Consumer Behavior Analysis in Choosing Conventional or Sharia Mortgage Product in Indonesia

The objectives of this study are 1) Analyze sharia mortgage market segment based on demographic and psychographic, 2) Analyze the factors that influence the type selection of sharia mortgage, 3) Formulate the managerial implications to increase market share sharia mortgage. This study used two approaches, the first approach is to use AIO (Attitude, Interest, Opinions) psychographic factors to measure consumer lifestyles before mapped into multiple segments. The second approach is to use the planned behavior theory (TPB). TPB is used to find out the factors that influence consumer in making decisions to purchase sharia mortgages. The data used is primary data that is quantitative. The primary data was obtained from questionnaires by consumers who will buy a house through mortgage facilities. The sample is determined intentionally (convenience sampling). The respondents are 150 people. The results showed that consumers are going to buy a house through mortgage facilities divided into 3 clusters. The first cluster is respondents who chose a sharia mortgage have monotonous, introvert, conservative and conformist personalities. The second cluster are respondents who chose conventional mortgages and have dynamic, extrovert, risk-taker and rationalist personalities. Meanwhile, the third cluster is respondents who chose conventional and sharia mortgages simultaneously and have dynamic, extrovert, risk-taker and universalist personalities. Based on the multiple regression analysis it shows that the output evaluation factor (X2) significantly affects the respondents’ interest in proposing a sharia mortgage, while the trust behavior factor (X1), the trust control (X3), the motivation (X4), the trust control (X5), power factor control (X6) have no significant effect. This study implies that sharia bank management should focus on 3rd clusters because it has a big potential market through generic strategies, market challenge strategies and marketing mix strategies.