Commentary

Saving Money Top Driver For Smart Home Device Purchasing

The next wave of smart home device growth could be driven by the device makers marketing to consumers who want to save some money.

Nearly half (46%) of U.S. broadband households have no intention of buying smart home devices, but there are things that could change their minds, according to a new study.

The majority (61%) of households that do not own and do not intend to purchase a smart home device could be persuaded by reduced household bills or insurance discounts, according to the study, comprising a survey of 10,000 broadband households conducted by Parks Associates.

Here are the drivers of likelihood to purchase smart home devices by those who do not have any, according to Parks:

  • 61% -- Ability for the product to save money on bills
  • 61% -- A discount on home insurance premium
  • 54% -- Make smart home devices cost the same as regular products
  • 46% -- Ability to exercise control over how data is collected or used
  • 41% -- Ability to try smart devices at a retail location with knowledgeable staff
  • 42% -- In-home service to set up the device and teach how to use
  • 34% -- Ability to finance the cost at zero percent and pay over 12 or 24 months
  • 32% -- In-home service to recommend the best smart home devices for routines and home layout

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Interestingly, no single smart home device outside of voice assistants exceeds 15% adoption with the leading device being the smart thermostat at 13% adoption.

No matter the device, consumers are keenly aware of the value they want from a smart home device.

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