Ten million household decision makers in the U.S. intend to purchase a home security system in the next 12 months, with 6.5 million new customers and 3.5 million that are interested in switching or upgrading their current systems, according to a new study by SafeHome.org.
The “2020 Home Security Consumer Shopping Study” explores who is shopping for services, their motivations, misperceptions and what it means to “feel safe” in America.
SafeHome.org, which conducts home security research and product comparisons, projects strong demand ahead for the residential security marketplace and opportunities for providers to clear up consumer misperceptions of these products.
Forty million households are interested in a home security system, but don’t currently have plans to buy one in the next year, according to the study.
Pricing Misconceptions Among Key Findings
Here are other findings culled from the SafeHome.org survey results:
- What separates the buyers from the browsers? It’s potentially a misperception about home security pricing. One-third of households believe that home security costs $100 or more per month.
- Home security is seen an essential part of American home ownership. The majority of households intend to have a security system in the future and very few current owners have plans to cancel or remove a system.
- Switchers are higher-income households looking for the best technology. New buyers are much more likely to have household incomes of $75,000 or lower and are considerably more price-sensitive.
- So far, COVID-19 hasn’t impacted Americans perception of safety, even as certain residential crimes have decreased in March and April. SafeHome.org asked consumers in February, and again in April, about how safe they felt at home or in their neighborhood. Answers were consistent across both survey waves.
- At the time of the study’s release, home security installations were continuing through COVID-19, with installing security companies considered essential services in most states due to connecting consumers directly with fire and emergency services.
“Home security systems are increasingly seen as an essential part of American life,” says Andrew Garcia, senior editor of SafeHome.org.
“The technology and price points available with new products is exciting for the millions of people that want to protect their home and family, and providers have an opportunity to educate the market and accelerate consumer adoption even further.”
Data for the study was derived from three sources: anonymized shopping and geolocation data from more than six million home security shoppers over the past 12 months; survey of 1,500 U.S. adults (conducted in February, April and May) responsible for purchasing home services; analysis of publicly available law enforcement data collected from January through April.
The complete report can be viewed here.
This article originally appeared on our sister publication Security Sales & Integration‘s website.
