· 90 respondents look forward for Vapi and Mumbai lifestyle shopping experience
· 75% of the respondents are willing to buy premium commercial and residential property as end user subject to elevation in lifestyle
“Umbergaon residents wish for Vapi and Mumbai lifestyle experience” says a Umbergaon consumer insight survey carried out in Umbergaon and surrounding regions including Vapi. The research was carried out by MRCI (Market Research and Consumer Insight).
The research spread across 600 plus sample size from various age and income groups and conducted in dual phases, pre-covid and post-covid, sought consumer insights in a tier-3 markets as part of a larger consumer sentiment findings across smaller towns to be conducted across India.
According to MRCI (mrci.in) Director Mr Vimal Kumar, the initial survey conducted in a small town like Umbergaon in Gujarat, taps into aspirational mindset and market readiness of Tier 3 and Tier 4 zones which is clearly indicative of market transformation set to be witnessed in the near future. “We will tap into sample markets across states to garner new age sentiments and how the future growth of these places will evolve”, he added.
The first of its kind MRCI survey for Umbergaon and surrounding regions, falling in Valsad district of Gujarat, looked primarily at lifestyle aspiration in terms of retail shopping, services and housing.
The key findings amongst community members including the business class was the hunger for premium shopping, services and homes within their hometown. While the consumer sought high quality lifestyle retail experience within vicinity, on the home front, a majority of them sought a residential address which elevates their identity and status quotient.
Undoubtingly, upgrading lifestyle right away is the preferred choice of Umbergaon which is an important industrial hub in Valsad district and home to 3.5 lakh people. As per the findings, 90% respondents do look forward to a Vapi and Mumbai lifestyle, and around 40% respondents showed urgency in filling up the vacuum.
Diving into specifics, the survey tapping into 1,000 plus respondents, spanning youngsters, shop owners, SMEs, property brokers, housewives, consultants etc., points to 75% of the respondents willing to buy premium commercial and residential property for their self-use and 25% for their investment purpose if a lifestyle product is available in their market.
About 70% of the respondents were seeking premium residential property in the range of Rs 10-20 lakh and rest are willing to pay more. Amenities like 24×7 security, branded elevator and fittings, garden/open space & kids play area has received majority votes in terms of preference. Branded internal fittings and fixtures and project location (vicinity of educational institutions, medical care and connectivity) are two factors which are seen to be the most influential things which make the property perceived as premium. All the respondents preferred EMI over one-time payment method. 3 on 4 respondents stated they will be influenced if a branded developer offers such a product.
Responding to queries, the business class respondents, including small shop owners expressed desire to buy a shop or office worth Rs20 lakh and beyond if it fullfills the aspirational desire of their existing clientele and successfully creates new capital customer base.
The survey conducted in Vapi and Umargoan segment comprised of 74% respondents who are married with 2 on 3 consumers having kids. Nine out of 10 respondents were graduate or below.
The sample was carefully selected so that it would give a relatively fair representation of the overall population demographics in terms of geographical distribution, gender and age. Thereafter, the data collated was analysed in-house and correlated to the present economic conditions.