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Market Research Report

Smart Home Strategy: Capturing the Cost-Conscious Consumer

Published by Parks Associates Product code 934263
Published Content info 62 Slides
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Smart Home Strategy: Capturing the Cost-Conscious Consumer
Published: April 30, 2020 Content info: 62 Slides
Description

SYNOPSIS:

Consumers perceive smart home product pricing to be expensive for the value provided, creating a persistent barrier to purchase. The mass market will be captured through better understanding of the more value-conscious consumer who requires a different marketing strategy than early adopters and affluent households for whom price is less of a barrier. This consumer study explores the price elasticity of the leading smart home device categories, what value-added features or incentives can drive purchase, seasonal purchase patterns, and which channels value-conscious consumers prefer.

At Least One Smart Home Device Purchased in
Past 12 Months by Spending Segments

ANALYST INSIGHT:

“A quarter of broadband households fall into the Careful Spenders category. These households consistently take advantage of opportunities to get good prices or good value. They are also the highest buyers of digital home products, including smart home devices.” - Tricia Parks, CEO, Parks Associates.

Table of Contents

Table of Contents

Consumer Analytics: Smart Home

  • Key Questions Answered
  • Survey Methodology
  • Defining Heads of Broadband Households
  • Definitions and Abbreviations
  • Reading Parks Associates Charts

Defining Cost-Conscious Consumer Segments

  • The Question and Statements for the Cost-Conscious Segmentation of US Broadband Households
  • The Basics: Numbers and Percentages - 1Q 2020

Executive Summary

  • Industry Insight
  • Key Findings and Market Impact
  • Three Segments for Cost-Conscious Households: Careless, Cautious, Careful Spenders
  • Market Impact
  • Recommendations for Reaching Cost-Conscious Segments

Profiles of Cost-Conscious Consumers

  • Agreement with Cost-Conscious Statements (Q4/19)
  • Cost-Conscious Consumer Spending Segment (Q4/19)
  • Average Score of Cost-Conscious Statements by Spending Segment (Q4/19)
  • High Agreement on Money-Saving Habits (Q4/19)
  • High Agreement on Lifestyle Attitudes (Q4/19)
  • Demographic Profile of Spending Segments (Q4/19)
  • Housing Profile of Spending Segments (Q4/19)
  • New House Budgets Among Home Purchase Intenders (Q4/19)
  • Current Home Size (Q4/19)

Consumer Electronics Device Ownership

  • Average Number of Electronic Devices Owned (Q4/19)
  • Consumer Electronic Device Ownership (Q4/19)

Smart Product Adoption and Purchase Process

  • Smart Home Device Ownership (Q4/19)
  • Smart Home Device Ownership by Spending Segments (Q4/19)
  • Active Users of Smart Security & Safety Devices (Q4/19)
  • Smart Home Device Owners & Intenders
  • At Least One Smart Home Device Purchased in Past 12 Months by Spending Segments (Q4/19)
  • Top 5 Smart Home Devices Purchased (Q4/19)
  • Brand of Networked Camera Owned (Q4/19)
  • Length of Purchase Journey for Smart Home Devices by Spending Segments (Q4/19)
  • High Familiarity with Smart Devices (Q4/19)
  • High Value of Smart Device Benefits by Product (Q4/19)
  • High Affordability of Smart Devices (Q4/19)
  • Smart Home Device Purchase Intention by Spending Segments (Q4/19)
  • High Concern about Data Privacy and Security with Smart Speaker/ Display (Q4/19)

Home Security System Ownership and Intention

  • Home Security System (Q4/19)
  • High Satisfaction with Security System (Q4/19)
  • Home Security System Installation Method (Q4/19)
  • Frequency of Using Security System (Q4/19)
  • Security System Purchase Intention (Q4/19)
  • Home Control System Ownership (Q4/19)
  • Length of Professional Monitoring Subscription (Q4/19)
  • Security System Purchases (Q4/19)
  • Add-ons to the Security System (Q4/19)
  • High Familiarity with Energy Programs Offered (Q4/19)
  • Participation in Energy Efficiency Programs (Q4/19)
  • Active Users of Smart Energy & Misc. Devices (Q4/19)
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