Consumers perceive smart home product pricing to be expensive for the value provided, creating a persistent barrier to purchase. The mass market will be captured through better understanding of the more value-conscious consumer who requires a different marketing strategy than early adopters and affluent households for whom price is less of a barrier. This consumer study explores the price elasticity of the leading smart home device categories, what value-added features or incentives can drive purchase, seasonal purchase patterns, and which channels value-conscious consumers prefer.
Consumer Analytics: Smart Home
Key Questions Answered
Survey Methodology
Defining Heads of Broadband Households
Definitions and Abbreviations
Reading Parks Associates Charts
Defining Cost-Conscious Consumer Segments
The Question and Statements for the Cost-Conscious Segmentation of US Broadband Households
The Basics: Numbers and Percentages – 1Q 2020
Executive Summary
Industry Insight
Key Findings and Market Impact
Three Segments for Cost-Conscious Households: Careless, Cautious, Careful Spenders
Market Impact
Recommendations for Reaching Cost-Conscious Segments
Profiles of Cost-Conscious Consumers
Agreement with Cost-Conscious Statements (Q4/19)
Cost-Conscious Consumer Spending Segment (Q4/19)
Average Score of Cost-Conscious Statements by Spending Segment (Q4/19)
High Agreement on Money-Saving Habits (Q4/19)
High Agreement on Lifestyle Attitudes (Q4/19)
Demographic Profile of Spending Segments (Q4/19)
Housing Profile of Spending Segments (Q4/19)
New House Budgets Among Home Purchase Intenders (Q4/19)
Current Home Size (Q4/19)
Consumer Electronics Device Ownership
Average Number of Electronic Devices Owned (Q4/19)
Consumer Electronic Device Ownership (Q4/19)
Smart Product Adoption and Purchase Process
Smart Home Device Ownership (Q4/19)
Smart Home Device Ownership by Spending Segments (Q4/19)
Active Users of Smart Security & Safety Devices (Q4/19)
Smart Home Device Owners & Intenders
At Least One Smart Home Device Purchased in Past 12 Months by Spending Segments (Q4/19)
Top 5 Smart Home Devices Purchased (Q4/19)
Brand of Networked Camera Owned (Q4/19)
Length of Purchase Journey for Smart Home Devices by Spending Segments (Q4/19)
High Familiarity with Smart Devices (Q4/19)
High Value of Smart Device Benefits by Product (Q4/19)
High Affordability of Smart Devices (Q4/19)
Smart Home Device Purchase Intention by Spending Segments (Q4/19)
High Concern about Data Privacy and Security with Smart Speaker/ Display (Q4/19)
Home Security System Ownership and Intention
Home Security System (Q4/19)
High Satisfaction with Security System (Q4/19)
Home Security System Installation Method (Q4/19)
Frequency of Using Security System (Q4/19)
Security System Purchase Intention (Q4/19)
Home Control System Ownership (Q4/19)
Length of Professional Monitoring Subscription (Q4/19)
Security System Purchases (Q4/19)
Add-ons to the Security System (Q4/19)
High Familiarity with Energy Programs Offered (Q4/19)
Participation in Energy Efficiency Programs (Q4/19)
Active Users of Smart Energy & Misc. Devices (Q4/19)
Published by Parks Associates
© April 2020 Parks Associates
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Printed in the United States of America.
Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.
