Evolving with the changes driven by technology is crucial to appealing to Gen Y

However, these conveniences come with both benefits and shortfalls. Being technology-savvy offers benefits such as the ability to create new opportunities and easily acquire new knowledge that allows them to develop and grow. Many new technological innovations offer these young consumers a platform to demonstrate their individuality, which helps boost their confidence. 

However, the speed that has always been the standard of modern devices, unlike those of the analog age, means that speed is something this generation takes for granted. Thus many of them tend to be hasty, hot-tempered and self-centred. That is why many of them find a five-minute wait as tedious as an hour’s wait for the average person. 

Do these behavioural changes have any impact on designing and developing property? The direct answer is that it definitely does, and this is the reason so many condominiums and new communities are located near the Skytrain and MRT mass-transit systems. 

This need for almost instantaneous gratification is also a factor that has contributed to the rise of many time-saving devices, such as automated food and beverage dispensers. 

The increasing popularity of these dispensers, which are easy to install near residents’ homes, not only offers 24-hour service, but does not even require them to walk out to a convenience store near the front of the condominium at night. 

Besides seeking convenience, it is important that this generation express their individuality through their image and the society they inhabit. Therefore, all exterior and interior decorations have to be aligned to ensure that the project concept delivers the same key message, a clear identity that is congruent with the high-spirited needs of these consumers. 

If the same message is emphasised in different ways and over time for each brand and project during the marketing campaign, it easier for this generation of consumers to see the compatibility of the project with their personality. This enables them to make faster decisions on whether to purchase a home in that project.  

For all these reasons, condominium units priced a little over Bt1 million require developers to create a distinct project identity that is considered relatively attractive to its target buyers. In some cases, developers have to work harder on affordable projects to win the hearts of these consumers than those purchasing pricier projects, because the target buyers are those who are still in a journey of self-discovery, or are on their way to maturing into the company’s core targets in the future.

Unlike most ready-to-move-in projects, it is necessary to leave some open spaces so these buyers have room to exercise their creativity and individuality in decorating their homes in the style they like. 

We have observed that these consumers usually purchase home decorative items from many different places and combine them artfully and eclectically. On the other hand, owners of expensive homes usually prefer a hands-off approach, so they authorise interior designers to make purchasing decisions for all furnishings according to their specifications, even if the outcome is inevitably in the style of the interior designer.

It is vital to design homes that accommodate various technological equipment and appliances that are typical of daily life today. The easiest example is to install enough electricity sockets as well as Internet connections. 

Anticipating ways to incorporate all the conveniences of these technologically advanced appliances in modern homes and carefully thinking through how this group of consumers lead their lives and delivering all their needs are the biggest selling points that distinguish developers from one another.

The new generation of consumers is particularly adept at seeking information quickly and making comparisons across projects with access to project reviews any time and at their fingertips, from their smartphones, tablets, or computer monitors. Therefore, delivering a project that has been carefully planned and thought through to meet the lifestyles of these savvy consumers will quickly gain praise and acceptance.