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Asian Research Journal of Business Management Issue (Vol.4)2016 Issn: 23219246 Research Article CODEN: ARJBAX Asian Research Journal of Business Management Factors Influence Customers’ Decision to Buy Luxury Apartments in Vietnamese Market Tran Phi Hoang nhóm cộng Industrial University of Ho Chi Minh City, Ho Chi Minh City, Vietnam Received: 21 June 2016; Revised: 26 July 2016; Accepted: 30 July 2016 Abstract: The study results are to identify and analyze the factors affecting customers’ decision to buy luxury apartments in Vietnamese market The research results show that there are four factor groups affecting customers’ decision to buy luxury apartments in Vietnamese market, they are (1) the product quality, (2) customer support service, (3) legal procedures, and (4) relatives’ influence The following objectives have been carried out: First, identify the factors affecting customers’ decision to buy luxury apartments in Vietnamese market; second, determine the priority order of the factor impact of affecting customers’ decision to buy luxury apartments; third, propose measure groups to increase customers’ decision to buy luxury apartments in Vietnamese market Keywords: Decision Theory, Customer Attitudes, Customer Behaviors, Luxury Apartments, Vietnamese Real Estate Market INTRODUCTION Along with the recovery process and the economy rise, the real estate market and the superior real estate segment in Vietnam has been witnessing strong return on both supply and demand According to the real estate business in Vietnam, luxury apartments are becoming attractive field and the competition is extremely fierce According to the HCM City Real Estate Association, it is forecast that in 2016 the "supply" segment of luxury apartments will increase According to estimation, in current market the number of luxury apartments is sold accounted for 48% of the total market, compared with 29% by 2015, compared with 25% in 2014 However, according to real estate experts, luxury apartment’s market rose due to the recovering of domestic economy, real estate investors are confident in developing products in this segment Even many real estate enterprises deploy massively real estate projects making many senior managers are concerned about the possibility of unnecessary crisis of "supply" recurring with the real estate market in the premium segment like the last time “Vietnamese Entrepreneurs” journal in June 2016 warned the risk of “the indigestion of luxury apartment’s supply" and the figures proved the market has launched too many luxury apartments recently When supply increases, defintitely, luxury apartments segment will have fierce competition For customers, with plentiful supply, it is easier for buyers to access to products from the investors Then, there will be competition among enterprises Research Article Although the superior real estate market in Vietnam is very eventful, experts warn the consumption and quality of the project They said any projects with professional development, reputation in the market will certainly be welcomed by customers, whereas the poor quality projects will be difficult to survive According to experts, any business demonstrates professionalism, seize opportunities, build credibility with unique products and services to support customers will occupy the market Therefore, the study of psychology and capture shoppers’ behavior in order to satisfy their needs is critical for real estate investors in Vietnam LITERATURE REVIEW In behavior theory, purchasing behavior of consumers is one of the most important factors to forecast consumers’ trends [1] Purchasing decisions of consumers relate to many factors depending on the industry sectors and products such as service attribute subjective and objective standards The degree of the impact of various factors is different; however, they all affect customers’ buying decisions If the weight of the attributes is considered, it can predict the results of consumers’ choice [2-4] According to experts, the criteria relating to the decision to select products such as luxury apartments, the standards including product quality; service quality; places; basic internal facility; apartment design; intelligent solutions (smart living); investors’ reputation Location of the apartment is an important factor The gadgets are connected with projects and project locations according to feng shui Basic internal facility should focus on security, elevator, parking, business center, an area for community activities, gym, yoga, entertainment and playground for children, etc Besides, overflowing swimming pool, hanging gardens and fountains are the factors getting "plus point" for the apartment project well as In architectural design apartment, it is necessary have full function rooms including bedroom, living room, dining room, separate kitchen from the living area, the bathroom and hanging area must ensure aesthetic with other rooms Green design, intelligent solutions (smart living) and service quality represents the difference between luxury apartments and affordable apartments Green designs not only requires urban green space, water, green carpet with high coverage that each work in urban design must take energy savings, efficiency and utilizing renewable energy sources into account Luxury condominium with green design gives urban dwellers a healthy, green and urban balance among busy places Intelligent Solutions (smart living) in superior apartment are not only what we see in their appearance, but it also lies in each apartment, each house In which, the intelligent solution (smart living) really gives residents a civilized lifestyle, gadgets such as security systems, fire alarm, the indoor machines controlled by sensor technology applications, wireless technology, voice commands However, according to experts, for the luxury apartments, the "green design" and "intelligent solutions" (smart living) belong to "product quality" Customer support services such as legal procedures, tax customers are interested in making buying decisions because many project investors in Vietnam have handed over apartments to customers for many years, however, sovereignty procedures have not been completed, some investors also defraud such as putting customers’ apartments in pledge Customers in the premium segment also focus on quality management services and Research Article ensuring security criteria, the professionalism of the utilities and operation of buildings According to experts, "Product Quality" is the most important factor determining the customers’ choice A luxury condo project is a project developed by a reputable investor [5-6] A reputable investor would solve the problems arises when the building is brought into use If customers are satisfied, they will be loyal and promote it freely for that enterprise [2,7-8] Thus, based on the theories, studies and analysis by experts, it could be concluded that the factors influencing customers’ decision to buy luxury apartments in Vietnamese market focuses on the following key factors such as product quality, customer support services, relatives’ influence and legal procedures Product Quality Customer Service Buying Decision Legal Procedures Relatives’ Influence Fig 1: Research model Product quality: Product quality such as luxury apartments is a synthesis element of tangible and intangible such as equipment, construction quality, space and atmosphere of the communities etc [2] For superior apartment, the apartment design and green design, ecofriendly designs are the standards that the customers in segment of luxury apartments usually choose According to real estate experts, if the projectors invest much for this factor, customers’ choices increase correlatively Customer support services: Customer service support is the process of implementing services pre-sales, while sales and post-sales such as advice, referrals, support, help, maintenance, warranty, repair, customer appreciation [2] Customers of special luxury apartments attach Research Article much importance to customer support services like legal procedures, maintenance, warranty, maintenance, repair, security and management services, operating building to ensure professionalism and utilities for residential communities According to real estate experts, if the projectors invest much for this factor, customers’ choices increase correlation Relatives’ influence: According to Adam Kunn (2009) people’s awareness of behavior is a set of ideologies, thoughts and subjective and objective perceptions In which one’s subjective opinion has an impact on another’s decision Relatives - friends and colleagues have an impact on their purchasing decisions If their relatives are living in communities that now have projects, their satisfaction on that business is high, they will now introduce other potential customers Legal Procedures; Legal procedures are the order of authority execution of the State, administrative agencies or organizations and individuals authorized to settle the affairs of the State or the requests of citizens or organizations to enforce the state’s job and serve the people In Vietnam, the procedures related to granting legal ownership papers, real estate tax, and registration tax are a problem hindering homebuyers According to experts, if the real estate businesses invest for support services, the ability to attract customers will increase by a corresponding ratio HYPOTHESES Hypotheses 1: “Product Quality" affects the decision to buy luxury apartments in Vietnamese market Hypotheses 2: “Relatives’ Influence" affects the decision to buy luxury apartments in Vietnamese market Hypotheses 3: “Customer support service" affects the decision to buy luxury apartments in Vietnamese market Hypotheses 4: “Legal procedures" affects the decision to buy luxury apartments in Vietnamese market Hypotheses 5: "Sex" has different influences to the decision to buy luxury apartments RESEARCH METHODOLOGY The researchers concentrated on methods of researching: qualitative method and quantitative method, specifically the process experienced three following stages: Stage 1: Based on the theory, and the results of related scientific researches, the authors used qualitative research method to discuss in group, consulted leading experts to select variables and group of observed variables Stage 2: According to the group of factors affecting customers’ decision to buy luxury apartments in Vietnamese market of 610 customers in Ho Chi Minh City and Ha Noi city The research model involved scales, 35 observed variables In this study, sampling and random method were used The formula for calculating sample size is n In which m is the Research Article scale and Pj is the number of observed variables of the scale The proportion of the sample compared to analysis variable (k) is 5/1 or 10/1 Thus, the number of samples is larger than "total observed variables" of scale times "5" and less than "total observed variables" of the scale times "10" However, depending on the object of study and research goals, increasing sample size will increase the reliability of data The researchers use a 5-point Likert scale, the Distance value = (Maximum - Minimum)/n = (5-1)/5 =0.8:1 Completely disagree; disagree; No opinion / Normal; Agree; Totally agree Survey results are analyzed by using SPSS 20.0 treatment and Cronbach's alpha coefficient to test the reliability of the scale [9] Stage 3: After testing the reliability by Cronbach's alpha coefficient, the authors conducted exploratory factor analysis (EFA) to reduce and summarize the data of the scale, confirming factor analysis (CFA), research hypotheses testing using structural equation model (SEM), model testing by running AMOS, model analysis by Bootstrap testing the standard values From the above results, the authors examined the impact of research factors affecting customers’ decision to buy luxury apartments in Vietnamese market [10] RESEARCH RESULTS AND DISCUSSIONS Table 1: Cronbach’s Alpha reliability testing MODEL CODE IDV DV FACTORS CRONBACH’S ALPHA PQ Product Quality 0.844 CS Customer Support Service 0.757 RI Relatives’ Influence 0.843 LP Legal Procedures 0.875 MUA Buying Decision 0.811 (Source: The researcher’s collecting data and SPSS) The test results scale shows that the scale has good accuracy with Cronbach's alpha coefficient > 0.7 and the correlation coefficients of the total variables of measurement variables meet the allowed standard (> 0.3), the scale will be accepted The observed variables are used for factor analysis to discover in the next step Table 2: Factor Analysis Factors Value Kaiser-Meyer-Olkin Measure of Sampling Adequacy 0.806 Sig 0.000 Compare 0.5