COVID-19: Impact on Residential Security and Smart Home – July

This study details changes to intentions to purchase or upgrade security systems due to the COVID-19 pandemic and related factors, including their impact on professional monitoring and installation preferences. The research also provides a mid-2020 update on smart home adoption, purchase intentions, and app and control platform preferences and explores how COVID-19 has influenced consumer interest in smart home solutions.

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Research Summary

Survey Methodology

Industry Insight

Known COVID-19 Patients by Security System Ownership Segments

Technology Adoption for Security System Owners

Security System Owners & Intenders are Target Markets for Smart Home & Technology in COVID Time

Anticipated Increase in Household Spending by Security System Ownership Segments

Installation Method for Security System Acquired with 12 Months

Likelihood of Starting A Home Improvement Project in Next 6 months

Intentions to Purchase Smart Home Device in Next 12 Months

Security System Basics in US

Security System Ownership Segments

Home Security System Ownership in US Broadband Households

Home Security System Monitoring

Interactive Systems Among Home Security Households

Age of Home Security System

Length of Continuous Subscription to Professional Monitoring Services

New Professional Monitoring Services Customers: Self Installation vs. Professional Installation

Demographics, Anticipated Changes to Systems by Owners and the Influence of COVID-19

Demographic Breakdown of Security System Ownership Segments

Known COVID-19 Patients by Security System Ownership Segments

Likelihood of Making Change to Home

Affects of COVID-19 Crisis on Home Improvements by Security System Ownership Segments

Anticipated Increase in Household Spending by Security System Ownership Segments

Consumer Attitudes Regarding COVID-19 Crisis by Security System Ownership Segments

Expected Spending Changes in July/August by Security System Ownership Segments

Professionally Monitored Households Likelihood of Making Changes to Security Systems

Changes to Pro Monitored Security Systems Influenced by COVID-19 Pandemic

Security Solutions in Homes by High Likelihood of Making Changes to Security System

Incentives That May Reduce Professional Monitoring Churn Rate

Payment Relief Offered by Professional Monitoring Service due to COVID-19

Respondents Taking Advantage of Payment Relief Plans by Professional Monitoring Service Providers

Payment Relief Offered by Professional Monitoring Service due to COVID-19 by High Likelihood of Making Changes to Security System

Security System Intention & Segments

Security System Intenders

High Likelihood of Making Security-Related Purchases

High Likelihood of Switching or Subscribing to Professional Monitoring

Demographic Breakdown of Security System Intenders

Housing Profile of Security System Intenders

Security System Purchase Preference

Current security system owners compared to current security system intenders

Security & COVID-19 Concerns

Consumer Attitudes

Satisfaction with Handling of COVID-19 Crisis by Service Providers

High Satisfaction with Security Provider Handling of COVID-19 by Top 10 Security Providers

Satisfaction with Service Provider’s COVID-19 Precautions

Expected Lasting Changes Due to COVID-19

COVID-19 Impact on Interest in Smart Home Solutions

COVID-19 Impact on Interest in Smart Home Solutions, Cont’d.

High Likelihood of Making Changes to Security System by Consumer Attitudes

% of Households with Strong Concerns during COVID-19 by Security Segments

COVID-19 Conditions Affecting Consumers Spending by Security System Ownership Segments

COVID-19 Impact on Home Improvement Projects

Smart Home Basics

Smart Home Device Ownership

Overall Smart Home Device Ownership by Security System Ownership Segments

Smart Lighting/Power Devices Ownership

Smart Energy & Misc. Device Ownership

Smart Safety & Security Device Ownership

Smart Access Device Ownership by Security System Ownership

Smart Home Device Purchase Intention by Expected Home Changes

Smart Home Device Purchase Intentions

Overall Smart Home Device Purchase Intention by Security System Ownership Segments

Smart Access Device Purchase Intention by Security System Ownership

Appendix

Defining Heads of Broadband Households

Reading Parks Associates Charts

Publish Date: 4Q 2020

Slides: 72


Authored By:
Tricia Parks - Founder and CEO
Yilan Jiang - Director

Published by Parks Associates
© October 2020 Parks Associates

All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher.

Printed in the United States of America.

Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.

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