AZIT: Housing Market Reforms
Reforms in the housing market
AZIT is a blockchain-based, point integration platform for real estate and residential services. AZIT provides a service that allows users to conveniently use points as they see fit for residential services related to real estate or community facilities by integrating points that can be used anywhere.
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Today, we will let you know what changes have occurred in the housing industry . Single-person households have increased rapidly which has made residential service providers develop their service and products quickly. We will explain in detail in the following paragraphs.
Changes in the housing industry
Korean society is constantly changing. One of the most notable changes is the swift increase in single-person households. Korean families were traditionally very large, but during the industrialization era, families had fewer children and nuclear families with one or two children were common. Now, in the rapidly changing information age, we are entering the era of single-person households. In fact, the number of single-person households for people in their 20's is soaring.
Among these changes, according to the recent resident registration demographics from the Ministry of the Interior and Safety, as of April 2021, the number of people living alone was 9,139,287, which was 39.5% of the total households, a record high. Among them, the proportion of single-person households in their 20s and early 30s increased by 20% compared to 2005.
As the proportion increases, the influence of millennials and Gen Z is also growing. For them, the driving force behind single-person households, a home is not just a place to sleep, but a quiet resting place. At the same time, homes are a way to express an individual’s personal taste.
Amid the growing number of single-person households, millennials and Gen Z are paying a lot of attention to various furniture and accessories that make their living spaces stylish and more comfortable. The related market, which is called home styling, home furnishing, interior design, etc., continues to grow. According to a survey by the National Statistical Office, the size of the domestic home furnishing market, which stood at 7 trillion won in 2008, has grown to 13.7 trillion won this year, and is expected to reach 18 trillion won by 2023.
As the number of single-person households increases, residential service providers such as real estate agents, furniture stores, and interior designers are working hard to provide various customer service programs to attract single customers in their 20’s and 30’s. Among them, rewards programs that include mileage and point benefits are indispensable marketing tools used to attract new customers.