LOS ANGELES, May 20, 2020 (GLOBE NEWSWIRE) — SafeHome.org’s (https://www.safehome.org/) new research, “2020 Home Security Consumer Shopping Study,” finds strong demand ahead for the residential security marketplace and opportunities for providers to clear up consumer misperceptions of these products.
According to the research, 10 million Americans, over the next 12 months, intend to purchase a home security system. This includes 6.5 million new customers and, interestingly, 3.5 million household decisionmakers that are interested in switching or upgrading their current systems.
The research further explores who is shopping for services, their motivations, misperceptions and what it means to “feel safe” in America.
Additional findings include:
- Consumer perceptions of home safety and neighborhood safety have been consistent during the research’s survey waves in February, April and May. Perception of safety is a key predictor of purchase intent.
- Although there are 10 million households that intend to purchase in the next 12 months, there are an additional 40 million that “might shop”. 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.
- 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.
“Home security systems are increasingly seen as an essential part of American life,” said 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.”
SafeHome.org’s “2020 Home Security Consumer Shopping Study” is available at https://www.safehome.org/resources/home-security-industry-annual-2020/. The research included three data sources, including anonymized shopping and geolocation data from more than six million home security shoppers over the past 12 months; multiple surveys over three months in 2020; and analysis of publicly available law enforcement data since the beginning of this year.
SafeHome.org (https://www.safehome.org/) is your trusted authority on home and personal security. SafeHome.org simplifies the search for safety products through comprehensive comparisons and easy-to-read research on the latest technologies and tools available. The SafeHome.org team, which has hundreds of years of combined experience in law enforcement and security, spends countless hours compiling safety data so that consumers can choose security solutions confidently and decisively. For more information, visit: https://www.safehome.org/.