2023 was a challenging year for the Home Automation category. Average selling prices across product subcategories declined, making many devices more affordable (4 categories saw ASPs decline by -9% or more) however just Smart Locks, Smart Power, and Smart Garage Door Openers posted revenue gains for the year. Overall consumer spending on technology remained under duress in 2023- total consumer electronics revenue finished 2023 -10% below 2022’s levels (2022 revenue fell -8% compared to the year prior). At a more macro level, a slow housing market provided little incentive for consumers to update the technology in their homes while the continuation of hybrid and remote work situations contributed to softer demand for many security focused technology products.
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