LIFESTYLE SEGMENTATION AND HOUSING PREFERENCES IN SINGAPORE

Abstract

With increased wealth and higher education level, today’s consumers have keen appreciation for differentiation and seek sophistication in their homes. It is not sufficient to provide convenience but also unique design and features that fit their lifestyle. Thus, this dissertation embarked to find out the lifestyles of home buyers and ascertain if lifestyle influences their preference on property type and attributes. It was found that home buyers in Singapore can be segmented into 6 groups based on their lifestyle. They are environment-conscious, statusoriented, investment-conscious, fun-seekers, technology-savvy, family lovers and moneycautious. The findings revealed that lifestyle does affect the choice of property type and attributes on face validity. However, no statistically significant relationship was found across all the lifestyle groups except for the environment-conscious and status-oriented. In addition, this study also discovered there were differences in the views of home owners and non-home owners towards property attributes. Home owners regarded friendly neighbours, smart features and handicap facilities more significantly than non-home owners. On the other hand, non-home owners considered recreation facilities as more important compared to home owners.