Consumers are more carefully evaluating their needs for smart features and look forward to smart home products that are truly practical and convenient to use. Brands should not miss the opportunity to offer smart home scenarios for home personalisation, emotional management and sleep health to consumers.
Toby Xu, Analyst, China Insights
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Executive summary
- Key issues covered in this Report
- The market
- Companies and brands
- The consumer
- Graph 1: smart home penetration, 2023
- Graph 2: smart home product ownership and purchase interest, 2023
- Graph 3: smart home product ownership, 2020-23
- Graph 4: interested smart home scenarios, 2023
- Graph 5: smart lock purchase factors , 2023
- Graph 6: willingness to pay a premium for smart features, 2023
- Graph 7: smart home selling points, 2023
- Graph 8: attitudes towards smart homes, 2023
- Issues and insights
- What we think
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The market
- Market overview
- Market factors
- Graph 9: rate of urbanisation, 2018-23
- Graph 10: population aged over 65 and proportion, 2018-23
- Graph 11: floor space of commercial buildings sold nationwide, 2018-23
- Graph 12: real estate climate index, 2021-23
- Graph 13: annual savings rates of Chinese residents, 2016-23
- Graph 14: Consumer Price Index, 2019-23
- Graph 15: proportion of home appliance buyers who intend to trade up (ie buy more expensive brands or products), 2021-23
- Graph 16: proportion of consumers who spent more on their homes compared to the previous month, 2022-23
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Companies and brands
- Key players’ performance
- Marketing activities
- New product trends
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The consumer
- Smart home adoption
- Graph 17: smart home penetration, 2023
- Graph 18: smart home adoption, by generation, 2023
- Graph 19: smart home adoption, by city tier, 2023
- Smart home product ownership and purchase interest
- Graph 20: smart home product ownership, 2020-23
- Graph 21: smart home product ownership and purchase interest, 2023
- Graph 22: purchase interest in smart home products (a), 2023
- Graph 23: willingness to upgrade smart home products (b), 2023
- Interested smart home scenarios
- Graph 24: interested smart home scenarios, 2023
- Graph 25: interested smart home scenarios, by age, 2023
- Graph 26: interested smart home scenarios, by willingness to pay a premium for smart features, 2023
- Graph 27: interested smart home scenarios, by attitudes towards smart homes, 2023
- Smart lock purchase factors
- Graph 28: smart lock purchase factors , 2023
- Graph 29: smart lock purchase factors, by gender, 2023
- Graph 30: smart lock purchase factors, by ownership of smart locks, 2023
- Graph 31: smart lock purchase factors, by willingness to pay a premium for smart features, 2023
- Willingness to pay a premium for smart features
- Graph 32: willingness to pay a premium for smart features, 2023
- Graph 33: consumers who are willing to pay a premium of more than 30% for smart home products, by family structure, 2023
- Graph 34: willingness to pay a premium for smart curtains, by ownership of smart curtains, 2023
- Graph 35: willingness to pay a premium for smart features, by age, 2023
- Smart home selling points
- Graph 36: smart home selling points, 2023
- Graph 37: smart home selling points, by age, 2023
- Graph 38: smart home selling points, by monthly personal income , 2023
- Graph 39: smart home selling points, by age of children, 2023
- Attitudes towards smart home
- Graph 40: attitudes towards smart homes, 2023
- Graph 41: attitudes towards smart homes, 2023
- Graph 42: attitudes towards smart homes, 2023
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Issues and insights
- Simplifying smart home features can go a long way
- Consumers want a happy home and personalised spaces
- Focus on opportunities in smart scenarios brought by emotional/sleep health demands
- Graph 43: health concerns in daily home life, by age, 2024
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Appendix – methodology and abbreviations
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