Providing market intelligence for more than 35 years

Smart Home Systems, Products, and Services

Retail experiences play a powerful educational role for smart home shoppers

New research highlights interest in smart appliances and consumer shopping behaviors for smart home solutions

Parks Associates’ new consumer research Smart Home Products: Mapping the Buyer Journey reveals smart home shoppers collect information from a mix of online and in-store sources when researching products. Smart home buyers researched product information from an average of more than two different types of sources before making a purchase decision. The consumer study provides the latest data on smart home adoption and trends influencing consumer purchase behavior.

“Information gathering online is common, but consumers feel that experiences in the store are more powerful in the final decision to buy the product,” said Jennifer Kent, VP, Research, Parks Associates. “The smart home shopper is clearly considering both online and in-person experiences in decisions. Dealers, technicians, providers, and contractors can leverage their expertise and close consumer interaction to establish a strong connection with the buyer and ultimately win the sale. That close connection works well for single-family home sales, and it is absolutely essential in multidwelling unit (MDU) projects.”

The research study reports a big leap in interest for smart appliances among households with incomes over $75,000 per year. Samsung, LG, and other leading OEMs continue to add more features to their smart appliances, hoping to capitalize on the recent boom in home renovations, but many lower-income households are also interested in smart appliances so there is opportunity in a basic value model.

In addition, the study contains new research on consumer adoption and usage of various connected solutions:

  • More than half of internet households have a smart speaker.
  • 15% of internet households own a smart video doorbell.
  • Security system apps continue to be the most common tool for controlling multiple smart home products.

“As consumers grapple with inflation, rising energy costs, and a shortage of essential items, smart home players need to meet consumers where they are to maintain growth,” Kent said. “Consumers expect access to information, different price points to choose from, and options for delivery and installation.”

About Parks Associates

Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com

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