Romir and Inteco Determined the preferences of Generations X, Y and Z While Choosing a new apartment
When choosing an apartment, generation Z more often than others pay attention to the landscaping and architecture of the residential complex, generation X pay attention to the layout and the presence of public transport stops and social infrastructure facilities nearby, generation Y is characterized by lower sensitivity to price and increased interest in unique apartment formats.
These conclusions were made by the experts of INTECO and Romir Research Holding based on a survey among Russians of different age groups, which are conditionally divided into three generations: Z (18-24 years old), Y (25-44 years old), and X (45+ years).
The study findings showed that the main criteria the Russian residents rely on when choosing real estate for their own residence are price, location, and layout. At the same time, for generation Y, the cost of housing is less significant than for the rest, and location and layout are more of a concern the Xs.
Russians pay special attention to the availability of transport and social infrastructure within or close to the residential complex, and the importance of these parameters increases as the age of the buyers increases. Thus, the presence of a public transport stop in the immediate vicinity is important to 42% of the Zs and Ys, and 53% of the Xs, and the availability of social infrastructure facilities near the house is important to 38% of generation Z, 44% of generation Y, and 48 % of generation X. The experts also revealed that improvements, architecture, and the general concept of a residential complex tend to be most often considered by younger respondents.
Scenery is especially appreciated by the older generation – 19% of the Xs identified this parameter as significant when choosing a home, while only 14% and 13% of buyers from generations Z and Y, respectively, noted the importance of nice views from the windows. In addition, the survey showed that the Xs pay more attention to the presence of a pond near the house – 13% versus 8% for the Zs and 7% for the Ys.
The study pays special attention to preferences for relatively rare apartment formats. The representatives of generation Y show the greatest interest in this criterion – 9% of the respondents; in generations Z and X, unusual layouts play a big role in choosing an apartment for 4% and 5% of the respondents, respectively. The most preferred options are offers with a private terrace and panoramic windows. At the same time, older buyers are more likely to pay extra for having their own terrace, and floor-to-ceiling windows are most popular with younger generations.
Having an open plan kitchen/living room is more important to the Xs, 37% of whom chose this option as the most preferable. Among the Zs, only 26% confirmed their willingness to pay more if the apartment has an open plan kitchen/living room. The representatives of generation Y are more likely to lean toward a two-level apartment – 32%, while this format of housing was chosen by 25% of generations Z and X. The Xs showed the greatest interest in dressing rooms with a window.
The survey also determined the preferred types of finishing when choosing an apartment. The vast majority of respondents considers buying a home with a full finish and furniture – this option was chosen by 49% of generation Z, 33% of generation Y, and 40% of generation X. An apartment with final finishing, but without furniture, is more likely to be purchased by the Ys – 35%. Unfurnished apartments are preferred by 7% of the respondents in each age group.
“Consumer preferences are rapidly changing even in such a seemingly stable and conservative area as real estate. Conducting research on consumer preferences, we, as a developer, are able to quickly respond to new market demands and create a product that will not only find its buyer, but will also meet all their needs for years to come. The survey findings showed that some more recent trends have already become a tendency and are perceived by most customers as a must-have, in particular, the availability of turnkey finishes from the developer. Analysis of demands across generations helps reduce the time to develop and form the overall concept of a residential complex – such an approach, among other things, helps reduce the cost of implementing the project as a whole,” Polina Balashova, Director for Pricing and Market Analysis at INTECO, commented on the study results.
“Over the 30 years of studying consumer preferences, we have seen interesting transformations. The Xs grew up at a time when everyone had standard ‘wall cabinets and apartments were pasted over with the same wallpaper. As capital accumulated, the desire to ‘be different from everyone else’ appeared. Designers became trendy, the segment of customized furniture began to develop, a choice has appeared. Now we see a reverse trend – ready-made quick solutions are becoming popular. The value of time and the desire for mobility are a priority for the Zs. It is important to get a turnkey solution, without unnecessary loss of time and money,” commented Andrey Milekhin, President of Romir Research Holding, Doctor of Sociology.
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