According to Elizabeth Parks, Park Associates President, “43% of U.S. broadband households plan to buy a smart home product” still this year. However, many markets struggle to turn this buyer interest into actual sales. That is why, she says, many of the smart home innovations looking forward to 2020 are “focus[ing] on opening new channels and creating new experiences” in attempt to help the buyer’s journey.
When it comes to buying or renting a home, consumers are split on whether smart home devices are beneficial in the home. Mostly, this confusion is due to “low consumer awareness and low perceived product value,” said Patrice Samuels, Senior Analyst for Parks Associate. She also said that this low perception holds significant issues for the smart home industry. Overall, she believes that consumers avoid purchasing smart home solutions due to insufficient information about the products. Still, 43% of US households are expected to purchase smart home products in 2019 and into 2020.
Companies that offer smart home devices in the homebuilding industry have an advantage. These companies can build model homes with smart home devices to showcase the benefits of smart home solutions. By showing the benefits and offering sufficient information about the products, these companies are more likely to convert buyer interest into sales. More information will also lead to current US broadband households investing in smart home products, too.
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