Adoption of Smart Home and Energy Efficiency Products Among Middle Income Families [INFOGRAPHIC]
HIRI recently surveyed over 8,000 homeowners to provide the home improvement industry with an understanding of both how familiar homeowners are with energy efficiency, smart home technologies and sustainability practices and an understanding of what motivates and drives homeowner interest in these areas.
Through HIRI’s research, we found that over the next five years, more than one-third of homeowners plan to invest in smart home systems and energy-efficient appliances. Interest is driven by improved product quality, cost savings, and growing social and environmental consciousness. However, rising costs and financial concerns outweigh climate change as primary factors influencing these decisions.
While the full study addresses these topics across seven distinct customer segments, let’s take a closer look at one group in particular, the middle income family, which currently shows the most promise for smart home and energy efficiency product adoption.
The majority of middle income families are familiar with smart home, energy efficiency, and sustainability practices in the context of their home. Across these three categories of technologies, familiarity is consistently 15 – 16% higher among middle income families than the next nearest segment.
Middle Income Family Likelihood of Adoption Over the Next 5 Years….
….Compared with All Homeowners Likelihood of Adoption Over the Next 5 Years
One in three homeowners are resistant to adopting smart home technologies due to privacy and security concerns and fewer see cost as a motivator for smart home technologies as compared to energy efficiency and sustainably built home improvement investments.
Nearly three-quarters of respondents consider energy-efficiency important when making home improvement decisions, in contrast to only half considering sustainability important and even fewer, one-third, considering smart home integrations important when making home improvement decisions.
Aggregated Findings From Across All Homeowners
Four in ten homeowners report changing their perspectives over the past 5 years due to product improvements, cost savings, and environmental and social consciousness while a quarter of respondents are unchanged.
Smart Home and Energy Efficiency Perception Differences Between Buyer Segments
The above information only covers a subset of information from HIRI’s Homeowner Trends in Energy Efficiency, Smart Home and Sustainability Study, available in full to HIRI members, which has in-depth reporting across the following distinct buyer segments:
Members have access to the full reports and raw data sets used to compile the information in this infographic including the HIRI’s Homeowner Trends in Energy Efficiency, Smart Home and Sustainability Study.
HIRI members gain access to the raw data behind infographics like this one, to slice-and-dice the raw data to suit the needs of their own customer insights teams and answer cross-departmental questions about how to take home improvement products to market.
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