The dream of a fully automated home is not new, but the Internet of Things has finally the potential to turn it into a reality. While the smart home trend is just in its early stages of development, Millennials are already critical for the evolution of smart home products in the U.S.
According to The NPD Group’s Connected Intelligence practice, Millennials are more aware of home automation products and more interested in buying than the population as whole. They are also twice as likely to own home-automation products compared to the entire population. Nearly one-in-four Millennials (23%) have already installed at least one such product in their residences, compared with 12% of the general population. The range of smart home products evaluated include network connected security and monitoring devices, sensors, system controllers, smart lighting, power, and appliances.
Furthermore, Millennials will continue to drive the growth in this market as four-in-ten (41%) of them are already aware of and interested in owning smart home products. A key factor driving growth among this age group demographic is that the smart home market is no longer exclusively for homeowners, which opens up a younger and more tech-savvy consumer market. For example, more than a third of renters are between the ages of 18-34. Other keys factors driving the adoption of smart home products by Millennials include their plug-and-play nature, ease of use and affordability.