Smart home tech is being rapidly adopted by millions of households around the world. Nearly 70% of all American households own a smart device with hundreds of millions of devices being shipped per year. The number of people buying into smart home devices is skyrocketing with the smart home market project to reach over $200 billion in the next few years. Millennials and Gen Z are buying products for all around the home, from kitchen appliances and lighting to speakers and security cameras.
Young buyers are clamoring for their own piece of the smart home pie and have fallen in love with the emerging industry. The vast majority of Millennials would pay for a connected home and many want homes with smart devices and smart security systems. Younger generations are also drawn into smart devices by the convenience they provide and the costs they can cut down on. Smart water heaters can save thousands over their lifetimes and HVAC costs can be cut by 10% per year when using a smart thermostat.
Be ready for what the future holds for smart home tech and learn more about what Millennials and Gen Z are interested in here.