Commentary

Millennials Cool On IoT Product Ownership

Millennials may be prime targets for the marketing of many products, but those relating to the Internet of Things may not be among them.

It turns out that millennials, those 18 to 29 years old, are the least likely demographic to own certain IoT products.

This according to a survey of 2,700 consumers conducted by the Association of Energy Service Professionals.

The intent of the study was to determine whether energy-related IoT products are linked to participation rates and satisfaction with demand response programs.

IoT products in the survey included smart thermostats, power strips, air conditioners and washing machines.

Older consumers are more likely than millennials to own an IoT product and participate in utility-driven energy management programs. Here’s the likelihood of owning IoT devices by age group:

  • 21% -- 30-44
  • 19% -- 45-59
  • 16% --60+
  • 15% -- 18-29

The survey asked people in various age groups whether they owned IoT home solutions, and whether they participated in what the industry defines as demand-side management programs that their utilities sponsor.

Additionally, the survey found that even among those who own IoT products, millennials are still the least likely age group to participate in utility programs, with half of the program participation rate of those 30 to 59 years old and nearly a third of those 60 and older.

So much for that expectation.

 

4 comments about "Millennials Cool On IoT Product Ownership".
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  1. Meg Glenn from Comcast Spotlight, February 16, 2017 at 11:24 a.m.

    Okay, so 18-29ers are less likely to own/participate, not completely surprised... is the next question they're asking "Why?"... Is it that the group doesn't WANT to own those things? Or is it that 30+ crowd is more likely include more homeowners and/or have higher incomes that make it more likely they CAN purchase a $250 smart thermostat, a $10K A/C unit and a host of other gadgets?

    Good intel, either way, for confirming who they need to be telling their story. Know your audience.

  2. Chuck Martin from Chuck Martin replied, February 16, 2017 at 1:17 p.m.

    Good question, Meg, but the surveryors apparently did not ask that.

  3. Jake Seaton from WRAL, February 16, 2017 at 1:45 p.m.

    I think it's presumptuous to expect 18- to 29-year-old consumer to purchase IoT products like"smart thermostats, power strips, air conditioners and washing machines."


    These are high dollar products, and not exactly things that this demographic wants to spend its money on. A few connected lights, maybe an Amazon Echo or Google Home, sure. But a connected washing machine? That's not a millennial product.

    Your average millennial is much more likely to spend his or her money on a good meal, drinks at a really nice cocktail bar or traveling than on "domesticated" products.

  4. Chuck Martin from Chuck Martin replied, February 16, 2017 at 7:55 p.m.

    You may be right, Jake, but the products listed in the survey were apparently those that most interested the folks behind the survey.

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About the Author

Chuck Martin is Editor of the AI & IoT Daily at MediaPost and writes the daily Connected Thinking column. He is a NY Times Business bestselling author and his latest book is “Digital Transformation 3.0” (The New Business-to-Consumer Connections of The Internet of Things.) He is CEO of Net Future Institute and a frequent keynote speaker internationally. Follow him on Twitter @chuckmartin and contact him at Chuck@MediaPost.com.