Smart home products: What U.S. consumers want

Security cameras are the most likely smart home purchase for Americans in the next year.

Iris by Lowe’s, the store’s smart-home technology brand, recently announced the results of their annual Smart Home Survey. The survey asked more than 2,000 adults nationwide about their thoughts on smart home products.

According to their results, 66 percent of women and 71 percent of millennials are more likely to purchase security features. Men are more likely to purchase smart home equipment in order to save money on electric bills.

Consumers also have strong opinions about what they want from their products when they arrive home. Fifty-six percent of men want the house to be at the perfect temperature, 44 percent want the lights turned on and 38 percent want the doors unlocked. Meanwhile, 26 percent of women prefer dinner would start cooking.

However, cost is the most important factor to most respondents, with 43 percent citing that as the factor most likely to impact their decision. That number has decreased 13 percent from last year.

Overall, 66 percent of respondents said they plan to purchase smart home products one day, and 17 percent plan to make their purchase in the next year. Parents of kids under 18 are 31 percent likely to make the purchase in the next year, as opposed to 11 percent of adults without children.

“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.

More than 60 percent of respondents are “comfortable” with what smart home technology does for them. Interestingly, 38 percent of millennials stated they were confused about smart home product installation, more so than any other age bracket.