When it comes to smart home technology, most consumers are aware of it, most don’t have any and almost all of those who do are quite happy with it.
One in four (26%) consumers own a smart home product but there is excitement about the future of home tech in daily lives of consumers, based on a new study.
Most (65%) consumers say they are excited about the future of smart technology as part of everyday life in their home, based on an online survey of 1,000 U.S. adults in addition to in-depth focus group discussions, conducted by PwC. Of those, about a third (32%) say they are very excited about the prospects.
Despite the future optimism, the smart home technology adoption rate is far from a mass market scale. For those who don’t have any smart home devices, the biggest hesitations for purchasing are price, privacy and security. Here’s what’s holding people back:
- 42% — Price
- 17% — Privacy and security of data
- 7% — Don’t think will actually use it
- 6% — Complexity
- 5% — Lack of relevancy/utility
Financing may be in the cards for smart home devices, since a majority (52%) of consumers said that a payment plan would make them more likely to make a purchase.
There also doesn’t seem to be one primary driving force causing consumers to buy a smart home device. Of those who own a smart home device, these are the reasons why they bought their first one:
- 12% — Want better control of my home
- 10% — Thought it would make my home safer
- 10% — To increase convenience
- 10% — Was affordable and wanted to try it out
- 9% — Thought it would improve my quality of life
- 8% — My favorite tech brand released a product
- 7% — Thought it would help me be more productive
- 6% — To save money on my home bills
- 5% — Its ability to sync with other tech devices
- 3% — Wanted to be able to track personal info
- 1% — Thought it would boost the value of my home
The reasons are wide and varied.
From a marketing standing, people at least are learning about smart home technology, since the PwC study found 81% of consumers are aware of it.
The most positive news for marketers of smart home gadgetry is that those who have bought in, love their devices.
Almost all (98%) consumers are satisfied with their smart home device and of those, most (74%) are very satisfied. And that’s a statement.
