• CEPro_logo_blue-new
  • TOPICS
      • News
        • People & Places
        • Product Briefs
      • Projects
      • Events
      • Control
        • Central Vac
        • Energy/Power
        • HVAC/IAQ
        • Interfaces/Devices
        • Lighting
        • Motorized Shades
        • Whole House Systems
      • Audio/Video
        • Audio/Video
        • AV Accessories
        • AV Racks
        • Cabling
        • Displays
        • Furniture
        • Headphones
        • Home Theater
        • Media
        • Mounts/Lifts
        • Multiroom AV
        • Projectors/Screens
        • Speakers/Subwoofers
        • Wireless AV
      • Security
        • Access Control
        • Alarms/Sensors
        • Services/Platforms
        • Surveillance/Cameras
      • Business Support
        • Associations/Buying Groups
        • Cell Phone Boosters
        • Distributors/Reps
        • Operations
        • Recurring Revenue
        • Research
        • Sales/Marketing
        • Software Services
        • Tools/Testers
      • Networking
        • Cellular
        • Devices/Equipment
        • Wireless
        • Wired/Installation
      • Markets
        • Builders
        • Commercial
        • Design
        • Europe
        • Outdoors
        • Resimercial
        • Wellness
      • CE Pro Hub Pages
        • Bose
        • Savant
        • Inside Sound United
  • PRODUCTS
  • RESOURCES
    • Reports/Downloads
    • Buyer’s Guide
    • Webcasts
    • Podcasts
    • Integrator Jobs
    • Digital Edition
    • CE Pro-iQ
  • SUBSCRIBE
    • CEDIA SHOW UPDATES
    • CEPRO PRINT EDITION
    • CEPRO DIGITAL EDITION
    • CEPRO NEWSLETTERS
  • DISCOVER
    • CEDIA Expo
      • September 29 – October 1
        Dallas, TX
      • VISIT SITE
    • KBIS
      • February 8 – 10
        Orlando, FL
      • VISIT SITE
    • Total Tech Summit
      • October 26 – 28
        Orlando, FL
      • VISIT SITE
    • Commercial Integrator
      • VISIT SITE
    • Security Sales
      • VISIT SITE
    • Tech Decisions
      • VISIT SITE
    • Campus Safety
      • VISIT SITE
    • Design Well
      • VISIT SITE
    • KBB Online
      • VISIT SITE
    • AV-iQ
      • VISIT SITE
    • CE Pro-iQ
      • VISIT SITE
  • Search
  • TOPICS
    • News
      • People & Places
      • Product Briefs
    • Projects
    • Events
    • Control
      • Central Vac
      • Energy/Power
      • HVAC/IAQ
      • Interfaces/Devices
      • Lighting
      • Motorized Shades
      • Whole House Systems
    • Audio/Video
      • Audio/Video
      • AV Accessories
      • AV Racks
      • Cabling
      • Displays
      • Furniture
      • Headphones
      • Home Theater
      • Media
      • Mounts/Lifts
      • Multiroom AV
      • Projectors/Screens
      • Speakers/Subwoofers
      • Wireless AV
    • Security
      • Access Control
      • Alarms/Sensors
      • Services/Platforms
      • Surveillance/Cameras
    • Business Support
      • Associations/Buying Groups
      • Cell Phone Boosters
      • Distributors/Reps
      • Operations
      • Recurring Revenue
      • Research
      • Sales/Marketing
      • Software Services
      • Tools/Testers
    • Networking
      • Cellular
      • Devices/Equipment
      • Wireless
      • Wired/Installation
    • Markets
      • Builders
      • Commercial
      • Design
      • Europe
      • Outdoors
      • Resimercial
      • Wellness
    • CE Pro Hub Pages
      • Savant
      • Bose
      • Inside Sound United
  • PRODUCTS
  • RESOURCES
    • Reports/Downloads
    • Buyer’s Guide
    • Webcasts
    • Podcasts
    • Integrator Jobs
    • Digital Edition
    • CE Pro-IQ
  • SUBSCRIBE
    • CEPRO PRINT EDITION
    • CEPRO DIGITAL EDITION
    • CEPRO NEWSLETTERS
    • CEDIA SHOW UPDATES
  • DISCOVER
    • Cedia Expo
      VISIT SITE
    • Commercial Integrator
      VISIT SITE
    • Security Sales
      VISIT SITE
    • Tech Decisions
      VISIT SITE
    • Campus Safety
      VISIT SITE
    • Design Well
      VISIT SITE
    • Total Tech Summit
      VISIT SITE
    • KBB Online
      VISIT SITE
    • AV-iQ
    • CE Pro-iQ
M
POPULAR SEARCHES
News
Projects
Control
Audio Video
Security
Business Support
Markets
SUBSCRIBE CEDIA EXPO CEPro-iQ
Business Support | Markets | News | Research | Wellness
March 2, 2020

Why Wellness Tech Is Poised for a Major Boost in Luxury Markets

The luxury home market is shifting its sights toward wellness and eco-sensitivity, and that's a good thing for savvy integrators.
Andrew Nichols  
Article:
Business Support | Markets | News | Research | Wellness
March 2, 2020

Why Wellness Tech Is Poised for a Major Boost in Luxury Markets

According to a massive report from Coldwell Banker, the inclusion of wellness products in homes is one of the most-desired features among luxury buyers. For integrators, the message is clear: it’s time to get with the program and embrace the category and learn how to take advantage of the trend while it remains hot. 

The Coldwell Banker report, titled “The Report: 2020 Global Luxury Market Insights,” dives deep into what luxury consumers want, how the luxury landscape is changing, and relays important insights on demographics that all integrators should read and absorb. 

Eco-Sensitivity Is Here to Stay

22 Coldwell Banker luxury property specialists believe these four areas are the most important to prospective buyers.

While 81% of survey respondents said home automation technology is still the most wanted feature in a home, many luxury buyers are looking for more.

According to the Global Wellness Institute (GWI), the wellness real estate industry grew 6.4% annually from 2015–2017 and is expected to reach $198 billion in 2022, with a lot of this growth being driven by an increased consumer desire to lead a “wellness lifestyle.” 

“Awareness and knowledge of the benefits of living in an eco-friendly environment coupled with an industry ready to support the building of wellness real estate will ensure that this segment continues to grow,” says Paul Scialla, founder, Delos. 

CE Pro 2022 Product Guide

CE Pro's 2022 Product Guide showcases some of the latest and innovative solutions from manufacturers serving the custom electronics industry in a cross-section of categories.

Download the guide now!

“Luxury is the trend leader in wellness, but developers are starting to leverage the benefits to create more affordable smart-healthy homes and neighborhoods,” says Scialla, who notes designers are also taking note of increased consumer interest in wellness technology.

As it turns out, luxury homebuyers believe the place where they live plays a critical role in promoting their overall sense of wellness, whether that happens via air filtration systems, circadian lighting or other wellness and biophilia focused products. According to the report, energy efficiency, lighting quality, and the flow of air and water have become important considerations as wealthy buyers increasingly expect buildings to be more eco-sensitive. 

After diving into the data, it becomes clear that a smart home in 2020 will become more than just a home with some voice-activated conveniences, a connected security system, and a control hub. 

“If people buy a fully renovated turnkey home, part of that turnkey idea is to have smart-home technology that is voice-activated and precisely integrated,” says Danny Hertzberg of Coldwell Banker Realty, Miami, Fla.

“A true smart home in 2020 goes beyond automated lighting and smart temperature control. The smart-home focused consumer wants every aspect of living to be seamless, from wireless security to curated pre-programmed sound systems for every occasion. Electric charging stations for cars are important, and many buyers are looking forward to the expansion of smart roofs, which generate back up power storage,” says Hertzberg.

Read Next: It’s Time to Develop a New Generation of Audio Consumers

Luxury homeowners and prospective homebuyers are also focusing much more heavily on connecting with outdoor spaces, even in city environments. According to Coldwell Banker’s research, 72% of respondents say outdoor living spaces are a must-have for affluent homebuyers. 

“The evolution of smart home tech has gone from convenience-focused applications to experience-focused integration of all components for daily living and energy efficiency,” comments Hertzberg.

Millennials Matter

But why has there been a relatively sudden shift toward eco-sensitive buildings, wellness focused technology, and biophilic practices? Well, say hello to your new power purchasing demographic: Millennials. 

The U.S. millennial generation born between 1982 and 1996 has over 73 million members, a number that has now eclipsed the 72 million U.S baby boomers to become the largest demographic grouping by age. 

In the last three years, Millennials have seen a surge in population and buying power.

In its report, Coldwell Banker says CE pros, builders, and real estate agents need to be prepared for millennials to flex their economic muscle even more over the coming decades. In fact, by 2030, research estimates that millennials will hold five times as much wealth as they have in 2020, giving the group significant power in shaping future luxury trends. 

“What’s happening with luxury new construction is that there’s a shift in what people are looking for because there has been a shift in who’s buying,” says Ricardo Rodriguez of Coldwell Banker Residential Brokerage in Boston, Mass. 

“Buyers are getting younger, and these are established Millennials with kids entering the market, which redefines everything from unit size and composition to the level of amenities they expect.”  

Affluent Millennials are also looking to carve out new categories when purchasing a home. “Instead of home offices and work stations, now it’s about ‘homework stations,’ and instead of screening rooms, we see more game rooms,” says Rodriguez. “Kids are coming to showings with their parents, and they really value their opinions and take their input into consideration.” 

ABOUT THE AUTHOR

Andrew Nichols
Follow
Andrew Nichols:
Andrew is a journalist and educator living in the Providence area. He was previously the Editor-in-Chief of a gaming and tech website, and the Managing Editor of his university newspaper, The Torch. He has spent the last 4 years writing and editing articles focused on the residential AV industry.
View Andrew Nichols's complete profile

ARTICLE TOPICS

Business Support • Markets • News • Research • Wellness

ARTICLE TAGS

Biophilia • Delos • Millennials • Wellscapes

SHARE

Share On Facebook
Share On Twitter
Share On Linkedin
Share On Whatsapp
Share Via Email
Copy URL
← Previous Article Next Article →
Article ControlLightingMotorized ShadesProjectsWellnessWhole-House Systems

Audio Impact Has Lutron Choreograph the Colorful Lighting of This Ocean View Home

The San Diego integration firm shows how a little change in color goes a long way in this luxurious smart home.
Article Audio/VideoCommercialDesignDisplaysHome TheaterMarketsMultiroom AVNewsProducts

Sony Announces BH and CH Series MicroLED Displays

Sony's latest microLED products provide integrators with a choice of high brightness or wide color gamut customizable display solutions.
Article ControlLightingMotorized ShadesProjectsWellnessWhole-House Systems

Audio Impact Has Lutron Choreograph the Colorful Lighting of This Ocean View Home

The San Diego integration firm shows how a little change in color goes a long way in this luxurious smart home.
Article Audio/VideoBusiness SupportDesignDevices/EquipmentISENetworkingNewsWireless

Origin Acoustics Partners with Netgear

Origin Acoustics will resell and support Netgear’s CI-focused wired and wireless networking products from newly created Netgear AV division.

SHOW NEWSLETTER

Sign Up

CE Pro

Subscribe Sign Up

Content Types

News
Products
Projects
Companies
Downloads
Webcasts
Podcasts
Events

Specials

IntegratorJobs
CEDIA EXPO
CE Pro 100
CE Pro Summit
Awards Programs

Company Info

About
Contact Us
Customer Service
Media Solutions & Advertising

Subscribe

Magazine
Newsletters
Digital Edition

Connect

Twitter
Facebook
LinkedIn
YouTube
RSS Feed

Categories

AUDIO/VIDEO
AV Accessories
AV Racks
Amplifiers/Receivers
Cabling
Displays
Furniture
Mounts/Lifts
Multiroom AV
Projector Screens
Speakers/Subwoofers
Wireless AV
CONTROL
Central Vac
Energy/Power
Interfaces/Devices
HVAC/IAQ
Lighting
Motorized Shades
Whole-House Systems
NETWORKING
Cellular
Devices/Equipment
Wireless
Wiring/Installation
SECURITY
Access Control
Alarms/Sensors
Services/Platforms
Surveillance Cameras
BUSINESS SUPPORT
Associations/Buying Groups
Distributors/Reps
Operations
Recurring Revenue
Research
Sales/Marketing
Software/Services
Tools/Testers
MARKETS
Builders
Commercial
Design
Europe
Outdoors
Wellness
FOLLOW US ON
  • Follow
  • Follow
  • Follow
  • Follow
  • Follow

© 2023 Emerald X, LLC. All Rights Reserved.

  • ABOUT
  • CAREERS
  • TERMS OF USE
  • PRIVACY POLICY