The Impact of Advertising on Purchase Behavior
The goal of the Real Estate Purchase Funnel 2023 study was to identify and highlight media platforms’ critical role in influencing consumers during their purchase decision process.
TVB commissioned GfK to field a study that looked at the influence of over 20 media platforms on real estate consumers’ purchase decisions. To qualify, a respondent needed to be 25+ years old, have purchased a home (house, apartment, condominium, co-op, mobile home/trailer) in the last 12 months or planned to make a purchase in the next 12 months, and saw/heard advertising for the category on ANY of 20+ platforms. Exposure to a TV ad was NOT a prerequisite to participate. Even so, the study confirmed the value of television, as it was the most important influencer throughout all stages of the purchase funnel. The study was fielded May 25th through June 12th, 2023.
Some key findings:
- Television is the most important influence at all stages of the purchase funnel. This was also true for key demographics, high income households, and Hispanics.
- At 84%, local broadcast TV is #1 for trust among all media platforms, and local broadcast TV station websites/apps are #1 for trust among digital platforms. Social media is the least trusted platform.
- The more exposure real estate consumers have to TV ads, the more motivated, engaged, and trusting of TV they are.
- 94% of respondents said that TV ads have influenced their home improvement search selections.
- Of consumers who intend to purchase a home, 66% intend to purchase a house.
- The purchase of a home triggers intent for other major purchases like furniture/HH appliances, home improvement services, and automobiles.
- The most important factors for consumers planning to buy a home: size of home, price of home, neighborhood, and safety/security.
For more information, please contact Hadassa Gerber, Chief Research Officer, TVB