One Quarter of Millennials Have Begun Building Smart Homes and Four-in-Ten Want One, According to The NPD Group
According to The NPD Group Connected Intelligence Advisory Service, Millennials are twice as likely as the total population to have a smart home product installed in their residence.
Port Washington, New York June 23, 2015
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.
About Connected Intelligence
Connected Intelligence provides competitive intelligence and insight on the rapidly evolving consumer's connected environment. The service focuses on the three core components of the connected market: the device, the broadband access that provides the connectivity and the content that drives consumer behavior. These three pillars of the connected ecosystem are analyzed through a comprehensive review of what is available, adopted, and consumed by the customer, as well as reviewing how the market will evolve over time and what the various vendors can do to best position themselves in this evolving market. For more information: http://www.connected-intelligence.com.
About The NPD Group, Inc.
The NPD Group provides market information and analytic solutions that drive better decision-making and better results. The world's leading brands rely on us to help them get the right products in the right places for the right people. Practice areas include apparel, appliances, automotive, beauty, consumer electronics, diamonds, e-commerce, entertainment, fashion accessories, food consumption, foodservice, footwear, home, mobile, office supplies, retail, sports, technology, toys, video games, and watches / jewelry. For more information, visit npd.com and npdgroupblog.com. Follow us on Twitter: @npdtech @npdgroup.