real estate?” as “I looking for condominium for
living and had found the concept of wellness lifestyle real estate”, “I do concern about
the health issue which can be happen when I’m getting older”
The rest of the interviewees, the reason made them do not want to buy
wellness lifestyle real estate is “I do not have the plan to buy any real estate.”, “I do not
like a condominium.” and “I want to live with my children.” Sang (female, 48 years old,
own business) said. And for some interviewees who have the plan to buy real estate they
buy it because “I usually have invested in real estate.” Pan (male, 42 years old, officer)
and “I want to keep real estate as an asset for my family.” Roj (male, 68 years old, retiree).
For people as age over 40 may have the potential to buy wellness lifestyle
real estate when they search for a place to live. But for people who want to invest in real
estate and kept real estate as an asset, wellness lifestyle real estate is not their choice.
4.3 Key finding from questionnaires
4.3.1 Respondents profile
The questionnaire was conducted during two weeks period through online
website call “survey monkey”. (see appendix B in more details) 289 respondents passed
the screening question which cut off respondents under 40 years old are under qualify.
Only 148 respondents were completed until the end of the questionnaire.
Table 4.1 Respondents profile group by gender
Gender Count Column N%
Others 2 0.80%
Male 54 20.90%
Female 202 78.30%
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Majority of gender in the survey is female, its represent 78.30% followed by a
male in 20.90% and the other gender has 2 respondents or 0.80% of the total number
who did the survey.
Table 4.2 Respondents profile group by age range
Age group Count (N) Column N %
40-49 Male 20 14.60%
Female 117 85.40%
Others 0 0%
Total 137
50-59 Male 18 21.20%
Female 66 77.60%
Others 1 1.20%
Total 85
over 60 Male 16 44.40%
Female 19 52.80%
Others 1 2.80%
Total 36
Total respondents 258
In term of grouping the respondents by age range, 137 respondents are in the
age range between 40-49 years old. 85 respondents represent 50-59 years old group
and 36 respondents represents over 60 years old groups’.
35% of the respondents have the household income between 30,001 - 60,000
Thai Baht followed by 18.20% equally to two groups less than 30,000 Thai baht and
60,001 – 100,000 Thai Baht. The group of household income 100,001 – 200,000 Thai
baht represent 15.10% of respondents and last the group of household income above
200,001 Thai baht is 12.8% in Total. About half of the respondents are live in Bangkok,
45.3%. The other provinces are 30.2% and 24.4% of total respondents are in the vicinity.
In term of status, the majority of respondents were married and have children, 49.2% in
total. For the respondents who are single are estimated at 31.40%. The other status such
as people who have been married but have no kids is. 8.10% equally to divorced people
who have children. For the type of accommodation, 52.70% are live in a single house
followed by townhome or townhouse and commercial building or home office in 17.8%
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and 10.10%. Only 12% are currently living in a condominium. And the last of
demographic of the respondents shown 30.60% are living with the couple and children
and13.2% are living alone. 10.9% are living with couple and the others 10.9% are living
as 3 generation family.
Table 4.3 Demographics of Respondents’ profile
Count Column N% Household income (THB) <30,000 47 18.20%
30,001 - 60,000 92 35.70% 60,001 - 100,000 47 18.20% 100,001 - 200,000 39 15.10% above 200,001 33 12.80%
Total 258
Location Bangkok 117 45.30%
Vicinity 63 24.40% Others provinces 78 30.20%
Total 258
Status Single 81 31.40%
Married have no kids 21 8.10% Married have kids 127 49.20% Divorced have no kids 3 1.20% Divorced have kids 21 8.10% Others 5 1.90%
Total 258
People who are you live with Alone 34 13.20%
Couple 28 10.90% Couple and kids 79 30.60% Couple and parent 10 3.90% Couple, kids and parent 27 10.50% Others 80 31%
Total 258 Type of accommodation Single house 136 52.70%
Twin house 8 3.10% Townhouse/Townhome 46 17.80% Commercial building/Home office 26 10.10% Condominium 31 12% Others 11 4.30%
Total 258
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4.3.2 Consumers’ knowledge towards wellness lifestyle real estate
In a total of 213 respondents who answer the question, 45.5% already
heard about wellness lifestyle real estate and 54.5% never heard about the concept. To
explore more in the specifics details, I use the statistic program to test whether
demographics factor can be relative importance with the dependent variable “Have you
ever heard about the wellness real estate?”
Table 4.4 Relative importance between each demographic with knowledge about the wellness
lifestyle real estate
Model
Unstandardized Coefficients
Standardized Coefficients t Sig.
B Std. Error Beta (Constant) 1.78 0.245 7.276 0 AGE 0.022 0.052 0.033 0.435 0.664 Gender -0.116 0.085 -0.099 -1.372 0.172 Location -0.051 0.048 -0.074 -1.062 0.29 Status -0.023 0.031 -0.056 -0.739 0.461 Who do you live with? 0.045 0.022 0.151 2.012 0.046 Type of accommodation 0.007 0.022 0.021 0.303 0.763 Household income -0.031 0.028 -0.078 -1.113 0.267
The results show some correlation between the person whom the
respondents have lived with and the knowledge about wellness lifestyle real estate.
Table 4.5 correlation between “Who do you live with?” and the concepts’ knowledge
Who do you live with? Have you ever heard about the concept? Count Column N%
Alone Yes 14 58.30% NO 10 41.70%
With couple Yes 14 56% No 11 44%
With couple and kids Yes 26 39.40% No 40 60.60%
With couple and parent Yes 2 28.60% No 5 71.40%
With couple, kids and parent Yes 7 31.80% No 15 68.20%
Others Yes 34 49.30% No 35 50.70%
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The results show the respondent who lives alone or living with the couple
(A small size of family) tend to have the knowledge about the wellness lifestyle real
estate. Comparing to a large number of the family such as the respondent who lived in
3 generation family or lived with kids or parent.
4.3.3 Perception towards wellness lifestyle real estate
After the respondents clearly understand about the wellness lifestyle real
estate, from 175 respondents, 122 of respondents are interesting in the wellness
lifestyle real estate and want to buy this type of condominium in case of the money
not to be concerned. It can be calculated in 69.7% of the total respondents.
Table 4.6 Respondents intention to buy wellness lifestyle real estate (n=175)
Question: If the budget not to be concerned, do you have any intention to buy this condominium?
Count Column N%
Yes 122 69.70%
No 23 13.10%
Not sure 30 17.10%
Approximately 58.2% from the total 122 respondents who have the
intention to buy gave the reason “I love the concept of adding healthcare service into
the project.” Followed by “I want to live in the community that has a wellness facility
to live.” 52.45% and “I’m concerned about my health.” with 40.16%.
Table 4.7 Reason behind the “Yes” intention to buy wellness lifestyle real estate
Count
I’m searching for a condominium to live. 6
I’m concerned about my retirement. 42
I’m concerned about my health. 49
I love the concept of adding healthcare service to the project. 71
I want to live in a community that has a wellness facility to live. 64
I want to live among the people who familiar with me. 12
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The 23 respondents who answer do not want to buy wellness lifestyle real
estate, the main reason related the condominium’s characteristic, they do not want to
live in condominium and prefer a house which has a garden area around the house.
Similar to the reason from the respondents who not sure about to buy the wellness
lifestyle real estate. 63.33% of the total respondents who not sure about the intention to
buy gave a reason; they already have a place to live. The other 20% still do not like to
live in a small space as a condominium.
From the total of 80 respondents who answer they have knowledge about
wellness lifestyle real estate, type of customer who has potential to bought wellness
lifestyle real estate is well-planned person as 36.6%, wealthy people 25% and healthy
people with 15%. I can assume the perception of the target group from the respondents’
point of view is well planned and wealthy people.
Table 4.8 Perception towards target groups of wellness lifestyle real estate
Count Column N%
Wealthy people 20 25%
Disability people 0 0
Senior people 10 12.50%
Well-planned life people 29 36.30%
Family who have elderly people 7 8.80%
Healthy people 12 15%
Others 2 2.50%
4.3.4 Attitude towards wellness lifestyle real estate
The common words from the respondents after the explanation about
wellness lifestyle real estate are “good”, “interesting”, “suite for the healthy person”,
“good for elderly people” and “good facility and services”. Most of the words show in
a positive way but some of the respondents have some concern about the price and after
sale services.
For the price, some of the respondents perceive the wellness lifestyle real
estate as a higher price comparing to normally condominiums’ price. And the
maintenance fee per month or services’ fee for health services must be expensive. The
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other concern is the operation of health service should be reliable with highly credible
from the hospital and all the services should be standard in the long term.
Table 4.9 Attitude towards target groups of wellness lifestyle real estate
Count Column N%
Wealthy people 63 36%
Disability people 0 0
Senior people 18 10.30%
Well-planned life people 39 22.30%
Family who have elderly people 16 9.10%
Healthy people 35 20%
Others 4 2.30%
After the respondents had understood the concept of wellness lifestyle real
estate, the target groups who interesting in the condominium were changed (n=175),
36% thought the condominium made for the wealthy people and the well-planned
people would buy this. (well-planned results in 22.3%). The other group is rough the
same rank of percentage.
4.3.5 Factors impact decision making to buy real estate
In general factor, every factor seems to be important when the respondents
making the decision to buy any real estate. The security is the most important factor for
respondents followed by services and location. On the other hand, facility, the brand of
developer and nutrition services are the less factor to be a concern by the respondents.
For location criteria, public transportation is the most importance
concerned factor. Hospital and green space also be the priority factor in term of location.
The factor such as seaside, mountainside and hometown are not really importance
factors need to be concern.
In term of wellness environment, clean water and the mindful environment
is the most factor which importance to the respondents. But healthy behavior and
lighting quality are less impacts on decision-making criteria.
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Table 4.10 General factors impact the decision making on real estate
N Minimum Maximum Mean Std. Deviation
Affordable Price 148 1 7 5.8581 1.16648
Design or Style 148 1 7 5.7297 1.16989
Location 148 1 7 6.0541 0.96033
Brand of developer 148 1 7 5.4797 1.25882
Security 148 1 7 6.6081 0.83001
Function 148 1 7 5.777 1.11771
Facility 148 1 7 5.5676 1.22426
Term of payment 148 1 7 5.8176 1.19544
Services 148 1 7 6.25 1.03592
Neighborhoods 148 1 7 5.8446 1.19928
Healthcare services 148 1 7 5.6824 1.10063
Nutrition services 148 1 7 5.2905 1.32096
Table 4.11 Location criteria impact the decision making on real estate
N Minimum Maximum Mean Std. Deviation
SAME LOCATION 148 1 7 4.4797 1.68009
CLOSE TO FAMILY 148 1 7 4.9392 1.58748
CLOSE TO FRIENDS 148 1 7 3.6824 1.46634
URBAN 148 1 7 4.1216 1.5382
HOMETOWN 148 1 7 3.3716 1.67933
PUBLIC
TRANSPORTATION 148 1 7 5.6284 1.26319
HOSPITAL 148 1 7 5.4797 1.12165
MALL 148 1 7 4.3581 1.41426
GREEN SPACE 148 1 7 5.2635 1.26363
TEMPLE CHURCH 148 1 7 3.6554 1.47871
SEASIDE 148 1 7 3.1622 1.53886
MOUNTAIN SIDE 148 1 7 3.2162 1.52771
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Table 4.12 Environment criteria impact the decision making on real estate
N Minimum Maximum Mean Std. Deviation Fresh air 148 4 7 6.3378 0.76979
Clean water 148 3 7 6.4865 0.76919 Healthy behavior 148 3 7 6.0338 0.92152
Good Nourishment 148 3 7 6.1689 0.85228
Lighting quality 148 4 7 5.9527 0.83572
Good community 148 3 7 6.1419 0.94047
Mindful 148 4 7 6.4122 0.7905
No noise 148 4 7 6.3919 0.74354
In the specific details from the ANOVA test between each factor and the respondents who have the intention to buy. Brand of developer and facility is the significant factor impacted to decision making criteria.
Table 4.13 ANOVA Table; general factor and intention to buy wellness lifestyle real estate
Sum of Squares df
Mean Square F Sig.
Affordable Price
Between Groups 3.742 2 1.871 1.382 0.254 Within Groups 196.278 145 1.354 Total 200.02 147
Design or Style Between Groups 3.769 2 1.885 1.384 0.254 Within Groups 197.42 145 1.362 Total 201.189 147
Location Between Groups 1.37 2 0.685 0.74 0.479 Within Groups 134.198 145 0.926 Total 135.568 147
Brand of developer
Between Groups 18.413 2 9.207 6.223 0.003 Within Groups 214.526 145 1.479 Total 232.939 147
Security Between Groups 0.769 2 0.385 0.555 0.575 Within Groups 100.501 145 0.693 Total 101.27 147
Function Between Groups 0.065 2 0.033 0.026 0.975 Within Groups 183.577 145 1.266 Total 183.642 147
Facility Between Groups 13.611 2 6.806 4.774 0.01 Within Groups 206.713 145 1.426 Total 220.324 147
Term of payment
Between Groups 3.44 2 1.72 1.207 0.302 Within Groups 206.634 145 1.425 Total 210.074 147
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Services Between Groups 3.561 2 1.78 1.674 0.191 Within Groups 154.189 145 1.063 Total 157.75 147
Neighborhoods Between Groups 5.629 2 2.815 1.983 0.141 Within Groups 205.796 145 1.419 Total 211.426 147
Healthcare services
Between Groups 3.645 2 1.823 1.515 0.223 Within Groups 174.429 145 1.203 Total 178.074 147
Nutrition services
Between Groups 6.064 2 3.032 1.755 0.176 Within Groups 250.443 145 1.727 Total 256.507 147
In term of location factor, the results from the ANOVA test between each
location factors and the respondents who have the intention to buy. There has nothing
significant correlation between the factor.
Table 4.14 ANOVA Table; location factor and intention to buy wellness lifestyle real estate
Sum of Squares df Mean Square F Sig.
SAME LOCATION
Between Groups 1.585 2 0.792 0.278 0.758 Within Groups 413.354 145 2.851 Total 414.939 147
CLOSE TO FAMILY
Between Groups 12.425 2 6.212 2.516 0.084 Within Groups 358.028 145 2.469 Total 370.453 147
CLOSE TO FRIENDS
Between Groups 2.561 2 1.28 0.592 0.554 Within Groups 313.513 145 2.162 Total 316.074 147
URBAN Between Groups 0.515 2 0.257 0.107 0.898 Within Groups 347.296 145 2.395 Total 347.811 147
HOMETOWN Between Groups 1.562 2 0.781 0.274 0.761 Within Groups 412.998 145 2.848 Total 414.561 147
PUBLIC TRANSPORTATION
Between Groups 0.431 2 0.216 0.134 0.875 Within Groups 234.13 145 1.615 Total 234.561 147
HOSPITAL Between Groups 1.807 2 0.904 0.715 0.491 Within Groups 183.132 145 1.263 Total 184.939 147
MALL Between Groups 3.136 2 1.568 0.782 0.46 Within Groups 290.884 145 2.006 Total 294.02 147 Between Groups 1.361 2 0.681 0.423 0.656
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GREEN SPACE
Within Groups 233.362 145 1.609 Total 234.723 147
TEMPLE CHURCH
Between Groups 4.011 2 2.005 0.916 0.402 Within Groups 317.415 145 2.189 Total 321.426 147
SEASIDE Between Groups 6.799 2 3.4 1.444 0.239 Within Groups 341.309 145 2.354 Total 348.108 147
MOUNTAIN SIDE
Between Groups 4.004 2 2.002 0.856 0.427 Within Groups 339.077 145 2.338 Total 343.081 147
In term of environment factor, the results from the ANOVA test shown there
was some correlation in healthy behavior and no noise factor. These two factors can
impact on decision making.
Table 4.15 ANOVA Table; Environment factor and intention to buy wellness lifestyle real
estate
Sum of
Squares df Mean Square F Sig. Fresh air Between Groups 0.601 2 0.3 0.503 0.606
Within Groups 86.508 145 0.597 Total 87.108 147
Clean water Between Groups 0.518 2 0.259 0.435 0.648 Within Groups 86.455 145 0.596 Total 86.973 147
Healthy behavior
Between Groups 5.318 2 2.659 3.226 0.043 Within Groups 119.513 145 0.824 Total 124.831 147
Good Nourishment
Between Groups 2.709 2 1.354 1.887 0.155 Within Groups 104.068 145 0.718 Total 106.777 147
Lighting quality
Between Groups 2.155 2 1.078 1.555 0.215 Within Groups 100.513 145 0.693 Total 102.669 147
Good community
Between Groups 7.49 2 3.745 4.432 0.014 Within Groups 122.53 145 0.845 Total 130.02 147
Mindful Between Groups 3.049 2 1.525 2.489 0.087 Within Groups 88.809 145 0.612 Total 91.858 147
No noise Between Groups 7.216 2 3.608 7.065 0.001 Within Groups 74.054 145 0.511 Total 81.27 147
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CHAPTER 5
CONCLUSIONS AND RECOMMENDATION
5.1 Conclusions
5.1.1 Thai consumers knowledge towards wellness lifestyle real estate
According to in-depth interviews and results from the survey show, half
of Thai consumer do not have knowledge about the wellness lifestyle real estate before.
And most of the respondents who said they known, still misunderstand about the
concept and confusing with other facilities in typical type condominium. A facility such
as garden and fitness are the example of the facility that made consumer thinking of
wellness lifestyle real estate. To emphasize more in detail, to create wellness living and
provide healthy facility could be a selling point against other condominium projects
which be sold in the market.
5.1.2 Positive attitudes and perceptions towards wellness lifestyle real
estate
After understanding about the facility and services which included in the
wellness lifestyle real estate, most of the consumer gave positive feedback in the
concept. To have the healthcare service inside the project is the major benefit which
matches with elderly people or someone who has concerned about retirement.
Consumer perceives a premium price in the wellness lifestyle real estate. The price must
be higher than a normal condominium. In reality, the location area is the powerful
criteria impact on how to price real estate. At the same area, developer tend to make a
competitive through product designs’, facility and services.
5.1.3 Product for wealthy people
The effect of the perceived premium product towards wellness lifestyle
real estate from the consumer, the consumer also perceived this condominium as a high
price for wealthy people too. The specialty service creates an extra price to pay for the
clinic services provided by the hospital. The conveniences in details of living make
consumer felt only well-planned who have money can be own a room in this type of
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condominium. In addition to extra monthly service which charges a lot of money, for
someone who does not have any health issue felt unnecessary to use the clinic services.
5.1.4 Factors impact decision-making criteria is not only a product
Convenience, location and security is a major factor which consumer do
concern more than only room itself. Many developers develop the room type in
condominium similar to the other project at the same location, to serve the same target
group who want similar functions and design of the building. Due to the product
undifferentiated the other services such as a security convenience or facility become to
be the powerful factors impacted the consumer when making a decision.
5.2 Recommendations
The recommendation based on the research from this study only, there has some
limitation such as all interviewees in the in-depth interview are live in Bangkok and the
number of sampling from the total population mainly are female, which cannot
represent the total population in Thailand.
5.2.1 Information provide
According to less knowledge about wellness lifestyle real estate product
in Thai consumer, to provide more information or educates consumer the concept in
public media is the first priority which developer should be done. The reason is the
knowledge of consumer can be made the positive thing to the projects and persuade the
consumer to visit a sale office.
5.2.2 Targeting on the status
Senior who are single or married but have no kids, they tend to have more
knowledge than another status group which has a large member in the family. This is a
match with the condominium product which provides enough space for living and
variety facility space for social activity. Wellness lifestyle real estate can fulfill the basic
requirement for the elderly who want to live in good quality community and especially
healthcare services.
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5.2.3 Working on price and creditability
Most consumer perceives wellness lifestyle real estate as an untouchable
product. To communicate about the price of the products should be clear and separate
from healthcare services. Consumers should have an option to use healthcare services
with reasonable and affordable price. To maintain quality of services is a major key to
concern, heath is the sensitive issues and the services provider need to certify by a well-
known hospital.
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REFERENCES 1. (EIC), E. I. (2018). Build smart real estate: strategies to capture the modern
consumers. Bangkok.
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APPENDICES
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APPENDIX A
IN-DEPTH INTERVIEWS QUESTION GUIDELINE 1. Demographic
a. Gender
b. Aged
c. Status (Married/Single)
d. Family type (Whom are you living
with?)
e. Personal income per month (The
answer could be in range.)
f. Household income
g. Current accommodation type
h. Background occupation
2. What is the most activity that you usually do when you at home?
3. What is your favorite room or space in your home?
4. Excepted work, what is the most activity you do outside the home?
5. What is your hobby?
6. Do you have any real-estate?
7. What is the reason that made you purchased real-estate? (for investment, to live,
for a rental fee?
8. At your current accommodation, what do you think this place is a good place to
live when you retired?
9. Have you ever plan your life after retirement? (In term of both money and place)
10. Where do you want to live? And who do you want to live with?
11. In term of the environment of living, what is most important to you when you
decided to buy any place to live? (style, companionship, security, service, etc.)
12. What comes to your mind when thinking about Senior homecare?
13. What comes to your mind when thinking about condominium designs based on
universal design and have a clinic within a project?
14. What do you think about the Wellness Lifestyle Real-estate with healthcare
services? (Ask after explain about what is Wellness Lifestyle Real-estate)
a. Who will buy this type of project? b. Any pros and cons?
c. If you have money, do you willing to buy Wellness Lifestyle Real-estate?
15. What are your criteria when you decided to buy a house? (price, brand, services,
facility, etc.)
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APPENDIX B
QUESTIONNAIRE
Dear Participants,
We would like to invite you to take part in a research study of attitude perception
and decision making on senior property with healthcare services. The research is being
conducted by students of the Master’s Degree Program in Marketing at the Faculty of
Commerce and Accountancy, Thammasat University.
The following questions are solely for academic purposes only. Not commercial
or selling purposed. Your participation will remain confidential and anonymous. Data
from this research will be kept and reported only as a collective combined total. You
can be assured that no individual answer will be reported.
If you have any questions or clarification about this questionnaire, please feel
free to contact us at [email protected]
Your time and assistance are highly appreciated.
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Screening Question
1. How old are you?
a. Less than 40 years old
(Skip to the ending page)
b. 40-49 years old
c. 50-59 years old
d. More than 60 years old
Demographic Questions
2. What is your gender?
a. Female b. Male
3. Where do you live?
a. Bangkok
b. Bangkok’s vicinity, including Nakhon Pathom, Nonthaburi, Pathum Thani, Samut
Prakan, and Samut Sakhon
c. Other provinces
4. What is your status?
a. Single
b. Married (with child)
c. Married (without child)
d. Divorce
5. Whom are you living with?
a. Living alone
b. With couple
c. With couple and child
d. With parent
e. With parent and couple
f. With parent, couple and child
6. What is your current accommodation type?
a. Single house
b. Twin house
c. Townhouse
d. Commercial building
e. Condominium
7. How much of your household income?
a. Less than 30,000 THB
b. 30,001 – 60,000 THB
c. 60,001 – 100,000 THB
d. 100,001 – 200,000 THB
e. More than 200,001 THB
8. What is your occupation? (Can selected multiple answers)
a. Corporate employee
b. Government officer
c. Business owner
d. Housewife
e. Contractor
f. Freelancer
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g. Retire
h. Stock investor
i. Property investor
j. Others, please specify …….
At home behaviors questions
9. On weekdays, how much time do you spend at your home/room per day?
a. Less than 6 hours.
b. 6 – 8 hours.
c. 8 – 12 hours
d. 12 – 16 hours
e. 16 – 20 hours
f. Usually stay at home all day.
10. On weekdays, what is the top 3 activities you do most often at home/room?
a. Sleeping
b. Cooking
c. Eating
d. Take a bath
e. Watching television
f. Using smart phone
g. Using computer or laptop
h. Gardening
i. Playing with pet
j. Social activity such as playing games
with family, have a conversation with
family
k. Reading
l. Cleaning
m. Exercise
n. Others, please specify …….
11. On weekend, how much time do you spend at your home/room per day?
a. Less than 6 hours.
b. 6 – 8 hours.
c. 8 – 12 hours
d. 12 – 16 hours
e. 16 – 20 hours
f. Usually stay at home all day.
12. On weekend, what is the top 3 activities you do most often at home/room?
a. Sleeping
b. Cooking
c. Eating
d. Take a bath
e. Watching television
f. Using smart phone
g. Using computer or laptop
h. Gardening
i. Playing with pet
j. Social activity such as playing games
with family, have a conversation with
family
k. Reading
l. Cleaning
m. Exercise
n. Others, please specify …….
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13. What is your favorite space/room at your home/house?
a. Garden
b. Living room
c. Bathroom
d. Bedroom
e. Kitchen
f. Pantry
g. Dining room
h. Movies room
i. Working area
j. Others, please specify …….
14. What is your favorite activity that you love to do at home/room?
a. Sleeping
b. Cooking
c. Eating
d. Take a bath
e. Watching television
f. Using smart phone
g. Using computer or laptop
h. Gardening
i. Playing with pet
j. Social activity such as playing games
with family, have a conversation with
family
k. Reading
l. Cleaning
m. Others, please specify …
Customer knowledge and perception towards property with healthcare services questions
15. Have you ever heard about wellness lifestyle condominium with healthcare services?
a. Yes (go to question no.16) b. No (Skip to question no.18)
16. What is the wellness lifestyle condominium with healthcare services?
(Please answer this question with your own understanding) (go to question no.17)
___________________________________________________________
17. Who will be going to buy the wellness lifestyle condominium with healthcare
services? (go to question no.18)
a. Rich people
b. Disability people
c. Senior people
d. Well planned life people
e. Family who have elderly people
f. Healthy people
g. Others, please specify…….
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Customer attitudes towards property with healthcare services questions Definition:
Wellness means the active pursuit of activities, choices, and lifestyles that lead to a state of holistic
health.
Wellness real estate means the construction of residential and commercial/institutional properties that
incorporate intentional wellness elements into their design, materials, and building as well as their
amenities, services, and/or programming.
** In this research we only focusing on Wellness lifestyle real estate condominium with healthcare
services.
Example of the model:
The Condominium included facilities suitable for elderly and use universal design friendly to everyone
plus more healthcare and nutrient services.
18. What do you think about Wellness lifestyle real estate condominium with healthcare
services? (Please answer this question with your own opinion)
__________________________________________________________________
19. Who will be going to buy the wellness lifestyle condominium with healthcare
services?
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a. Rich people
b. Disability people
c. Senior people
d. Well planned life people
e. Family who have elderly people
f. Healthy people
g. Others, please specify…….
20. Do you think you would be interested to buy the wellness lifestyle condominium with
healthcare services?
a. Yes, I interested in this product. (Skip to question no.21)
b. I’m not sure. (Skip to question no.22)
c. No, I definitely not buy this product. (Skip to question no.23)
21. Why you are interesting to buy the wellness lifestyle condominium with healthcare
services? (End of this question than go to question no.24)
a. I’m searching for a condominium to live.
b. I’m concerned about my retirement.
c. I’m concerned about my health.
d. I love the concept of adding healthcare service into the project.
e. I want to live in the community that have a wellness facility to live.
f. I want to live among the people who familiar with me.
g. Others, please specify…….
22. What is the reason make you not sure to buy the wellness lifestyle condominium with
healthcare services? (End of this question than go to question no.24)
a. There has more factor to think when you decided to buy any real estate.
b. I want to see others detail of the project first.
c. Others, please specify……….
23. What is the reason make you not want to buy the wellness lifestyle condominium
with healthcare services?
a. I already have a place to live.
b. I want to live with my family.
c. I don’t want to live among the elderly.
d. I don’t like the idea of healthcare service in condominium project.
e. I don’t like a condominium.
f. Others, please specify……….
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Customer decision making criteria when buying real estate.
24. How likely are you to buy rea estate in the next 5 years?
a. Yes b. No
c. I’m not sure.
25. What is your mainly purpose when you buy a real estate?
a. As an asset for family
b. As a vacation place
c. To permanent live
d. To investment
e. Others, please specify……….
26. Please rate the level of importance on each factor affecting your decision if you have
to purchase real estate on a scale of 1 to 7. (1 = Not Important at All and 7 = Very
Important)
Level of Importance Criteria affecting your purchasing decision
Not Important
at all
(1)
Not Important
(2)
Slightly Unimportant
(3)
Neutral
(4)
Quite Important
(5)
Important
(6)
Very Important
(7)
Affordable price
❍ ❍ ❍ ❍ ❍ ❍ ❍
Design/Style ❍ ❍ ❍ ❍ ❍ ❍ ❍
Location ❍ ❍ ❍ ❍ ❍ ❍ ❍
Brand of developer
❍ ❍ ❍ ❍ ❍ ❍ ❍
Security ❍ ❍ ❍ ❍ ❍ ❍ ❍
Function ❍ ❍ ❍ ❍ ❍ ❍ ❍
Facility ❍ ❍ ❍ ❍ ❍ ❍ ❍
Term of payment
❍ ❍ ❍ ❍ ❍ ❍ ❍
Services ❍ ❍ ❍ ❍ ❍ ❍ ❍
Neighborhoods ❍ ❍ ❍ ❍ ❍ ❍ ❍
Healthcare services
❍ ❍ ❍ ❍ ❍ ❍ ❍
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27. Please rate the level of importance on each factor affecting your decision if you have
to purchase real estate in term of location preference on a scale of 1 to 7. (1 = Not
Important at All and 7 = Very Important)
Level of Importance Criteria affecting your location preference
Not Important
at all
(1)
Not Important
(2)
Slightly Unimportant
(3)
Neutral
(4)
Quite Important
(5)
Important
(6)
Very Important
(7)
Same area ❍ ❍ ❍ ❍ ❍ ❍ ❍
Close to family ❍ ❍ ❍ ❍ ❍ ❍ ❍
Close to friends ❍ ❍ ❍ ❍ ❍ ❍ ❍
Urban or city area
❍ ❍ ❍ ❍ ❍ ❍ ❍
Hometown ❍ ❍ ❍ ❍ ❍ ❍ ❍
Near public transportation
❍ ❍ ❍ ❍ ❍ ❍ ❍
Near hospital ❍ ❍ ❍ ❍ ❍ ❍ ❍
Near department store
❍ ❍ ❍ ❍ ❍ ❍ ❍
Near green area ❍ ❍ ❍ ❍ ❍ ❍ ❍
Near temple ❍ ❍ ❍ ❍ ❍ ❍ ❍
Seaside ❍ ❍ ❍ ❍ ❍ ❍ ❍
Mountainside ❍ ❍ ❍ ❍ ❍ ❍ ❍
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28. In your opinion what is the factor impact to live well to the elderly? Please rate the
level of importance on each factor with a scale of 1 to 7. (1 = Not Important at All
and 7 = Very Important)
Level of Importance Factor to live well
Not Important
at all
(1)
Not Important
(2)
Slightly Unimportant
(3)
Neutral
(4)
Quite Important
(5)
Important
(6)
Very Important
(7)
Fresh air ❍ ❍ ❍ ❍ ❍ ❍ ❍
Clean water ❍ ❍ ❍ ❍ ❍ ❍ ❍
Healthy behavior
❍ ❍ ❍ ❍ ❍ ❍ ❍
Good nourishment
❍ ❍ ❍ ❍ ❍ ❍ ❍
Lighting quality
❍ ❍ ❍ ❍ ❍ ❍ ❍
Good community
❍ ❍ ❍ ❍ ❍ ❍ ❍
Mindful ❍ ❍ ❍ ❍ ❍ ❍ ❍
No noise ❍ ❍ ❍ ❍ ❍ ❍ ❍
29. Have you ever planned about your retirement? (In term of money and place)
a. Yes b. No
30. Do you have your own real estate?
a. Yes
b. No
- End of the questionnaire –
- Thank you so much for your time –
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BIOGRAPHY
Name Miss Jutatip Charoenyingwattana
Date of Birth March 3, 1989
Educational Attainment 2012: Bachelor degree of Architecture
Work Position Senior Content Editor
ThinkOfLiving
Work Experiences Stage Designer and Production Coordinator
at G’MM” Grammy
Junior Architect
at Po-D Architect
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