Older generations lambast millennials for being “lazy” and “self-entitled,” but these are hasty generalizations that simply aren’t true. Evidence shows that millennials are conservative with their money, environmentally conscious and–as “digital natives”—they’re technologically savvy. This helps them see the wisdom of smart home technology like no one else.
In fact, the needs and perspectives of millennials, combined with the reality of modern life, are the reasons why smart property technology exists in the first place.
Why Are Millennials So Different?
Trying to dissect why millennials are different requires in-depth psychological, economic and social analysis. But really, every generation must forge a new path to meet the current reality. So, what’s different about the reality millennials face? And, why does this make smart home technology so interesting to them?
1. Internet, Smart Tech, Smart Properties and Communication Advancements
Millennials grew up in a “futuristic” internet-based world of smartphones and highly advanced communication technology. This tech has transformed how people stay in touch, do business, shop, travel, work and even the homes people live in. Previous generations are amazed by the changes, but for millennials, it’s normal. Even change is normal.
Millennials are excited to control their air conditioners, unlock their doors, adjust lighting and window shades—all from a smartphone. Learning new interfaces without feeling confused comes naturally as well. They are curious to try new things that make their lives easier.
2. Coming of Age in an Economic Crisis
Millennials came of age during a global economic crisis. After graduating from university, they had enormous education debt and zero job opportunities—which means they had to be conservative with their money. They delayed getting married because they didn’t feel settled financially. They delayed buying homes because it just wasn’t possible. Many continued living with mom and dad longer than other generations, or they have struggled with small wages and multiple jobs.
Like the parents of millennials, who grew up in the Great Depression, millennials who grew up in the Great Recession don’t waste money unnecessarily. They love smart home technology designed to save them money on electricity—like smart thermostats, smart home batteries, solar panel systems and other utility-saving tech.
Millennials know that saving $20 here and $30 there adds up fast when spread out across the year. They’re happy to pay a premium for smart home tech that promises long-term savings.
3. Inheriting an Environmental Disaster
Millennials also came of age during a key moment of climate change, when the world woke up to admit that global warming is real, and that over reliance on fossil fuels was the cause. Millennials have inherited mega storms, droughts and disappearing polar ice caps, none of which were their fault. Just like they have learned to adopt fiscally-conservative practices to save money for the future, they’re eager to adopt environmentally-friendly practices to safeguard the environment.
In this respect, smart home tech that saves electricity, water and energy is attractive to millennials—not only because it saves money—but also because it helps save the environment.
Smart Homes Just Make Sense for Millennials
Millennials get a bad rap, but let’s recognize that this generation is wrestling with a lot of problems heaped on their shoulders by previous generations, not the least of which include:
- Unsound environmental practices
- Struggling economy with rising income inequality and disappearing middle class
- Legacy ideas about gender roles, relationships, marriage, family and home ownership that just don’t work anymore
Millennials are keen to use their understanding of technology to respond to these modern challenges, and now that they’re older, they are buying homes. Statistics reveal that millennials are responsible for 36 percent of new home sales. Thirty-eight percent of older millennials (between the ages of 27 and 36) have already bought homes, and the rest want to. Plus, a recent survey revealed that 72 percent of millennials would pay an extra $1,500 for a smart home and 42 percent would pay $3,000 and more.
We Can Help You Create the Smart Home of Your Dreams
At PointCentral, we love the millennial generation because they—and other tech-curious homeowners—are driving the smart property revolution. If you want to learn more about how your home, apartment (or network of properties) can benefit from a smart property tech makeover, contact PointCentral now.
Fascinated by emerging technologies and the laws and market trends that follow them, Jeremy Hillpot’s background in consumer fraud litigation provides a unique perspective on a vast array of topics including smart technology, investments, startups, cryptocurrencies and the law. Contact Jeremy at www.legalwritingFINRA.com or jhillpot@legalwritingFINRA.com.