Often times, we’ll revisit a previous infographic – usually from a year or more ago – and see if the new numbers reflect any interesting changes. We ran this exercise recently when a November 2020 infographic – which looked at the relationship between smart lock sales and buyer’s age – showed a noticeable change: The 65+ group had taken a leap forward. from 16% in the previous survey to a whopping 29%.
Sometimes, however, this exercise reveals that while there has been some change in some areas of buying behavior, it is not as dramatic as one might have thought. While it might not be as statistically interesting, it nonetheless helps provide the smart home or smart lock dealer with information that reinforces a buying approach they may be using. already.
Against this background, we came back and looked at the infographic for September 2020, titled “Connected Electronic Locks: Purchased by Household Size”. (As always, this was one of a series of ongoing infographics produced using information provided by TraQline, a company commissioned by lock maker Kwikset to track buying habits and patterns. )
For the four quarters ending March 2020, the most frequent buyers of connected electronic locks were two-person households, at 39%. One-, four- and three-member households registered at 18%, 17% and 16%, respectively, with households of 5 and more members at 10%.
Fast forward to September 2021. Two-member households retained the top spot at 36.7%, a slight decrease from the previous 39%. However, three-member households fell from fourth to second place, with a score of 20.1%, compared to 16%. Conversely, one-person households, previously in second position, lost just over 4 points, from 18% to 13.9%, falling to fourth place. Essentially, the three-member and one-member households have switched places.
This infographic tells us a lot about what has changed – and what hasn’t – in terms of buying trends for connected electronic locks related to the number of people in the household.
First, it tells us that, despite a very small drop in its percentage, two-member households continue to crowd out all other categories at a substantial rate. The two-member percentage of 36.7% is still almost double the second highest rate (for three-member households).
Why is that? Do two-member households have more time to think about things like safety, given that they lack the distractions and responsibilities that come with caring for other family members, especially children? children?
Does that mean they have more disposable income and can afford the extra cost associated with a smart lock? It’s hard to know, but one thing is for sure: two-person households dominate smart lock sales, and resellers should be aware of this.
What about the change in position between three-member and one-member households? Two notable observations emerge:
- The difference between the two groups is greater than it seems at first glance. Single-member households previously only had a two-point lead over three members. But although the difference is now just over 6%, the lag that occurred between the two groups is 8.2% larger.
- While there is no definitive way to explain the increase in the number of three-member households purchasing smart electronic locks, one might speculate that an increase in awareness of these products has prompted some parents with a child to invest more in improving their overall security system. (We know that a first child causes many more household changes than subsequent children). Even if it’s not a child – maybe an elderly family member has moved in – the protection dynamic of a new addition to the family often prompts homeowners to step up security. .
As always, the key question is: what to remember for the reseller? There are really two:
- The increase in three-person households purchasing connected electronic locks is notable, especially vis-à-vis the decline in one-person households and therefore worthy of attention.
- The most important thing to remember is that dealers should constantly review consumer buying behaviors and statistics. Those that change drastically reveal important changes that the dealer should take note of. But even when there are no significant changes – or no changes at all – it also tells the dealer something valuable.
Art Sesnovich is a principal and co-founder of Bulldog Communications.
A version of this article originally appeared on the website of our sister publication Security Sales & Integration.