Wednesday, January 31, 2018

40% of U.S. broadband households willing to pay for at least one home-living service for themselves

The most popular service alerts family members if there is an emergency

New research from Parks Associates finds 40% of consumers would pay for at least one home-living service for themselves, including one-third who are interested in a service that alerts family members during an emergency.

“Interest in home-living services will increase as the U.S. population ages,” said Kristen Hanich, Research Analyst, Parks Associates. “Nearly 50% of consumers 65 and older see these services as useful, but only 27% would pay for them for themselves. Younger people show more interest in using technology to support their quality of life and so are more interested in paying for home-living services for themselves.”

Interest in Paying for Home-Living Services | Parks Associates

In Smart Home, Caregiving, and Aging-in-Place, the research firm tested consumer interest in the following services:

  • Services that alert family members if one is in an emergency
  • Services that send alerts to the consumer about dangers in the home
  • Concierge services offering advice on retirement and healthy home living

“Households already paying for monitoring services are much more likely to pay for a home-living service, so companies in the home security and smart home space are well-positioned to expand their lineup to include services that support independent living and aging comfortably,” Hanich said. “Layering home-living services on top of a smart home system would create a recurring source of revenue.”

Smart Home, Caregiving, and Aging-in-Place provides an analysis of existing and anticipated independent living needs among people ages 50 and older. Additional findings include:

  • 49% report concern about a lack of financial resources disrupting their retirement plans
  • Three out of four consumers ages 40 and older expect to live in their own homes when they turn 80
  • Roughly 34% of U.S. broadband households have a family member providing care for a loved one, and 45% of current family caregivers would pay for a home living service package for a loved one

For more information about Parks Associates’ research, contact sales@parksassociates.com. To schedule an interview with an analyst or to request specific data, contact Julia Homier at julia.homier@parksassociates.com, 972-996-0214.

About Parks Associates: Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.

The company's expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.

Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com

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