The Roles of Reference Group towards the First-Time Homebuyers’ Purchase Decision of Wellness Real Estate in Bangkok, Thailand

Abstract

The growing wellness trend has heightened people's awareness of the importance of enhancing their quality of life, particularly in their plans to purchase wellness real estate. This study aims to investigate how wellness condominium attributes influence purchase intentions, with customer-perceived value acting as a mediator. Additionally, it explores the moderating roles of reference groups, specifically informative influence and normative influence, in the relationship between wellness condominium attributes and customer-perceived value. We conducted a questionnaire survey among 400 respondents in Bangkok, Thailand. Hierarchical regression analysis was employed to test our research hypotheses. The results indicate that a strong understanding of wellness condominium attributes positively influences the perception of wellness condominium value, which, in turn, leads to purchase intention. Furthermore, our findings reveal that both informative influence and normative influence act as positive moderators, strengthening the link between wellness condominium attributes and purchase intention. The findings offer valuable insights to real estate developers on how to effectively communicate the value of residential wellness through reference groups, enhance the sustainable development of wellness residential areas, and contribute to the overall well-being of residents, both physically and mentally.