Nearly 70% of all households in the US now own a smart device. Gen Z and Millennials are rapidly adopting all kinds of devices all around their homes. From living room and bedroom devices like smart speakers, lightbulbs, and window shades to kitchen and outdoor devices like refrigerators, gate locks, and ovens, smart devices are becoming more and more common. Young buyers have fallen in love with smart home tech and are clamoring for their own piece of the smart home pie. The vast majority of Millennials would pay more for a connected home and want to own a home with smart security systems and smart devices.
Younger generations are more likely to adopt these new technologies for a number of reasons. 80% of Millennials and Gen Z say adopting smart home tech is a positive and over 90% of Gen Z value the convenience of smart home products. Smart tech also saves money – smart water heaters can save thousands over their lifespans and smart thermostats can cut HVAC costs by 10% every year. Smart security is another large smart home category that many are drawn to as it’s the third most popular device category.
Learn more about the smart home tech that Millennials and Gen Z entrepreneurs want to put in their homes here.