“LWS” states that safety, a good environment, and green spaces are the three key factors influencing the purchasing decisions of modern women, who have significant purchasing power and play an important role in today's Thai society.

Mr. Prabhan Sak Raksaiwan, Managing Director of LWS Wisdom and Solutions Co., Ltd., a real estate research and development company under LP.N. Development Public Company Limited, revealed the results of a survey on the demand for residential condominiums for women as of the end of 2023. Out of 438 female respondents, 90% indicated that if they were to choose a condominium in the same location and price range, the most important factor in their purchasing decision was safety, which requires a 24-hour security system and CCTV, along with stringent safety measures, such as having female security personnel and maintenance staff who are women to provide companionship.

The next factor influencing the decision to purchase a condominium, accounting for 85%, is the atmosphere and privacy, as well as a good living environment. Additionally, 78% of the women surveyed expressed a preference for large green spaces that create a serene atmosphere within the project.

“According to global population statistics from Statistics Times in 2023, the world population exceeds 8 billion, with a nearly equal ratio of men to women at 101:100. Meanwhile, data from the Ministry of Interior's Department of Provincial Administration shows that from 2013 to 2023, the proportion of women in Thailand has been about 4% higher than that of men. At the same time, women are increasingly taking on entrepreneurial roles, with the Office of Knowledge Management and Development (OKMD) reporting that there are currently over 120 million women entrepreneurs worldwide, of which more than 98 million run stable businesses. OKMD predicts that by 2025, female entrepreneurs will create over 9.7 million new SME jobs globally.

This report also indicates that Thailand is one of six countries where the number of female entrepreneurs is nearly equal to that of men. This is partly due to the higher education levels of Thai women compared to the past, as evidenced by the fact that female students have a graduation rate approximately 52% higher than that of male students at the tertiary level. In terms of job positions, women hold 34% of high-level positions and 24% of CEO roles across various industries such as real estate, retail, and cosmetics.”

Mr. Prabhan Sak noted that the survey results indicate that women now have significant purchasing power and play a crucial role in driving the global economy, including Thailand. According to OKMD's research, in 2022, women worldwide had a spending power of up to 1.1 trillion baht, which is expected to rise to approximately 1.8 trillion baht by 2030, growing at an average rate of 6% (CAGR). The population pyramid indicates that women in the Millennial group (ages 27-42) are a key demographic driving overall female spending globally. Similarly, in Thailand, the Millennial female population (ages 27-42) was about 9 million in 2022, accounting for 22% of the total female population, and is projected to increase to 31% by 2030. Women are also willing to spend 20% more than men on health-related products, and despite economic downturns, the “mystical business” sector has seen significant growth over the past 2-3 years.

Data from the Department of Business Development, Ministry of Commerce, reveals that belief-related businesses are a rising trend, particularly among Gen Z, who are predominantly female and have relatively high purchasing power. “With women's increasing work capabilities and income, we see more women becoming heads of households and a growing proportion choosing to remain single, leading to a higher demand for housing that meets the needs of living alone. The Thailand Development Research Institute (TDRI) indicates that over the past decade, the ownership rights for assets such as cars and homes are predominantly in women's names, increasing from 5.2 million households to 6.5 million households, reflecting the changing power dynamics within households over time.

Consistent with the survey results from LWS Wisdom and Solutions Co., Ltd., women own over 58% of condominiums, and over 30% of women in the Millennial generation have an average monthly income exceeding 60,000 baht. Therefore, developing residential properties that cater to women's needs presents a new opportunity for real estate developers to create projects that align with the demands of female buyers.

Mr. Prabhan Sak stated that while the key to developing residential projects is location, in the same location, the choice to develop housing that meets the specific needs of certain groups is becoming increasingly prevalent. Currently, there are designs tailored to different professions and the development of condominiums that cater to specific groups, such as pet-friendly buildings or those focused on hygiene and wellness.

“In the future, developing condominiums that meet the needs of women, who are a high-purchasing power demographic, is a trend that is emerging globally, including in Thailand. According to the survey by LWS Wisdom and Solutions Co., Ltd., women have a high proportion of living alone at 60%, and the factors that women prioritize when choosing to buy a condominium, beyond location, are safety, a private atmosphere, and green spaces within the project for relaxation. This presents an opportunity for real estate developers to create project models that can meet the needs of this buyer group, representing a new frontier for developers looking for new markets amid fierce competition today,” Mr. Prabhan Sak concluded.