Economic Factors and Theory of Planned Behavior Factors Associated with Purchase Intention and Purchasing Behavior toward Real Estate in Nakhon Pathom Province

Abstract

This article aimed to: (1) explore the levels of economic factors, attitude, subjective norm, perceived behavioral control, purchase intention, and behavior related to real estate purchases in Nakhon Pathom Province; (2) study the effects of economic factors, attitude, subjective norm, and perceived behavioral control on real estate purchase intention; and (3) study the effect of purchase intention on behavior related to real estate purchases in Nakhon Pathom Province. This is a quantitative study in which 300 consumers who were interested in purchasing or have previously purchased real estate in Nakhon Pathom Province were used. Purposive sampling was adopted in selecting the respondents while data collection was through questionnaire surveys. The finding indicates that economic factors, attitude, subjective norm, perceived behavioral control, purchase intention and behavior related to real estate purchases are at moderate level. The findings of the SEM analysis indicate that economic factors do not have a significant effect on purchase intention (β = -0.095, p = 0.089). But, attitude (β = 0.285, p < 0.001), subjective norm (β = 0.423, p < 0.001) and perceived behavioral control (β = 0.377, p < 0.001) have a significant positive direct effect on purchase intention with subjective norm showing the highest path coefficient. In addition, purchase intention has a significant positive direct effect on behavior related to real estate purchase (β = 0.887, p < 0.001). The findings suggest that family and significant others' support, attitudes, and perceived behavioral control affect real estate purchase intention. However, the behaviors used in this study involve decision-making in real estate purchases, such as gathering information and evaluating projects. Hence, these findings cannot be taken as direct evidence of real estate purchase.