As societal contexts evolve, the definition of luxury is no longer the same. Especially as the world places greater emphasis on environmental concerns, how can "luxury" and "sustainability" converge?

Once again, we gather for the annual check-in at the TerraHint Brand Series, this year themed "TERRAHINT Brand Series 2024: Luxury is a necessity in the sustainability era" #GlamLife. The event delves into brand development strategies towards luxury while unveiling the research findings of THE MOST POWERFUL BRAND IN REAL ESTATE 2024.

and Consumer Insight: The Sense of Luxury and Design for Wellbeing reflects the brand development perspectives towards luxury, addressing the sustainability era.

Sumitra Wongphakdee, Managing Director of Terra Media and Consulting Co., Ltd. stated that the TERRAHINT BRAND SERIES seminar is a major event hosted annually by TerraBKK.com, now in its 7th year. This year, it focuses on the concept of "Luxury is a necessity in the sustainability era" #GlamLife, exploring brand development strategies towards luxury that meet the demands of the sustainability era, featuring leading speakers from both Thailand and abroad.

This year, the seminar opened with the topic "Sustainability Development in Real Estate: Challenges, Opportunities, and the Future for Thailand," presented by Dr. Kevin Cheong, Former Commercial (Sales) Director, Sentosa Development Corporation.

This was followed by a panel discussion titled "Is Luxury A Necessity In The Sustainability Era?" featuring Jee Hoong Tan, Hotel Manager at Sindhorn Kempinski, Jatuporn Wongthong, Founder of Artslonga, and Mr. Napanit Isarangkun Na Ayutthaya, Director of Creative Experience and Project Strategy at Siam Piwat Co., Ltd., moderated by Mr. Napapat Jakkatanon, Executive Editor of WorkpointTODAY.

Next was a solo lecture on "Innovation for Sustainable Living" by Mr. Kayal Tantichatiwat, CEO of Metthier Co., Ltd.

The research findings of THE MOST POWERFUL BRAND IN REAL ESTATE 2024 and Consumer Insight: The Sense of Luxury and Design for Wellbeing were based on responses from 2,500 participants, with 80% residing in Bangkok and its vicinity, and 20% in other provinces.

4 New Contexts of Luxury Beyond Wealth

Interestingly, the survey revealed that most respondents interpret the term "Luxury" beyond mere opulence and wealth, shifting towards a new context that signifies quality, perfection, uniqueness, meticulousness, and convenience. These can be categorized into 4 lifestyle and attitude groups:

1. High-End Image Group values luxurious living experiences, including the use of branded products that reflect a balance between aesthetic appeal and practicality in daily life. They are willing to pay an additional 10-20% for privacy and comfort from comprehensive technology and amenities.

2. Connoisseur Group sees "Luxury" as exclusivity and perfection that signifies success. This group seeks products that can appreciate in value over time, such as unique items or luxurious experiences like staying at five-star hotels, and is willing to pay an additional 10-30% for advanced technology for convenience, placing a high priority on privacy, which they are willing to pay up to 40% more for.

3. Quiet Luxury Group views "Luxury" as simplicity and sustainable quality, preferring high-quality products without the emphasis on luxury brands. This group seeks long-lasting, meaningful products and is willing to pay an additional 10-20% for privacy and energy-saving innovations, while rejecting extra costs for extravagant design and luxury.

4. Chic Innovator Group sees "Luxury" as living life to the fullest and expressing individuality. They enjoy luxury brands, rare items, and the latest technology, seeking unique luxurious experiences while valuing self-expression through luxury products. This group is less willing to pay extra in many areas and seeks a balance between price and quality.

Baby Boomers Show Increased Interest in New Housing Purchases

Regarding home buying trends, only 36% of respondents indicated they plan to buy a home within the next 3 years, a decline from 42% in 2023, reflecting a decrease in consumer purchasing power and a delay in decision-making regarding high-value purchases like real estate or vehicles. This aligns with the Consumer Confidence Index, which indicates a drop in confidence in the Thai economy for 2024, with most people lacking confidence in the economic outlook for the next 12 months and viewing this period as not a good time to make high-value purchases.

"This year, we find that the Baby Boomer group is significantly more likely to purchase new housing within the next 3 years compared to other generations. Most are looking for new homes that cater to the needs of the elderly, featuring balconies for relaxation in a peaceful atmosphere, private quiet corners, and proximity to nature. This aligns with Gen X, who are also showing signs of wanting to buy new housing to accommodate the aging society while still desiring communal spaces for social interaction.

Spotlight on Home Innovation Trends for 2025

For home innovation development trends in 2025, most people prioritize three aspects: Technology Homes, such as time-controlled lighting systems, health monitoring systems, fall detection sensors, and smart adjustable glass; Eco-Friendly Homes (Net Zero Carbon Homes), including electric vehicle charging stations, solar cells, flood-resistant project layouts, and environmentally friendly construction materials; and Healthy Homes, featuring air filtration systems, enhanced ventilation, heat and sound insulation designs, and outdoor communal areas with walking paths exceeding 400 meters.



Approximately 59% of respondents (1,460 people) who wish to purchase housing within 5 years indicate a shift in their purchasing behavior, prioritizing price first, followed by after-sales service, security systems, and the community and environment within the project.

When categorized, 86% expressed a desire to buy single-family homes, followed by 44% for condominiums and 24% for townhomes. The price ranges are as follows: under 3 million THB (37%), 3-5 million THB (30%), and 5-7 million THB (15%). The group with budgets over 7 million THB to over 20 million THB accounts for 17% in total. Those with budgets over 10 million THB consider "dining areas" and "bathrooms" as key components reflecting luxury more than other groups, while those with budgets over 20 million THB prioritize "communal areas" and "garden spaces" as clear symbols of luxury.

Announcing the Awards for The Most Powerful Brand in Real Estate 2024

During the event, the awards for The Most Powerful Brand in Real Estate 2024 were announced, recognizing the most powerful real estate brands of the year based on scores across seven categories, along with special awards presented by Mr. Pornnaris Chuanchaisit, President of the Thai Real Estate Association:

● Zenith of Luxury Award – for the brand that sets the standard for luxury and trust. Awarded to: Sansiri Public Company Limited.

● Golden Value Award – for the brand that meets both quality and value at an accessible price. Awarded to: Supalai Public Company Limited.

● Happiness Hero Award – for the brand that brings happiness to customers through excellent after-sales service. Awarded to: SC Asset Corporation Public Company Limited.

● Quality Master Award – a guarantee of the highest quality standards. Awarded to: Land and Houses Public Company Limited.

● Marvel Award – for the company with a standout image comparable to market-leading brands. Awarded to: CP Land Public Company Limited.

● Rising Star Award – for the emerging brand with outstanding scores and image in the market-leading category. Awarded to: AP (Thailand) Public Company Limited.

● The Most Powerful Brand in Real Estate 2024 - the most powerful real estate brand of the year based on scores across seven categories. Awarded to: Sansiri Public Company Limited.

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