COVID-19 Amplified Consumer Concerns Around Safety & Security, Parks Associates Says
The pandemic has given integrators a prime opportunity to sell smart home solutions to address the newfound needs of homeowners and renters.
DALLAS — New research from Parks Associates reveals COVID-19 has significantly impacted consumer behavior and has heightened concerns for safety and security, with 64% of consumers reconsidering at least one lifestyle change as a result of the pandemic.
The research firms latest study, “Safe Space: Elevated Smart Home Use Cases During COVID-19,” looked at 10,000 U.S. broadband households and identifies consumer intentions and actions to address heightened safety concerns, preferred providers and sources of information on smart home services, and special concerns for apartment renters.
“Consumers are making long-term lifestyle changes in response to the COVID-19 crisis,” says Patrice Samuels, senior analyst, Parks Associates. “As consumers invest in their homes, adoption of smart home solutions is expanding. Connectivity provides new ways to solve problems, and consumers are willing to spend money to improve their day-to-day lives.”
Parks says COVID-19 has amplified concerns around the safety and security of property and family members, driving consumers to seek solutions for these heightened needs. The research shows 61% of U.S. broadband households are highly concerned about the health and safety of their children and 35% are very concerned about the health and safety of an aging loved one who lives alone or with a caregiver.
The research also notes 39% of U.S. broadband households with a vacation or rental property are very concerned about the safety/security of that second property and 95% of them intend to purchase a smart home device in the next year. In addition, 60% of MDU renters report they are highly interested in at least one enhanced apartment feature, like keyless/touchless entry or bulk broadband services.
“Smart home device manufacturers and service providers are developing new solutions catered to the unique needs of MDUs, a key end-market segment for smart home brands,” says Elizabeth Parks, president, Parks Associates. “There is a huge opportunity for U.S. MDU property managers, with the potential to generate $1.9 billion annually for additional rental features and services.”
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