July 16, 2018
Millennials are the generation that are most interested in having smart technology in their home. A recent survey found that millennials aged 27 to 36 are the generation that is most enthusiastic about smart home technology and that 38 per cent of them, have already bought smart homes or installed technology in their property. Another survey found that 72 per cent of millennials would be willing to pay in excess of £1,000 more for a home that had some form of smart technology.
It’s only relatively recently that millennials have become active in the property market, however, they are now the generation buying the most property as they are getting better jobs and looking to start families. This indicates that homeowners interested in selling could now benefit from adding smart technology to their properties.
These are certainly interesting statistics, so what is it that is driving millennials’ interest in smart technology for their homes?
It has been well publicised that millennials are a generation that is very interested in reducing their environmental impact and promoting sustainability. They are more likely to make changes to their behaviour to reduce their carbon footprint or choose businesses that are environmentally-conscious. Given that smart home technology can be used to save energy and lead a greener lifestyle, it makes sense that this is part of the reason.
For example, heating systems using a smart thermostat can help a home save a significant amount of energy per year. The same is true of smart lighting systems with motion sensors to ensure they only activate when a room is occupied. Both of these green technologies come with the added benefit that they provide a greater level of convenience for day-to-day living.
More likely to adopt technology than previous generations
It’s also worth remembering that millennials where the first generation to spend their formative years with the internet and the broad range of technological advances that we have seen over the past 30 years. While previous generations including the baby boomers and generation X have adopted these new technologies, millennials are most likely to feel comfortable with new forms of technology.
For example, 92 per cent of millennials own a smartphone, compared to just 67 per cent of the baby boomer generation. This preference for technology no doubt makes them feel like technology in the home is a natural progression.
A greater degree of integration
Another interesting factor driving the millennial preference for smart technology in their home is the increasing level of integration between products. As we have already seen, almost all millennials have a smartphone and there is an increasing number of smart home products that can be controlled or interacted with using a smart phone.
Known as Internet of Things (IoT) devices, these include any kind of product that connects to the internet. This could include anything from smart fridges and ovens to irrigation systems and automatic garage. In many cases these can be controlled using apps on your smart phone. It may even be that multiple devices can be controlled through one central app – this is often the case with smart entertainment systems.
While some members of other generations might be put off by technologies that they may feel that they don’t understand or don’t need, millennials embrace these sorts of advances.
Other generations want smart homes too
While it has been the case that millennials have been the generation that has been most likely to look for smart technology, the gap is diminishing. Baby boomers and generation X are coming around to technology in the home.
In fact, the post-millennial generation, who will soon be in a position to be buying properties of their own. It is even more likely that this generation – having only known a world with the internet and modern technology – will expect these sorts of devices to be present in the properties they buy.
Looking to the future, then, homeowners may look to invest in smart home technology to ensure that when they come to sell their property it will appeal to homebuyers. So, while it is more popular with millennials currently, this sort of technology is forecast to becoming more popular as more people embrace it.