UMBERGAON, JAN 13
Umbergaon residents wish for Vapi and Mumbai lifestyle experience, says a 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 sizes from various age and income groups and conducted in dual phases, pre-covid and post-covid, sought consumer insights in a tier-3 market as part of a larger consumer sentiment findings across smaller towns to be conducted across India.
According to MRCI (mrci.in) Director Vimal Kumar, the initial survey conducted in a small town like Umbergaon in Gujarat, taps into the aspirational mindset and market readiness of Tier 3 and Tier 4 zones which is clearly indicative of market transformation set to be witnessed shortly. “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 the 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 were the hunger for premium shopping, services, and homes within their hometown. While the consumer sought a high-quality lifestyle retail experience within the vicinity, on the home front, a majority of them sought a residential address that elevates their identity and status quotient.
Undoubtingly, upgrading lifestyle right away is the preferred choice of Umbergaon which is an important industrial hub in the Valsad district and home to 3.5 lakh people. As per the findings, 90% of respondents do look forward to a Vapi and Mumbai lifestyle, and around 40% of 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 the 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 that are seen to be the most influential things which make the property perceived as premium. All the respondents preferred EMI over a one-time payment method. 3 of 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 a desire to buy a shop or office worth Rs 20 lakh and beyond if it fulfills the aspirational desire of their existing clientele and successfully creates a new capital customer base.
The survey conducted in the Vapi and Umargoan segment comprised 74% of respondents who are married with 2 or 3 consumers having kids. Nine out of 10 respondents were graduates 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.
