Three quarters of Americans agree it’s worth the money to buy energy efficient products

As the smart home market emerges onto solid footing, more and more Americans are willing to pay for innovative smart products for their homes. New research from Mintel reveals that three quarters (76 percent) of Americans agree that it’s usually worth the money to buy energy efficient products, while 75 percent like to learn about new products that use less energy. What’s more, three in five (63 percent) consumers want to know how much energy their household is using at any given time, with half (47 percent) interested in how their household’s energy consumption compares to their neighbors.

With energy savings top of mind for Americans, more than half (55 percent) of consumers are interested in monitoring the energy used by their appliances, and 30 percent express interest in the ability to use a smartphone to control their household’s environment. In an effort to further their energy efficiency, two in five (39 percent) consumers would go so far as to have an energy consultant inspect their home. Consumers are also interested in the environmental savings that come with energy efficiency, as one quarter (24 percent) agree that they are willing to spend more on products that make their home more environmentally friendly.

“The impulse to save energy is derived from a wide array of motivations. It’s not just about saving money; there’s also an emotional appeal to it, and for many, it also presents a moral good,” said Billy Hulkower, Senior Technology Analyst at Mintel. “Energy-saving devices have more long-term sales potential than any other element of the smart home. Brands that center their marketing efforts on the all-around benefits their innovations provide, from cost to environmental savings, will have the best chance to reach their full potential in a burgeoning smart home marketplace.”

Along with a demand for smart home innovations that optimize energy efficiency, consumers are interested in using technology to strengthen the security of their home. Nearly three in 10 (28 percent) Americans worry about the safety of their home, indicating interest in smart home hardware to protect their household: two in five would like for their home to have outdoor security cameras (39 percent) and door/window security sensors (36 percent), while one third (28 percent) are interested in indoor motion detectors.

Mintel research reveals that urbanites in particular are interested in home security and monitoring. In fact, consumers living in urban areas are more likely than consumers overall to want door/window security sensors (41 percent) and indoor motion sensors (33 percent). Parents are similarly interested in smart home security, with two in five interested in door/window security sensors (40 percent) and indoor motion detectors (37 percent).

“We are living in an era in which safety has become a predominant concern, across arenas as diverse as automotive, food/beverage, technology, and the environment. Making the home more secure is a natural step forward, even if there isn’t a clear and present danger. Having a home that is well protected by new technology products is en route to becoming a standard for both owners and renters, with parents and those living in heavily populated areas showing the greatest interest in these innovations,” continued Hulkower.

In addition to more practical applications, consumers are interested in leisure-based smart home technology. One in five (20 percent) Americans have or would like to have a dedicated home theater room, while one quarter (25 percent) are interested in using their phone as a remote control for electronics in their home. Overall, 14 percent of consumers like people to be impressed with the technology in their home, including one quarter (25 percent) of Millennials.

“Our research shows that smart home features may be adopted primarily out of interest in having fun with new technology and to see how far home automation can be taken. These early adopters, most often being Millennials, are the core audience for any smart home product that does not have a clear functionality for saving energy or increasing home security,” concluded Hulkower.

Press copies of the Smart Homes US 2016 report and interviews with Billy Hulkower, Senior Technology Analyst, are available on request from the press office.