Investigating the Influencing Factors of the Purchase Intention of the Continuing Care Retirement Community: A Case Study of Shenzhen

Shenghan Li, Jun Huang, Chen Lu (), Zezhou Wu and Maxwell Fordjour Antwi-Afari
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Shenghan Li: State Key Laboratory of Intelligent Geotechnics and Tunnelling, Shenzhen 518061, China
Jun Huang: State Key Laboratory of Intelligent Geotechnics and Tunnelling, Shenzhen 518061, China
Chen Lu: Management School, Guangzhou University, Guangzhou 510006, China
Zezhou Wu: State Key Laboratory of Intelligent Geotechnics and Tunnelling, Shenzhen 518061, China
Maxwell Fordjour Antwi-Afari: Department of Civil Engineering, College of Engineering and Physical Sciences, Aston University, Birmingham B4 7ET, UK

Sustainability, 2024, vol. 16, issue 5, 1-28

Abstract: China officially entered the aging society in 2000, witnessing a rapid surge in demand for senior care services. In response, the real estate industry introduced the concept of Continuing Care Retirement Communities (CCRCs). The relationship between this model and complex risks in urban security resilience encompasses various factors, including filial care, demand for senior care, and urban sustainable development. The strategic layout and planning of CCRC enhance the security resilience of urban operational systems in the face of intricate senior care risks. However, the development and operation of CCRCs have encountered the challenge of sluggish project progress, primarily due to a lack of robust purchase intention. This study investigates the factors influencing the purchase intention of CCRCs in mainland China, using the Theory of Planned Behavior (TPB) as the foundational theoretical model. Additionally, three contextual constructs (economic cost, product performance, and external stimuli) were introduced to form the initial model. Based on the initial model, six factors were identified and nine hypotheses were proposed. A questionnaire survey was conducted to collect data, and Structural Equation Modeling (SEM) analysis was employed to test the proposed hypotheses. The results indicate that consumers’ purchase intention of CCRCs is primarily influenced by product performance and subjective norms, followed by economic cost. At the same time, external stimuli have a significant indirect effect on it.

Keywords: continuing care retirement community; purchase intention; influencing factors; structural equation modeling (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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