Market research firm addresses shifts in buying habits at 19th annual CONNECTIONS™ Summit at CES
DALLAS, Oct. 23, 2024 -- Parks Associates' Smart Home Consumer Insights Dashboard finds that channels with professional installation – residential security, custom integrators, internet service providers, and others – have stronger sales of smart home devices during the summer, following household moves, while device sales through retail are expected to pick up for the coming holiday season. The firm will address these buying patterns at the upcoming CONNECTIONS™ Summit, hosted at CES® on January 7, 2025, in Las Vegas.
The Smart Home Dashboard reports 26% of US internet households acquired at least one smart home device in the past 12 months and 46% report intentions to purchase in the next six months. Adoption of smart home devices has reached the early mass market, with sales patterns settling into seasonal variations.
"Smart home markets experienced growth during the pandemic and are now settling into a more normalized pattern," said Jennifer Kent, VP, Research, Parks Associates. "Other pressures, including the lingering effects of a sluggish housing market, high interest rates, and inflation, also contribute to slowing growth. However, we anticipate higher sales coming as usual for the holiday buying season."
Smart home manufacturers can capture the holiday buyer by offering products that appeal to the mass market: differentiated pricing tiers and offerings that integrate well with platforms and other smart home devices to offer practical lifestyle routines. Manufacturers must be ready to capitalize on the holiday season, with products ready for distribution through retail and direct ecommerce sales.
"Volume in product sales will come more and more from mainstream buyers, and people expect technology to be integrated into their daily experiences, enhancing convenience, efficiency, and personalization," Kent said. "Smart home players need to stay focused on the value they provide and how working well with others can enhance that value for the end user."
Registration is open for CONNECTIONS™ Summit at CES. CONNECTIONS™ Summit sponsors include Alarm.com, Kwikset, Shelly, and Ubiety Technologies. To schedule an interview with an analyst or to request specific data, please contact Mindi Sue Sternblitz-Rubenstein at 385262@email4pr.com or 972-490-1113.
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.
The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.
Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
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