Contributed by Deana Vidal and Mikaela Arroyo of John Burns Real Estate Consulting
Smart home tech is set to boom. We are on the cusp of the next generation of smart homes that will revolutionize the way we live.
Why the Rise in Consumer Demand for Smart Home Automation Products?
Consumer surveys conducted by the research teams at the New Home Trends Institute by John Burns Real Estate Consulting, LLC have identified three categories of products that resonate most strongly with consumers:
1. Products that make us safer.
Increased home security is the most well-understood asset of smart home technology. Fifty-one percent of homeowners consider it the most important solution that smart tech can provide.
2. Products that integrate throughout the home.
Smart tech products that integrate throughout the whole home (e.g., air quality monitoring, internet connectivity) and automate processes are worth more to homeowners than room-specific solutions.
3. Products that do something the homeowner can’t.
Homeowners attribute more value to products that monitor and control the home from afar versus those that create minor conveniences while in the home. Focus on products that work behind the scenes to make the home function better, rather than those that shave a few minutes off the homeowner’s day.
Smart Home Tech That Consumers Will Pay For
Homeowner preferences indicate eight smart tech products poised for high adoption (meaning adoption among 50%+ of homeowners):
- Water monitor sensors
- Smart ventilation
- Hands-free flush toilets
- Robotic vacuums
- Smart lighting
- Smart blinds
- Digital presets for showers
- Fall alerts
This data comes from the New Home Trends Institute by John Burns Real Estate Consulting, LLC March 2021 survey of 1,230 homeowners who own at least one smart home product.
Demographics Adopting Smart Home Tech
Young family homeowners (families with children under age 12) will be the highest adopters – they tend to actively seek out smart tech products while others are more likely to simply come across them online when searching for home solutions. However, we expect rapid growth among all life stages once smart tech products are supported by improved solutions that address key data privacy concerns that have been holding other groups back from embracing them.
About the Contributors: Deana Vidal is the Manager of Trend Consulting and Mikaela Arroyo is the Director of the New Home Trends Institute for John Burns Real Estate Consulting.
Editor's Note: This article comes to us courtesy of the Contributor above. The opinions expressed therein are not necessarily our own at ManoByte's, nor have we been paid by the Contributor to publish this article. We find the contributor's perspective in the Building Materials Manufacturing space interesting and are happy to share their perspective with you all too.
