Millennials Embracing Smart Home

According to the NPD Group, millennials are on the road to building smarter homes. The research house says millennials are twice as likely as the total population to have a smart home product installed in their residence.

Smart home products evaluated include network connected security and monitoring devices, sensors, system controllers, smart lighting, power, and appliances. Some 23% of millennials surveyed have installed at least one of these products in their homes, compared to 12% of the total population. Millennials are expected to continue to drive the growth in the market as 41% surveyed are already aware of and interested in owning smart home products.

A key factor that is driving early growth is that the smart home market is no longer just for homeowners, NPD says. Renters are as likely as homeowners to have smart home products installed, and are three times more likely to be part of the millennial age group. More than a third of renters are between the ages of 18-34.