LUX recently conducted survey of 2,000 consumers asking their feedback on smart products. When asked about their interest in purchasing smart products the number of people interested in smart home products was much larger than we originally thought. Over 60% of respondents said they were interested in purchasing a smart product for their home. Other industry data shows that actual smart home products penetration is less than 20%. So that tells us that there is broad desire but limited participation.
Interestingly, of the people with incomes less than $75K per year, more than 40% of them were interested in smart home products
What are the top three aspects of the thermostats that consumers are most drawn to?
2. There are always going to be consumers willing to spend at the high-end of the spectrum – either to be the first to have something or to be on trend. LUX is a brand that focuses on mass market appeal with the best features and design at the best price.
KONO Smart is the flagship product for our new line, featuring the simplest and most intuitive user interface and industrial design. Out new KONO Smart beat other leading smart thermostats 2 to 1 in purchase intest and when asked about design of KONO Smart compared to other leading thermostats, its won with over 50% of respondents choosing KONO based solely on its design.
3.How about price? Is there a certain price point for consumers or is money not as much of a concern?
Price point is definitely a priority for homeowners. 70% of the people surveyed want a smart thermostat that is in the $100‐$149 range.
4. Do most consumers already know the product exists or is it incumbent upon the contractor to educate?
yes we have found that many consumers are aware of the growing smart home and smart thermostat product offerings. However, we have also found many HVAC professionals playing catch-up to the consumer in this category. The HVAC professional has a real opportunity by partnering with manufacturers and distributors to become experts. Consumers are looking for experts ot help them select the right products in their homes, HVAC professionals need to embrace the opportunity.
5.What percentage of the market are smart thermostats? What percentage of the market is Wi-Fi thermostats?
Overall, our industry research shows that the UNIT volume of smart thermostats is growing but it is still less than 20% of units installed.