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Consumer Preferences in Real Estate Markets

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  • Wissen wer wo wohnt

    Identification of Consumer Preferences in Real Estate Markets Based on Environmental Variables

    Source: OpenStreetMaps 2011

    An Analysis of the Socio Economic Panel from the German Institute for Economic Research.

  • Positioning

    Targeting

    CommunicationMedia planning

    Distribution

    CRM

    Efficiency control

    Strategy

    Product development

    Traditionalists

    Consumption materialists

    Hedonists

    Experimentalists

    15%

    10%

    10%

    15%

    4%

    14%

    12%

    9%

    11%

    Middle class

    DDR-Nostalgic

    Conservative

    Establishment

    10%

    Post materialistic

    Modern performer

  • ?Similar or Diverse

  • Sour

    ce: S

    INU

    S 20

    10

    Sour

    ce: S

    INU

    S 20

    10

    ?Similar or Diverse

  • Clinging on to Preserving

    Tradition

    Rooted in tradition

    Modernized tradition

    Having & Enjoying Being & ChangingModernisation & Individualization

    Standard of living, status ownership

    Self-Realization, emancipation, authenticity

    Doing & experiencing Overcoming limitations

    Re-orientation

    Multiple options, acceleration, pragmatism

    Exploring, refocusing, new

    synthesizes

    Low

    er c

    lass

    Mid

    dle

    clas

    sU

    pper

    cla

    ss

    Basic Values

    Soci

    al S

    tatu

    s

    Source: Sinus-Institute, 2010

    Traditionalists

    Consumption materialists

    Hedonists

    Experimentalists

    15%

    10%

    10%

    15%

    4%

    14%

    12%

    9%

    11%

    Middle class

    DDR-Nostalgic

    Conservative

    Establishment

    10%

    Post materialisticModern performer

  • Elites Hedonistic MilieusEstablishment

    Modern Performer

    Consumption materialists

    Hedonists

    Status: High education, high income, two income household, in leading positions, 40-50 Y

    Lifestyle:High quality products, brand awareness, participation in cultural and social life

    Sour

    ce: W

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    016

    Sour

    ce: W

    ahrz

    eich

    en, 2

    016

    Sour

    ce: W

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    eich

    en, 2

    016

    Sour

    ce: W

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    en, 2

    016

    Sour

    ce: W

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    eich

    en, 2

    016

    Sour

    ce: W

    ahrz

    eich

    en, 2

    016

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    ce: W

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    eich

    en, 2

    016

    Sour

    ce: W

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    016

    Interests:Theater, classical music, books, gardening

    Status: Low income and education, often unemploy-ed, decline of circumstances, 50+ Y

    Lifestyle:Present orientation, live beyond their means, prestige-oriented consumption

    Sour

    ce: W

    ahrz

    eich

    en, 2

    016

    Interests:Pop/Rock music, sporting events, TV/DVD

    Status: Low education or students, singles, low income, often live off support < 30 Y

    Lifestyle:Present orientation, spontaneous consum-ption, music, multimedia, unconventional

    Interests:Go out, music, internet, sports, movies

    Status: High education, higher income, many students, freelancer, start-ups, < 30 Y

    Lifestyle:Postmodern urban lifestyle, trendsetter, un-conventional, young elite, high tech affinity

    Interests:Entertaining, IT, books, music, trendy sports

  • Different people - Different places

    Sour

    ce: S

    tadt

    Ess

    enSo

    urce

    : Van

    der

    Meu

    len

    Sour

    ce: R

    obin

    Det

    jeSo

    urce

    : fas

    t-al

    les.

    net,

    2012

  • The social environment has a tendency to form the physical space, more or less strictly, resulting in the form of the distributional arrangement of actors and attributes. Therefore, all distinctions, according

    to the physical space, can be found in the objectified social environment.

    Pierre Bourdieu, 1991

  • Pub

    Park

    Bus stop

  • Pub

    Park

    Bus stop

  • Park

  • 1. Differences in the social space can be foundin the physical space.

  • 1. Differences in the social space can be foundin the physical space.

    2. A location can be described as a specificcombination of infrastructurecharacteristics.

  • 1. Differences in the social space can be foundin the physical space.

    2. A location can be described as a specificcombination of infrastructurecharacteristics.

    3. Different milieus prefer differentneighborhoods.

  • Sour

    ce: M

    indm

    ister

    .com

    201

    1

  • 20.00012.000

    Sour

    ce: M

    indm

    ister

    .com

    201

    1

  • 11.1879.227

    Sour

    ce: M

    indm

    ister

    .com

    201

    1

  • 0%

    4%

    8%

    12%

    16%

    11%

    7%

    11%

    16%

    6%

    15%

    5%

    9%10%10%

    ETB PMA PER KON TRA DDR BUM MAT HED EXP

    Que

    lle: S

    INU

    S 20

    04

    Milieu Distribution in Germany 2004

    LEIT29%

    TRADITION26%

    MAIN27%

    HEDOS18%

  • 0%

    6%

    12%

    18%

    5%9%10%

    16%

    6%

    15%

    6%9%

    12%11%

    ETB PMA PER KON TRA DDR BUM MAT HED EXP

    ETB PMA PER KON TRA DDR BUM MAT HED EXP

    Milieu Distribution SOEP

    -6%

    -3%

    0%

    3%

    -6%

    2%

    -1%

    0%0%0%1%

    0%2%

    1%

    Differences SOEP vs. Germany

  • ETB PMA PER KON TRA DDR BUM MAT HED EXP

    -6%

    -3%

    0%

    3%

    -1%-2%

    0%1%

    -1%

    1%0%0%

    2%

    0%

    ETB PMA PER KON TRA DDR BUM MAT HED EXP

    Differences Sample vs. SOEP

    0%

    6%

    12%

    18%

    4%7%

    10%

    17%

    5%

    16%

    6%9%

    14%11%

    Milieu Distribution Sample

  • Store RestaurantBank

    Family doctor

    Day CarePrimary School

    Youth Club

    Elderly facilitiesPark Sport facilities

    Bus stop Environmental pollution

    CrimeForeigner

    High School

  • Pub

    Park

    Bus stop

  • In

    Ri

    I1

    I2 I3

  • , . . . , )(= I1 InRi

  • D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • Store

    Resta

    uran

    t

    0

    0

    1

    1

  • D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • C12 = diag

    0

    @ 1qPnj=1 aij

    1

    A R12 = diag

    1pPmi=1 aij

    !

    D =

    2

    6666666664

    1 0 1 1 0 NR0 0 0 1 1 NR1 1 0 1 0 NR1 0 0 0 1 NR0 1 1 0 0 NR...

    ......

    ......

    . . . NRNI NI NI NI NI NI NRI

    3

    7777777775

  • Resta

    uran

    t

    Store00

    1

    1

  • Resta

    uran

    t

    Store00

    1

    1

  • Pub

    Park

    Bus stop

  • 10 12 17 20 25 27 30 32 34 36 4 44 46 48 9

    I1 I10 I11 I12 I13 I2 I3 I4 I5 I6 I7 I8 I9

    Infrastructure characteristics

    Selection of Respondence

  • R12 DC

    12 = UV T

  • n

    m

    =Ri

    Ij

    D

    m x n

    R12 DC

    12 = UV T

    Normalized D

  • n

    m

    =n

    n

    Ri

    Ij Ij

    Ak

    D V

    m x n

    n x n

    R12 DC

    12 = UV T

    Infrastructure/ArchetypNormalized D

  • n

    m

    =n

    m

    n

    n

    Ri Ri

    Ij Ak Ij

    Ak

    D U V

    m x n m x n

    n x n

    R12 DC

    12 = UV T

    Person/Archetype Infrastructure/ArchetypNormalized D

  • n

    m

    =n

    m

    n n

    nn

    Ri Ri

    Ij Ak Sk Ij

    Ak

    D U S V

    m x n m x n

    n x n n x n

    R12 DC

    12 = UV T

    Person/Archetype Infrastructure/ArchetypSingular ValuesNormalized D

  • n

    m

    Ri

    Ak

    m x n

    Person/Archetypen

    n

    Ij

    Ak

    n x n

    Infrastructure/Archetyp

    U V

  • Person/Archetype Infrastructure/Archetyp

    U V

  • U

    Person/Archetype Infrastructure/Archetyp

    V

  • Person/Archetype Infrastructure/Archetyp

    Util/V

  • Person/Archetype Infrastructure/Archetyp

    VU

  • Person/Archetype Infrastructure/Archetyp

    Vtil/U

  • -2 -1 0 1 2

    -15

    -10

    -5

    0

    Dimension 1

    Dim

    ensio

    n 2

  • -2 -1 0 1 2

    -15

    -10

    -5

    0

    Dimension 1

    Dim

    ensio

    n 2

  • -2 -1

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