Over the decades, people have made it clear that they are inclined towards brands and trust them more as compared to normal companies. Especially in these trust deficit times, when it’s not even sure who to trust for your health issues, trusting someone enough to invest in a real estate property takes a lot and so this hidden inclination towards big names is well understood. But the bigger question is do brands have the power to influence the buyer’s decision so much so that they are willing to compromise on things like location, price, budget, amenities, etc.
If you really think that brands only matter in terms of the clothes you pick or the shoes you buy, think again because the real estate sector of India has never seen such an upsurge as it has seen in the last couple of years. The pandemic of course was one factor that highly influenced and made this sentiment grow because there’s this new inclination to be close to their homes, have a proper work-life balance. The priorities have changed a little during the course of lockdown and people are more driven to spend a hefty amount on homes. Brands, obviously have earned a lot because of this shift because people are more inclined to spend on a distant home of a certain brand than a well-developed home in an established locality.
Why This Shift?
It is not easy for a brand to stand out and win the hearts and trust of its customers because it takes years of hard work and a lot of recall and loyalty from consumers to keep coming back to your brand only. Customers prefer “people who have a well-established base and have been in the market for a very long time, somebody who is able to deliver on their promise and provide quality content on a timely basis”. Fulfilling these requirements and people start trusting you and stick with you through times.
Lifestyle and Brands
What was once considered a dream to buy a luxury, state-of-the-art apartment is now considered a dream come true. More and more customers are inclined to spend more on their apartments and villas because it’s a one-time thing for most of them. Pandemic has also helped in growing this sector because people are now more interested in investing in their homes and also re-organizing their lives for the post-pandemic situation too.
Gaurav Kumar, MD, CBRE India came up with a nice way to summarize these thoughts. He said, “home-buyers are trying to strike a balance between their home and work and so are looking for places which make a statement of luxury and flexibility”. He also mentioned that “people are also trying to find larger spaces and so brands are trying to come up with huge spaces with more amenities and customers are ready to buy them as well”.
With work-from-home so in trend, so many people have bought new apartments and villas and so many more are going to according to the reports. If such trends continue, brands are only going to get more profitable over time.