Port Washington, N.Y. --Millennials are more aware of home automation products and more interested in buying them than the population as a whole, an NPD Group survey found.
Millennials are also twice as likely to own home-automation products compared to the entire population, NPD found.
Twenty-three percent of millennials have already installed at least one home-automation product compared to 12 percent of the total population, NPD said. Millennials will continue to drive the market’s growth because 41 percent of them are aware of and interested in owning smart home products, while awareness and interest by older age groups is lower, the company added.
A key factor driving growth among millennials is that the smart home market is no longer exclusively for home owners, NPD said. Renters are just as likely as home owners to have smart home products installed, and renters are three times more likely to be part of the millennial age group, NPD said. 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 of NPD’s Connected Intelligence Home Automation Advisory Service. “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 survey results are based on an online survey of Internet-connected households conducted in March to a sample of 5,559 individuals who indicated they were the head of their household.