64% of US broadband households report reconsidering aspects of home and lifestyle as a result of COVID-19 pandemic
New research from Parks Associates reveals COVID-19 has significantly impacted consumer behavior and has heightened concerns for safety and security, with 64% of consumers reconsidering at least one lifestyle change as a result of the pandemic. "Safe Space: Elevated Smart Home Use Cases during COVID-19,"a study of 10,000 US broadband households, identifies consumer intentions and actions to address heightened safety concerns, preferred providers and sources of information on smart home services, and special concerns for apartment renters.
“Consumers are making long-term lifestyle changes in response to the COVID-19 crisis,” said Patrice Samuels, Sr. Analyst, Parks Associates. “As consumers invest in their homes, adoption of smart home solutions is expanding. Connectivity provides new ways to solve problems, and consumers are willing to spend money to improve their day-to-day lives.”
COVID-19 has amplified concerns around the safety and security of property and family members, driving consumers to seek solutions for these heightened needs. The research shows 61% of US broadband households are highly concerned about the health and safety of their children and 35% are very concerned about the health and safety of an aging loved one who lives alone or with a caregiver.
The research also notes 39% of US broadband households with a vacation or rental property are very concerned about the safety/security of that second property and 95% of them intend to purchase a smart home device in the next year. In addition, 60% of MDU renters report they are highly interested in at least one enhanced apartment feature, like keyless/touchless entry or bulk broadband services.
“Smart home device manufacturers and service providers are developing new solutions catered to the unique needs of MDUs, a key end-market segment for smart home brands,” said Elizabeth Parks, President, Parks Associates. “There is a huge opportunity for US MDU property managers, with the potential to generate $1.9 billion annually for additional rental features and services.”
For more information on Safe Space: Elevated Smart Home Use Cases during COVID-19, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific data, please contact Rosey Ulpino at rosey.ulpino@parksassociates.comor 972-490-1113.
About Parks Associates
Parks Associates helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.
The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.
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