Iris by Lowe’s, the home improvement store’s smart-home technology brand, has released its second annual Smart Home Survey, which gauges countrywide behaviors and preferences on smart-home products and systems. Conducted online this past August, the survey polled over 2,000 adults to determine the driving factors behind purchases.
The survey found that cost is becoming slightly less of a determinant. The cost of equipment and subscription fees have decreased in significance, from 56% citing it as the key factor last year, to just 43% saying the same this year.
The second greatest determiner is ease of use, which earned 19% of the votes, up from 13% last year. Energy efficiency features—such as home temperature control and automated lighting—are the next most commonly cited factors.
In all, 66% of Americans reported they plan to purchase smart home products someday, while 17% plan to do so within the next year. Consumers rated stores like Lowe's and the Home Depot as the their top destination for purchasing smart-home products, citing reliability, knowledgeable staff, and an abundance of available products.
"We constantly aim to further understand the ways in which people evolve right along with smart homes. This year’s results show us the cost of smart home products is becoming less of a roadblock for consumers than in the past, and they are more inclined to purchase from retailers they can trust,” said Mick Koster, vice president and general manager of Iris Home Systems. “Insight around consumers’ attitudes toward home automation supports our year-round efforts to deliver better value with Iris and ultimately offer the best possible technology and products to help homeowners love where they live.”
- 62% claim security is the top beneficial reason to own smart-home products, with millennials (71%) and women (66%) being the most likely groups to indicate this need.
- Surprisingly, millennials are more confused (38%) about smart-home product installation than any other age group.
- 57% prefer DIY solutions over professionally installed systems.
- 62% claim security is the top beneficial reason to own smart-home products, and security.
- 48% believe smart-home products would help cut costs and save money on energy bills.
- Parents with kids under 18 in the house are nearly three times as likely to purchase smart-home products in the next year than those without.
- Upon arriving home, men want the house to be at the perfect temperature (56%), lights turned on (44%) and doors unlocked (38%), while women prefer dinner would start cooking (26%).
- Women are more likely than men (42% vs. 26%) to cite retailer loyalty, as the main reason they’d be most likely to buy their smart home products at home improvement stores.
View the accompanying infographic in full, here.