Dr. Yin Chen obtained her DBA from Grenoble Ecole de Management in 2017. With 25 years of business experience in the field of real estate, she is now the president of Huafa Industrial Share in Zhuhai, China, which went public in 2004, and ranks 34th in the 2016 China real estate enterprise sales TOP200 with its turnover of RMB 37 billion. She built her career, family and education over the years, and she is now one of the most successful business women in China.
In the high-end residential market, increasing demand and supply and polarized enterprise sales have made enterprises realize the significance of customer perceived value. This paper aims to analyze customer perceived value under the high-end residential consumption environment and explore the relationship among customer perceived value, purchase intention and recommendation intention.
This paper proposes a perceived sub-value model of high-end properties based on the perceived value model of luxuries. It hypothesizes the relationships among perceived sub-value, overall perceived value, purchase intention and recommendation intention. Related data was collected through semi-structured interviews, pre-survey and formal survey to verify the model and the hypothesis.
The results from semi-structured interviews and pre-survey have validated the effectiveness of the perceived sub-value model of high-end residence. The results from formal survey have indicated that (1) the price value, investment value, usability value, uniqueness value, hedonic value, and prestige value have positive impact on overall customer perceived value; (2) the overall perceived value, investment value, usability value, uniqueness value, and hedonic value have positive impact on purchase intention; (3) recommendation intention is positively influenced by overall perceived value, price value, investment value, uniqueness value, and hedonic value.
This research enriches the theoretic and field studies on the the perceived value of luxury and high-end residential consumption. However, it has limitations in terms of generalizability, precision, and methodology. Further research could expand this research through selecting high-end residence in different cities and adopting multiple research methods.
This study is conducive to the establishment of "customer-oriented and precision marketing" corporate philosophy. Besides, on the basis of customer perceived value, provides the managers of high-end residences with important implications for strategic layout, customer management, project management and other aspects.
This research proposes and validates the perceived sub-value model of high-end residence, makes a comprehensive understanding of customer perceived value from the perspectives of benefit and balance, and explores the influence of customer perceived value on purchase intention and recommendation intention.
High-end residence, perceived sub-value, overall perceived value, purchase intention, recommendation intention