Millennials are on the road to building smarter homes. According to The NPD Group Connected Intelligence Home Automation Advisory Service, Millennials are twice as likely as the total population to have a smart home product installed in their residence.
The array of smart home products evaluated include network connected security and monitoring devices, sensors, system controllers, smart lighting, power, and appliances. One-in-four Millennials (23 percent) already installed at least one of these products in their homes, compared to 12 percent of the total population. Millennials will continue to drive the growth in this market as four-in-ten (41 percent) of this age group are already aware of and interested in owning smart home products.
A key factor that is driving this early growth is that the smart home market is no longer just for home owners. Renters are as likely as home owners to have smart home products installed, and are three times more likely to be part of the millennial age group. More than a third of renters are between the ages of 18-34.
“Today’s smart home products no longer require professional installation and ongoing subscriptions, many are now plug-and-play options,” said John Buffone, executive director, Connected Intelligence. “The product mix such as smart cameras, lights, and plugs, fits the lifestyle of both home owners and renters which opens up a larger, younger and more tech-savvy consumer market.”
“The mix of home automation products and services, their ease of use, and affordability makes some form of integration a reality for the majority of U.S. consumers,” said Buffone. “The single biggest hurdle to further adoption is educating consumers on the wide array of new smart home products and services that are rapidly becoming available.”
The results are based on an online survey conducted in March 2015 to a sample of 5,559 individuals that indicated they were the head of their household. All data is reflective of the U.S. Internet homes.