According to the NPD Group Connected Intelligence home automation advisory service, Millennials are twice as likely as the total population to have a smart home product installed in their residence.
The smart home products that NPD evaluated include network connected security and monitoring devices, sensors, system controllers, smart lighting, power and appliances. NPD stated that about 23% of Millennials have already installed at least one of these products in their homes, compared to 12% of the total population.
NPD suggested that Millennials will continue to drive the growth in this market as 41% of this age group are already aware of and interested in owning smart home products.
A key factor that NPD suggested is driving this early growth is that the smart home market is no longer just for home owners. Renters are as likely as home owners to have smart home products installed, and are three times more likely to be part of the Millennial age group.
“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, NPD Group Connected Intelligence. “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.”
NPD stated that its results are based on an online survey conducted in March 2015 to a sample of 5,559 individuals that indicated they were the head of their household. All data is reflective of the U.S. Internet homes.