Smart home devices are being adopted by millions with nearly 70% of American households owning a smart device with a projected 1.77 billion smart devices shipped by 2025. There are currently over 175 million smart homes around the world, comprising dozens of different devices, machines, and applications with that number only rising every year. Gen Z and Millennials are purchasing a wide variety of products for all around the home. Ranging from kitchen and bathroom devices, such as smart mirrors or refrigerators to living room and bedroom devices, such as speakers or smart light bulbs, have all been recently exploding in popularity.
Young buyers are eager to get in on smart home devices and have fallen in love with this emerging tech. The vast majority of Millennials would pay more to have a connected home and many want smart devices in their homes and security systems. Gen Z and Millennials are drawn to smart home tech for a number of reasons. Smart home tech is cost effective with smart water heaters saving thousands of dollars in their lifetimes and smart thermostats cutting HVAC costs by upwards of 10% per year. Smart security home tech is another large section of home tech with smart security being the third most popular device category. Consumers use cameras and locks to check on packages or watch their home while away for added peace of mind and protection.
Smart home tech is projected to hit over $200 billion by 2026, promising major shifts and growth for the industry. Learn more about what Millennials and Gen Z are looking for in home tech and what the future holds for smart home devices here: