Student name: Ornticha Phungwong
ID:100047664
Factors influencing home purchase intention of Thai
single people
Author: MISS ORNTICHA PHUNGWONG is financial and accounting controller at
Siam Residence Co., Ltd. and DBA candidate, Doctor of Business Administration in
Marketing, International graduate school of business, University of South Australia,
Adelaide, Australia
Home address: 99/8 Moo. 8 T.Chiang-Rak-Noi A. Bang-Pa-In, Ayutthaya 13180
Mobile Phone: 6686-668-4488
Email: [email protected]
Abstract
The purpose: The purpose of this paper is to investigate the behavioural intentions
for Thai single people to purchase home. The behavioural intentions of Thai single
people to purchase in Thailand were analysed using the combination of Theory of
Reasoned Action (TRA), Fishbein's behavioral intention and the product evaluation
model by Dodds et al., (1991).
Design/methodology/approach: Thai single people intending to purchase home were
surveyed with an instrument based on Theory of reasoned action and the product
evaluation model by Dodds et al., (1991). Data from 316 respondents were subjected
to principal components analysis to ascertain factors related to their intention to
purchase home.
Key words: consumer behaviour, behavioural intentions, home, single people
Paper type: research paper
1. Introduction
Housing market is one of the leading markets with an estimated value of 111,471
million bath in 2005 or, about one-third the size of the durable product markets
(Kitiampon, 2005). The increased activities in housing businesses continued to grow
other business fields, such as banking, construction, or even advertising (Nakornthab
et al., 2004). Consequently, the increasing of real estate can indicate the growth of
Thai economy (Sriphayakand and Vongsinsirikul, 2007). Seeing that housing market
is a big size market and involved with many kinds of business fields, Thai
government has decided to provide a strategic plan to stimulate the residential market
with intention to create real demand in order to make Thai economic growth.
Therefore, Thai government continuously launches a policy to support the growth of
the residential markets with tax allowance policy and the long-term fixed rate
mortgage financing through Government Housing Bank (GHB) (Nakornthab et al.,
2004). Regard to the government policy, housing businesses have opportunity to
increase sales. However, with regard to marketing perspective, for many decades, due
to the increasing single population, businesses in Thailand have developed product
and activated activities based on the demand of singles (Nakornthab et al., 2004).
When the growth in family market is going to slow down, family consumption
expands to the decelerating rate. According to The National Statistic Office Thailand
in 1990 to 2005), married consumers has been declined from 58% since 1990s to 42%
in 2005 whereas single people now comprise of a large group and has still been
increasing. Studies show the number of unmarried buyers rising 38 percent from the
mid-1990s through 2005, while married decreasing, according to the surveys by the
National Statistic Office Thailand in 1990 to 2005, which monitors the demographic
trends. Accordingly, a critical issue for the continued success of a firm is its capability
to stimulate a new group of customers to purchase the product (Seelig, 1989). Given
from the increased prevalence of numbers of single Thai people (National Statistic
Office Thailand, 2005), it is surprising that the research on the subject of home
purchase intention of singles is limited. Moreover, there are a dearth of studies that
examine the role of psychological expectations and perceptions in the decision to own
a home (Hempel and Punj, 1999; Swan, 1995). As noted by many scholars above,
although there is a stream of previous researches studying on purchasing intentions
(Chung and Pysarchik, 2000; Farley et al., 1981; Lee and Green, 1991; Ryan and
Bonfield, 1980; Sheppard et al., 1988; Summers et al., 2001), from the analysis of
previous researches, no studies have found in literatures in which these two models:
Theory of Reasoned Action (TRA) and Product Evaluation Models were applied
specifically to predict purchase intention of home. Therefore, this area needs to be
studied further to fulfill the gaps from the previous literatures throughout the
investigation based on various factors which influence home purchasing intention of
single Thai people. The purpose of this study is to identify what factors affecting the
home purchase intentions of the Thai singles.
2. Literature review
Numerous studies have examined the housing decision making process (see Livette,
2006; Gibler et al., 1998). These researches, however, are not concerned with
influences, but with investigating stages of their decision-making process. From the
stage of purchasing decision, as decision-maker form an intention to behave, choice
becomes the next stage. Therefore, the intention to purchase is antecedents of
purchase decision (McCall et al., 2002). However, no research have found in
literatures to study purchase intention of home. Even though there are some studies
the influences on purchase decision, these studies investigate the role of family
members influencing purchase decisions. (Cunningham and Green, 1974; Davis and
Rigaux, 1974; Hempel, 1974; Levy and Lee, 2004). Family is different from singles
in terms that family decision is influenced by family member (Davis, 1976; Qualls
and Jaffe, 1992) whereas singles mostly concern about themselves (Donthu and
Gillard, 2002). Consequently, it is appropriate to study in the aspect of factors
influencing single Thai consumers’ home purchase intentions.
2.1 The models of consumer purchase intentions
Two models that are mostly used to study on consumers’ purchase intentions are
Theory of Reasoned Action (Fishbein and Ajzen, 1975) and Product Evaluation
Model by Dodds et al., (1991). Also, the Theory of Reasoned Action and Product
Evaluation Model have been developed and tested over many years (Agarwal and
Teas, 2000; Choo et al., 2004). Consequently, model by Fishbein and Ajzen, (1975)
and model by Dodds et al., (1991) seems to be suitable models for developing a
conceptual model to test the factors influencing home purchase intentions of single
Thai people.
2.1.1 Theory of Reasoned Action
For Theory of Reasoned Action (TRA), Fishbein's behavioral intention, the Fishbein
model has been extensive in the consumer behavior literatures (Farley et al., 1981;
Ryan and Bonfield, 1980; Sheppard et al., 1988). We use TRA to study purchase
vintention because it offers a clearly definition of structure and/or model. Fishbein
and Ajzen, (1975) also claimed that attitude and subjective norm as factors influence
on consumers’ intentions. This theory states that each of the determinants of
intentions is an individual’s attitude toward performing certain behavior (AB) and the
subjective norm (SN).
2.1.2 The Product Evaluation Model
For Product Evaluation Model by Dodds et al., (1991), which is the extension from
(Monroe and Krisna, 1985)’s model, the factor that is related to the purchase intention
are perceived value. The Dodds et al., (1991) model is found to be the popular model
used by various researchers for studying purchase intentions of products
(Sivaramakrishnan and Manchanda, 2003). Dodds et al., (1991) pointed out that
buyers’ perception of quality and sacrifice influence perceived value is the first
prospective and the second one is the perceived value that influences their assessment
of willingness to buy.
2.1.3 The combination of Theory of Reasoned Action and Product Evaluation
Model
The TRA is selected as a theoretical model in this research to study the behavioral
intention of single Thai people to purchase home because this model is suited to be
applicable in behaviour where a single person is responsible for a specific purchase
intention (Thompson and Panayiotopoulos, 1999). The group of people in this study is
singles; therefore, the model of Fishbein and Ajzen, (1975) seems to be a suitable
model as a framework to study the factors influencing home purchase intentions of
single Thai consumers in Thailand.
However, “Ajzen and Fishbein, (1980) argued that the external variables may affect
behavior indirectly by their effects on behavioural belief, outcome evaluations,
normative beliefs, motivation to comply, or on the relative weights of the attitude and
normative components” (cited in Summers et al., 2006, p3). Also, other researchers
have argued that the model as specified may not be completely accurate (Chung and
Pysarchik, 2000; Miniard and Cohen, 1983). A number of studies suggested that
additional external variables meaning past behaviour, past experience, or involvement
could be included in the model to help predict the behaviour (Bagozzie et al., 2000;
Bunce and Birdi, 1998; Shim et al., 1989). The concept of involvement has been
recognized to play an important role of almost every major concept used to explain
consumer behavior including consumer satisfaction, and brand loyalty (Foxall et al.,
1998). The involvement was also defined by Zaichkowsky, (1985 p.342) as “A
person’s perceived relevance of the object based on inherent needs, values, and
interests”. Due to the fact that the product in this study is home that is high cost
product, infrequently purchased product, and higher priced products, buyer should be
highly involved (Livette, 2006). In addition, as suggested by (Collen and Hoekstra,
2001), when consumer decide to buy home, the value is also important to think about
it. If customer receives more value from homes, customers are willing to purchase
house (McCluskey et al., 2000). The perceived value has gained recent attention as a
stable factor to predict buying intention (Anderson and Srinivasan, 2003 Dodds et al.,
1991). In addition to perceived value factor, when consumers intend to buy product,
they need to seek out information and evaluate large number of attribute of the
product (Miquel et al., 2002).
From the above statement of literatures, by model of (Dodds et al., 1991) is based on
only the perceived value factor influencing purchasing intentions whereas attitude and
subjective norm in Theory of Reasoned Action (Fishbein and Ajzen, 1975) are
considered as the factors influencing purchasing intentions. Accordingly, we can
combine both Theory of Reasoned Action and Product Evaluation Model to
investigate the various factors: attitude, subject norm, and perceived value which
influence home purchasing intention of single Thai people.
2.2 Development of conceptual model
This study proposes the conceptual model shown in figure 1, which is based on
Theory of Reasoned Action by Fishbein and Ajzen, (1975) and the Product
Evaluation Model by Dodds et al., (1991).
Figure 1: The conceptual model of home purchase intentions
Attitude
Σ BiEi
H1
H2
Subjective
norm
Σ NBi
MCi
H4
Purchase
intentions
H3
Perceived
quality
H5
Perceived
sacrifice
H6
Perceived
value
H7
Source: Theory of Reasoned Action by Fishbein and Ajzen, (1975) and the Product
Evaluation Model by Dodds et al., (1991).
2.3 Factors affecting purchase intentions
2.3.1 Attitude
Attitude in the context of human behaviour has been studied over many years (Ajzen,
2001). By definition, “an attitude is an index of the degree to which a person likes or
dislikes an object”, see (Ajzen and Fishbein, 1980 p. 64). Attitude plays an important
role in inducing different choices of behaviour and behavioural intentions (Dabholkar,
1994). Attitude toward behavior (Ab) is a function of cognitive belief structure (BiEi).
The cognitive belief structure is a belief-evaluation composite where Bi is the belief
that performing the behavior will lead to a specific outcome, i, and (Ei) is the
evaluation of each consequence, and n is the number of salient outcome (Chung and
Pysarchik, 2000). Various studies examining the efficacy of Fishbein’s model have
confirmed the relationship between the cognitive belief structure (BiEi) and attitudes
in model by Fishbein’s, (1975) (Chung and Pysachik, 2000; Lee and Green, 1991).
Although no study has specifically investigated the relationship between cognitive
belief structure and attitude in determining the choice of home, the following
hypothesis is proposed based on the findings of previous research in studying durable
products (Chung and Pysachik, 2000; Kalafatis et al., 1999; Summers et al., 2001) and
found that in cognitive belief, consumers are always concerned about attribute of
products when evaluate the products. Thus, we developed items corresponding
housing attributes as cognitive belief structure measures in this research.
The important of overall attitude toward purchasing intention has been widely
recognized in consumer researchers (Thompson and Panayiotopoulos, 1999). In many
researches, it shows that attitude is a key factor affecting purchasing intentions
(Chung and Pysachik, 2000). Although few researches (Lee and Gibler, 2004; Livette,
2006) have attempted to examine the relationship between attitudes and purchase
intentions regarding the choice of home, the previous researches (Chung and
Pysachik, 2000; Kalafatis et al., 1999; Summers et al., 2001) indicated a positive
relationship between attitudes and behavioural intention on durable products.
H1:
There is a positive relationship between cognitive belief structure (BiEi) and
attitude toward purchasing home
H2:
There is a positive relationship between attitude and purchase intentions on
home
2.3.2 Subjective norm
The subjective norm (SN) was defined as the consumer's perception of social
pressures placed on his/her by others regarding the purchase of the product (Ajzen,
1975). The subjective norm is a function of referent's beliefs that specific individuals
or groups think he/she should or should not perform the behavior (NBj) and the
individual's motivation to comply with those referents (MCj) (Ajzen, 1975). The
different referents involved in purchasing product can be friends, parents, political
parties, and/or agent (Kalafatis et al., 1999). Also, in case of home, when having a
intention to purchase houses, consumers may discuss their house options with their
friends (Gibler, 1998, Sorce et al., 1989) and sometimes consumers might be
influenced by the information from friends greatly involved with the actual home
decision (Kichen and Roche, 1990). In addition to friends, consumers may discuss
with agents, newspaper, and internet (Littlefield, 2000). There is little research
confirmed the relationship between normative belief and motivation to comply
(NBiMCi) ,and subjective norm in case of home; however, in choice of durable
product, normative belief and motivation to comply (NBiMCi) is a predictor of
subjective norm (Kalafatis et al., 1999; Summers et al., 2001).
According to (Fishbein and Ajzen , 1975) Theory of Reasoned Action, subjective
norm is viewed as basic determinants of intention to behave in a particular manner.
Even though, there is little study concentrated on the relationship between subjective
norm and purchase intention of home (Gibler, 1998, Sorce et al., 1989), previous
researchers (Kalafatis et al., 1999) studying on durable products have confirmed the
positive relationship between subjective norm and purchase intention.
H3:
There is a positive relationship between (NBiMCi) and subjective norm toward
purchasing home
H4:
There is a positive relationship between subjective norm and purchase
intentions on home
2.3.3 Perceived value
In this study, perceived value is defined as “a customer’s perceived net trade-off
received from all relevant benefits (quality) and cost (sacrifice) delivered by a product
or service or supplier and its use” (Snoj et al., 2004 p. 157). According to Iglesias and
Guillen, (2004), before making a decision whether to buy a product or not, the
customers need to evaluate the product first. Customers estimate the perceived value
of the product through a weighting of the expected quality (benefit) and sacrifice
(costs) and compare the perceived values assigned to the available alternatives. The
greater perceived value the greater the purchase intention (Dodds and Monroe, 1985;
Monroe, 1979; Monroe and Krishnan, 1985).
Perceived quality is defined as the belief in the overall goodness of what is received
(Snoj et al., 2004). Perceived sacrifice is the feeling of how much one must give up
getting a product (Monroe and Krishnan, 1985). Perceived sacrifice is important to
consider when evaluate durable products. When consumers decide to buy higher
durable products under budget constraint, they will have the lower available of money
to purchase other products (Dodds and Monroe, 1985; Dodds et al., 1991). There is an
ample evidence to suggest that when customers buy the higher price of durable
product, they have the higher level of sacrifice in general (Agarwal and Teas, 2001;
Dodds et al., 1991). In case of home, if consumers realize that they have to sacrifice
other product to purchase home in a high level, the level of perceived value can be
lower. As a result, the relationship between perceived sacrifice and perceived value is
negative in case of home purchase. In contrast, if consumer perceived product quality
with a high level, they can more attention in purchasing products (Agarwal and Teas,
2001, Dodds et al., 1991). Many researches attempt to link perceived quality to
perceived value (e.g. Agarwal and Teas, 2002; Dodds et al., 1991).) and found
positive impact of perceived quality on the perceived value of different durable
products. Hence, in this study, in case of home, we can assume that the relationship
between perceived quality and perceived value is positive.
In marketing literature, perceived value is considered as a key influential factor for
purchase intention (Agarwal & Teas, 2001; 2004 Dodds et al., 1991.; Monroe &
Krishnan, 1985; Teas & Agarwal, 2000; Wu & Hsing, 2006). Perceived quality and
perceived sacrifice are also essential ingredients for enhancing purchase intentions
(Dodds et al., 1991).). Even though, there is little researches studing on the
relationship between perceived value and choices of home (Collen & Hoekstra, 2001),
customers’ value perceptions have been found to increase their willingness to buy
durable products (Agarwal & Teas, 2002; Dodds et al., 1991).
H5:
There is a positive relationship between perceived quality and perceived value
toward purchasing home
H6:
There is a negative relationship between perceived sacrifice and perceived
value toward purchasing home
H7:
There is a positive relationship between perceived value and home purchase
intention
3. Research methods
3.1 Research design and data collection
Sample
Single Thai people who have put themselves into the housing market in Thailand
were sampled to test the proposed relationships. Several factors support the use of
single Thai people to conduct a study in which the primary interest is to investigate
the effects of attitude, subjective norm, and perceived value on purchase intention.
Generally, it is difficult to find the exact number of singles people who have put
themselves in the housing market signify by contacting real estate agents. However,
most of them can be found in database of three housing companies in Ayuttaya
province. We choose three housing companies: Thanuthip business Co., Ltd.,
Thanuphet real estate Co., Ltd., and Siam Residence Co., Ltd. since three housing
companies are located in different areas: one in central area and two in suburban
areas. In addition, we have relationship with these home companies, so we can access
to their database. Bentler and Chour, 1987, (in Snoj et al., 2004) suggest that the
number of units in the sample and in the parameters includes in analysis are at a ratio
of 10:1 or more. According to this study, 23 items from literatures are included in the
research; therefore, 230 required number is calculated in order to determine the
minimum respondents. However, researcher is interested in determining sample size
governed by the extent of precision and confidence desired from database of three
housing companies. It shows 1,500 singles people who have put themselves in the
housing market in three housing companies in Ayuttaya. The appropriate sample size
should be 316 according to Yamane, (1967), where the Confidence Level is 95% and
P = .5.
Data collection procedure
The key informant was first contacted by telephone seeking their cooperation to
participate in the study. If they agreed to participate they were mailed a package
containing a cover letter, a questionnaire and a self-addressed pre-paid envelope to
facilitate a reply. The cover letter explained the nature and importance of the study
and offered a summary report of the findings upon completion of the study. If
responses were not received within three weeks then a telephone follow-up was
undertaken.
3.2 Measures of component of models
Based on the conceptual model, there are eight major variables to be measured, which
consist of four dependents (attitude, subjective norm, perceived value, and purchase
intention) and four independents (cognitive belief structure, normative belief,
perceived quality, and perceive sacrifice). The scales for measuring purchase
intentions, cognitive belief structure, and attitude are adapted from Chung and
Pysarchik, (2000). In addition, the measures of normative belief and motivation to
comply, and subjective norm are suggested by Lee and Green, (1991). Also, perceived
value is employed by Patterson and Spreng, (1997), whereas perceived quality is
adopted by Harcar et al., (2006). Finally, perceived sacrifice is used by Agarwal and
Teas, (2001). To assess relative factors in behavioural intention to purchase of homes,
mail surveys were utilized. Total number of 23 items for measuring eight variables
including 1 item for purchase intention, 8 items for cognitive belief structure, 3 items
for attitude, 3 items for individual belief, 1 item for subjective norm, 1 item for
perceived value, 4 items for perceived quality, and 2 items for perceived sacrifice. All
of 23 items are adopted from the previous research which showed to possess high
reliability by exceeding Cronbach’s alphas of 0.80 (Nunnally, 1978). All of 23 items
using 5-point scales (1 = strongly disagree to 5 = strongly agree), which mostly used
in consumer behaviour studies (see Davaraj et al., 2001; Da Silva & Syed Alwi,
2006).
3.3 Questionnaire design
A questionnaire was developed to determine the degree of respondents’ perceptions to
purchase intention. Using self-report mail questionnaires method to collect the
quantitative data on factors influencing behavioural intentions of singles to purchase
homes. Close-ended questions are mostly used in this study. The questions in
discussion will be originally designed in English and translated into the Thai language
using a blind translation-back-translation method.
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