– On an average, customers using a phone brand that costs anywhere above Rs 50,000 would be willing to pay 20% higher rent and the average budget is Rs 25,000 per month
National, September 04, 2018: How much money a person is ready to part with for rent is indicative of the lifestyle the person wants to maintain. The brand of the mobile phone a customer carries may reveal the amount of house rent they might be willing to pay. A recent study conducted by Housing.com and Makaan.com, indicates that customers using a phone that costs more than Rs 50,000 would be willing to pay 20% higher rent with an average budget of Rs 25,000 per month.
Data from the study suggest that on average, a user with a phone price bucket (PPB) of less than Rs 10,000 would be ready to pay anywhere between Rs 10,000 to Rs 17,000 per month depending on the city with an average budget of Rs 14,000 per month. The study indicates that customers who own a phone between Rs 10,000 – 20,000 would likely be willing to spend an average of Rs 16,300 per month on a rental home. Customers who spend between Rs 20,000 to Rs 50,000 on their phone would be willing to pay 27% higher than the previous category and their average budget would likely be Rs 20,700 per month.
Rental cost trends in key cities
Commenting on these trends Ravi Bhushan, Group Chief Product and Technology Officer, Housing.com, PropTiger.com, Makaan.com said, “High-end mobile phones are predictive of a person’s economic status. The choice of brand of phone and housing is indicative of the lifestyle one wants to maintain and a correlation between the two is intuitive. The study confirms that customers who spend higher on their gadgets will naturally do so for their homes as well but quantifies it for the first time.”
Tracking the trends and demand
Corporate Comm India(CCI Newswire)
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