Emphasizing the value of additional benefits is key to growing your subscriber base
CHICAGO — May 15, 2024 — 59% of U.S. households have at least one smart home product, with security cameras in every category, according to the latest Home Automation Ownership and Usage Report from leading advisor Circana™. It was found that the penetration rate was the highest among the On the complexity of consumer behavior. Security camera and smart doorbell sales revenue declined in the 12 months ended February 2024, but tracking information based on Circana's Checkout receipts shows that promotions and cost-effective, streamlined products led to unit sales growth We have made it clear that we are promoting
40% of people who own a security device (security camera, whole-home security system, smart doorbell) offer features such as 24/7 monitoring, enhanced access to video history, and advanced AI notifications I am subscribed to a monthly premium service.
“Products like security cameras and smart doorbells continue to capture consumer attention, and users are willing to invest in features they deem valuable,” said Circana's Executive Director of Consumer Technology and Office Products and Industry Analyst Ben Arnold said. “The industry has an opportunity to further engage device owners in security to not only increase device sales but also expand the subscription base of the remaining 60% of current owners.”
Among monthly subscribers, 27% cited access to 24/7 continuous video recordings as their primary reason for subscribing, and 19% prioritized greater access to past video clips. The average monthly subscription price in March 2024 was $13, a slight increase from March 2023. The survey also found that 36% of subscribers have three or more cameras covered by their plan, up from 29% in February 2022.
Security device owners cite protecting their belongings as their primary purchase motivation. Among non-owners, 19% cite cost, followed by lack of perceived usefulness, as reasons for not owning a smart home product. This sentiment is particularly strong among non-owners over the age of 55, with 22% expressing skepticism about the usefulness of smart home products. Demonstrating the value of connected products is key to reaching this important consumer group.
“The steady increase in ownership rates and consistent use of security devices among high-net-worth individuals, homeowners, and early adopters of technology suggests a strong perceived value within this category. Arnold added. “Continued investment in smart home technology by professionally monitored security providers will provide the industry with more tools to engage a wider range of consumers.
Manufacturers need to focus on the tangible benefits of connected devices, such as safety, convenience, and efficiency, to drive adoption to new consumer groups and drive growth. ”
Source: Circana, Connected Intelligence Home Automation Ownership and Usage Survey, March 2024
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