Consumer Buying Behavior: Iris by Lowe's Reveals Annual Smart Home Survey Results

MOORESVILLE, N.C., Oct. 15, 2015 /PRNewswire/ -- Today, Iris by Lowe's released the results of its annual Smart Home Survey, revealing that when it comes to shopping for smart home products, home improvement stores (either in-store or online) were rated the No. 1 place Americans are most likely to buy. When asked why they would choose a home improvement store, most say it's because it is a retailer they can trust (55 percent) that has knowledgeable staff (40 percent) and a variety of available products (48 percent).

The 2015 Smart Home Survey, conducted online in August by Harris Poll on behalf of Iris, Lowe's Smart Home Business Unit, polled more than 2,000 U.S. adults aged 18+ and examined Americans' attitudes toward and experiences with smart home products, homing in on the driving factors behind their purchasing and use preferences. Results from this year's study indicate that when it comes to purchasing considerations, cost of equipment and monthly fees as a deciding factor has decreased (down from 56 percent in 2014), though it's still the most commonly cited (43 percent). Ease of use is the second most important deciding factor (19 percent, up from 13 percent in 2014), followed by energy and efficiency features (15 percent) such as home temperature control and automated lighting. Two-thirds (66 percent) of Americans report they plan to purchase smart home products someday, with 17 percent planning to do so within the next year.

"We constantly aim to further understand the ways in which people evolve right along with smart homes. This year's results show us the cost of smart home products is becoming less of a roadblock for consumers than in the past, and they are more inclined to purchase from retailers they can trust," said Mick Koster, vice president and general manager of Iris Home Systems. "Insight around consumers' attitudes toward home automation supports our year-round efforts to deliver better value with Iris and ultimately offer the best possible technology and products to help homeowners love where they live."

Additional key findings:

Consumer Shopping Habits:

• Among Americans who plan to buy any smart home products in the next 12 months, security cameras are the No. 1 smart home product they plan to buy (56 percent).
• Very few Americans (5 percent) consider professional home monitoring to be the most important factor in deciding whether to purchase smart home products.
• Parents with children under the age of 18 in their home are nearly three times as likely to purchase smart home products in the next year as those without – 31 percent vs. 11 percent, respectively.

Comfort and Confusion around Home Automation

• More than 3 in 5 Americans claim security is the top beneficial reason to own smart home products (62 percent), with Millennials ages 18-34 (71 percent) and women (66 percent) being the most likely groups to indicate this need.
• Close to half (48 percent) say smart home products would help cut costs and save money on energy bills, and nearly 37 percent say smart home products would make their home more convenient overall.

• More than 43 percent of Americans are comfortable with what smart home technology does for them, but less than one-third (31 percent) are happy with the pace at which smart home technology is evolving.
• Surprisingly, Millennials ages 18-34 (38 percent) are more confused about installation of smart home products than any other age group.

IoT Battle of the Sexes:

• Upon arriving home, men want the house to be at the perfect temperature (56 percent), lights turned on (44 percent) and doors unlocked (38 percent), while women prefer dinner would start cooking (26 percent).
• Women are more likely than men (42 percent vs. 26 percent) to cite retailer loyalty, as the main reason they'd be most likely to buy their smart home products at home improvement stores.
• Among those who plan to buy smart home products in the next 12 months:
  • Most women want to add security cameras (61 percent) and motion sensor (62 percent) products to their home.
  • Most men want to add lighting (56 percent).

Cross-Country Breakdown:

• Southerners (66 percent) are more likely than those in the Midwest (59 percent) to purchase smart home products for security benefits.
• Over half (54 percent) of smart device owners living in the Northeast wish they could adjust the thermostat from bed, while over one-third (37 percent) would want to be able to start the coffee pot.

An infographic depicting the results of the survey can be downloaded here: http://bit.ly/1Ge8cF9.

Lowe's was the first company to target the mass consumer market with a broad home automation solution in Iris and the first to introduce a truly open platform – allowing devices across its stores to connect with one another. Iris by Lowe's offers a wide variety of connected devices from well-known brands, a simple user experience, value-priced products, an easy DIY system setup, free service from the day of installation, customizable rules to connect devices and more. Iris by Lowe's was developed and designed for the consumer, using nearly 70 years of home improvement experience and input from its 15 million shoppers a week.

For the complete list of products available for Iris, please visit IrisbyLowes.com.

Methodology
The survey was conducted online within the United States by Harris Poll on behalf of Lowe's between Aug. 19-21, 2015 among 2,024 adults ages 18+, among which 912 are men, 1,112 are women, 1,573 are smartphone/tablet owners, and 267 would most likely purchase smart home products from home improvement. The 2014 survey was conducted online by Harris Poll on behalf of Lowe's between July 10-14, 2014 among 2,088 U.S. adults. Results were weighted for age within gender, region, race/ethnicity, income, and education where necessary to align them with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 16 million customers a week in the United States, Canada and Mexico through its stores and online at Lowes.com, Lowes.ca and Lowes.com.mx. With fiscal year 2014 sales of $56.2 billion, Lowe's has more than 1,845 home improvement and hardware stores and 265,000 employees. Founded in 1946 and based in Mooresville, North Carolina, Lowe's supports the communities it serves through programs that focus on K-12 public education and community improvement projects. For more information, visit Lowes.com.

About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples.  With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers' motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy, telecommunications, financial services, insurance, media, retail, restaurant, and consumer packaged goods. Contact us for more information.

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SOURCE Lowe's Companies, Inc.