An empirical investigation on factors influencing to consumers’ purchasing decision towards the luxury apartments in Colombo and suburbs, Sri Lanka

Abstract

Urban vertical luxury living is becoming particularly widespread, and the abundance of luxury apartment buildings in Colombo continues to transform the city. The main objective of the study is to identify the factors that significantly influence the purchasing decision of customers in respect of luxury apartments with reference to Colombo and suburbs and further investigation of the level of importance of the attributes of identified factors on the customers’ point of view. Through a comprehensive literature review, 08 main factors and 53 attributes were identified to examine the customers’ purchasing behaviour in luxury apartments. The study has revealed that the most influencing factor is Financial feasibility of the consumer while the Physical factors and Locational importance are equally significance. Basic Amenities, Environment, Goodwill, Emotional and Recreation have ranked accordingly. The 53 attribites were deeply exposed the contrast of the customers’ consideration and preference. In addition to the financial attributes, dwelling type, dedicated parking units, and floor area of the apartment, electricity backup, security, greenery spaces, and developer have shown the more than 80% of customers’ attention and predilection as the most important attributes which influenced to customers’ purchasing dececision on luxury apartments.