July 9, 2020
Have children living in the home? There’s a good chance you subscribe to an over-the-top video streaming service. New consumer research from Parks Associates finds households with children, particularly those ages 6 to 11, are the leading demographic groups for technology product and entertainment service purchasing. The survey finds 90% of households with children at home subscribe to at least one OTT service.
“New content offerings for OTT services that highlight children’s content or educational content will help keep this group engaged, especially as we continue to see some states encouraging or mandating consumers to stay at home [due to the coronavirus],” Jennifer Kent, senior director of Parks, said in a statement.
Parks found that 38% of participants in a survey of U.S. broadband households with children plan to buy a smart video doorbell over the next 12 months, compared with 14% of households without children.
Kent said about 30% of broadband households have children in the home translates to 32 million households. She said these households are young enough to be receptive to smart-home technology but old enough to have the income and educational levels associated with smart-home adoption.
“They self-identify as ‘innovators’ (i.e., they like to purchase a new product early in its lifecycle) at more than twice the rate of broadband households,” Kent said. “Combining this strong technology affinity with the need to buy products for their children creates a powerful tech-buying segment.”
With COVID-19 infections continuing to wreak havoc on the economy and society, so too could the pandemic undermine consumer electronics consumption going forward.
Parks found that 50% of respondents worry about their financial stability, and 61% are more cost-conscious because of the coronavirus.
“It is important for the device makers and service providers to emphasize the essential value in their solution, such as safety and security, although entertainment is also critically important for households with children,” Kent said.