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MagicBricks.com Survey Shows New Trends Among Homebuyers
MagicBricks.com is online property retail site which we have covered before. The service claims that it is India’s number one property site and has received large scale acceptance as a platform for research and buying among potential homeowners. They recently launched a Décor Section, which takes it beyond just online property sales. Homeowners can now even check out the decor and furnishings that they would like their newly purchased homes. MagicBricks looks at this as a sort of ‘after sales service’.
The decor section
The implementations of such ‘value added’ products will definitely be a plus to potential homeowners since they can now get done with the most troublesome aspect of securing furnishing from the same place that they buy their home. The company has recently released a survey which looks at the emerging trend and statistic for the modern homeowners who would rather look up and buy stuff on the web.
Homeowners are embracing the DIY mentality:
The study reveals an overarching statistic that around 46% of their respondents are keen to look into the renovation and revamp of their homes themselves. This DIY (Do It Yourself) ethic has been growing among Internet savvy Indians who now can co-ordinate, review, buy and implement various furnishing and decor requirements themselves with the help of online services like MagicBricks. Most people in India have preferred getting a contractor on jobs like Interior furnishing but MagicBricks survey show that this way of doing things is slowly getting less popular.
Increasing focus on Quality:
The survey also finds that more than half respondents polled place a lot of importance on the quality of the brands and products that they choose for the makeover of their homes. 57% of the people chose Quality as their first priority in looking out for furnishings. Cost came in after with 22% of people focusing on its. Reputation of the contractor and recommendation from friends come in later at 12% and 9% respectively. This is a very good trend as most Indians are always fixated on the cost and quality takes a backseat. It is good to see this perception changing in the favor of quality. As this trend grows, more product retailers will put much more efforts on quality rather than cheaply produced goods which might not last much.
Increasing dependence on the Internet for Real Estate and Renovation Information:
With the proliferation of Internet in the country, especially the mobile one, people are now finding a way to look up about all kinds of information on the Internet. Real Estate and Interior furnishing are among the topics that make people go onto the Internet to find out information, best deals and so on. The study notes that traditional offline influencers like advice from friends and relatives is still a large part (41%) of making a decision. The interesting part was that almost 34% of the respondents said that online search was their preferred source of information. Newspapers came in at 13% while TV and Magazine ads were at 7% and 5% each.
Miscellaneous Stats:
Other stats and trends which were revealed by the survey are given below:
- 25% of the respondents renovate/revamp their home in 1-3 months after buying the house while 17% do this immediately.
- Among home improvement options, painting is most popular at 70%, while home furnishing (54%) and kitchen fittings (52%) come in next.
- 44% of the respondents had a budget of over Rs. 1 lakh expressly for renovation and revamp. This shows that people are willing to spend to get the good stuff and make their homes better.
Sudhir Pai, Business Head, MagicBricks.com spoke about the survey and the results.
“The success of Decor is based on the fact that Homeowners have always felt a sense of uncertainty as to where to get an honest and credible solution for all their New Home needs. We have researched that homeowners had not really been able to find a comprehensive and unambiguous solution – it is this need that MagicBricks’ Decor Service fulfils. Decor showcases reputed brands, which offer products & services to take care of everything from Home Furnishings to Home Security. Our success is directly attributable to the value our users get from our innovative One-stop Solution.”
This survey shows the rising importance of the Internet in our day to day lives even when it comes to areas like real estate and furnishings. The penetration of Internet into almost every business is possible and it will make the workings of these businesses much easier. Although MagicBricks’ study doesn’t point out anything groundbreaking, it does show that the people’s perception is changing slowly.
What are your thoughts on this study? Share them with us.
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2012-08-16 08:13:13
Source: http://www.watblog.com/2012/08/16/magicbricks-com-survey-shows-new-trends-among-homebuyers/
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