Could millennials be the ones behind the growth in home automation?
Could millennials be the ones behind the growth in home automation? As it stands there are approximately 2.2 million smart homes in the UK, a number that is expected to grow as consumer interest in efficiently operated household grows. Ownership of smart home devices tends to be higher amongst those aged 35-49. This is currently credited to this particular age groups spending power.
Millennial homeowners are more likely to invest in smart homes and home automation systems in the near future whereas a large chunk of those in the 50+ age bracket have little to no interest in purchasing smart home devices in the foreseeable future. 84% of UK adults own a smartphone as of 2020, a trend that is likely to accelerate demand for home automation systems.
Even through the pandemic and lower spending levels the home automation market only declined by 3% in 2020, an increase in online sales of lower-cost items is credited in preventing a dramatic fall.
Having a reliable infrastructure in place is vital in ensuring not only growth but also the longevity of the home automation market. Currently up to 57% of UK properties have access to ultrafast broadband speeds of 300Mbps+. With more people now asking for the option of flexible working as we look to our post pandemic world having access to great broadband will be vital, so as long as this number continues to rise this market sector will be in good stead.