In a new report from Parks Associates, the researcher reports a significant drop in spending and a declining number of services viewers subscribe to.
"Consumers are spending less, but rather than go without, many are using ad-based alternatives to save on costs," said Sarah Lee, Research Analyst, Parks Associates. "A service needs to provide unique and ongoing value if it is to charge a premium."
"All categories of household services face challenges, as consumers reevaluate their spending and subscriptions," said Elizabeth Parks, President and CMO, Parks Associates. "A focus on value and education, the user interface, and the customer experience is what will drive the next generation of services in the home."
The results are in line with Park’s previous research last fall that reported a steep 25% decline in the number of streaming subscriptions since 2021 with nearly one-third (31%) of households having used free ad-based services by the end of 2022.
From the article, "Are Viewers Cutting Back on Streaming?" by Tom Butts
According to Parks Associates, EV owners are twice as likely to also own smart home equipment, meaning playing into EVs in the home could potentially help integrators garner higher sales. If you t...
The residential security industry has gained millions of households due to the explosion of DIY offerings and COVID-19. While in 2022 the home security system adoption slowed, the rebound of professio...
Apple devices are a mainstay of US households. The portfolio of devices are so frequent around the United States, that almost a fifth of the population is an Apple loyalist. Parks Associates, a mar...
According to a Parks Associates’ 2022 survey, 40% of consumers in U.S. internet households share credentials or use shared credentials, up from 27% in 2019. From the article, "It's not me, it's Net...
