Millennial’s Push the Limits of Home Security into Viral Mode, Forge New Benefits of Home Security Systems
Millennial’s Push the Limits of Home Security into Viral Mode, Forge new Benefits of Home Security Systems
Are You from the Millennial Generation??
If you are, than you have grown up knowing that you have been referred to as:
lazy, complacent, techy, stay at home, couch potatoes, gammer’s, always blaming others for the state of the economy, etc. Ironically, You have also been labeled “Generation Y.” You are a part of a worldwide population of people who follow behind Generation X, and proceed Generation Z.
Researchers mostly agree that to fit into this generation, you were most likely born in the early 1980’s through the early 2000’s, according to Wikipedia. Don’t get me wrong, researchers have a wide variety of years in dispute, but generally you fall between those years and are the result of Baby-Boomer’s (or Echo-Boomers).
The Good News Is:
Should you fall into the category of Millennial’s, you may be happy to know that you will be responsible for fueling the future for “Home Security & Home Automation Systems” with viral results, now and through the year 2025.
So, if you feel like you have to stand up and defend yourselves each time you are talking to those outside of your generation, you will be surprised at how your generation is influencing the rest of the world. You will see how your generation of power is responsible for Viral results as they pertain to growth and benefits to home security systems worldwide.
Millennial’s are forcing a Worldwide “Paradigm Shift”
While baby boomers were influenced mostly by the aftermath of World War II, television, rock and roll, the Vietnam War and the hippie movement, Generation Y (Millennial’s) has grown up with the internet, globalization, mobile phones, apps and Facebook.
This is an entirely different way of living for the rest of the world. Whereas, Millennial’s grew up on the internet like we learned a first language. Can you imagine learning a second or third new language in your 40’s or 50’s? Do you remember learning your dominant language? The same applies to Millennial’s. They just “knew” the internet and social media–they grew up on it. It’s ingrained in their DNA like a first language–lol.
So, yes, of course–if you are not a Millennial you are going to find their ways: different, odd, or add labels as we don’t fully understand their reasoning. Again, like learning a second or third language in your 40’s or 50’s, or beyond. It takes hard work to understand.
Millennial’s are a Force to be Reckoned With (Note):
Be aware that, as a Millennial, you are a part of a worldwide population of people that is the largest in number. Some argue even larger than the Baby Boomer era populations. Think about it, you are the results or offspring of Baby Boomer’s. If most families have one or more children then you have surpassed their populations. With this in mind, your methods and how you influence in the world becomes a huge responsibility.
You have already begun to demonstrate your power by the changes and advancements in: technology, finances, internet apps–to name a few. You are already starting to program the world for “future thinking.” Streamlining processes and making things happen with less effort and with the push of a button.
4 Behavioral Truths about Millennial’s Influence in the Next 6 Years
The constant evolution of Millennial’s are forcing Viral figures do in part to… “A New Attitude Towards Life and Business”
1.) They Live Outside the “Norm”
The Millennial generation (Generation Y) has grown up with new technology and can use it in their jobs much better than the older generation can. Blackberry’s, cell phones, iPod’s, internet and streaming are normal to this generation. They like to communicate via text messaging, Facebook and other online technology, often times while occupying the same room or area. The truth is that Millennial grew up using the internet whereas, the rest of the population had to learn it. Therefore, it was ingrained in them like a first language.
Described as ambitious and self-confident, not afraid to ask questions or seek out answers to new challenges older generations label Millennial as demonstrating an Ora of arrogance. They have high expectations and do not hesitate to challenge the “status quo.”
These youths have a different outlook towards work as it has a different meaning to them than it did to their parents and grandparents. They are not interested in hard work like their parents and like to think they spend their life in a more meaningful ways. They do not live to work, yet they work to live. They want more flexibility in jobs, not necessarily working from 9 to 5. Preferring to work from home and take a day or two off arbitrarily to spend with their families.
One study found Generation Y spend about 30% to 70% of their time at home. Totally different than that of older generations. As seen for the rest of the world, those who you work with usually see you more than your own families.
2.) They are more laid back
While baby boomers worked hard and grew up with a company and stayed there for the rest for their lives, Generation Y (Millennial’s) workers do not want to do the same thing their whole life. They expect to change jobs several times, and if they don’t like what they are doing they’ll just do something else or get another job. Loyalties to one job are not important to them.
They are not motivated by the worries that bothered their parents. Many do not think they will they have their own house but will settle for a flat or an apartment, since they do not know if they are going to stay in the same place for very long anyway.
Conflicts at work with this new generation are foreseeable. Some employers are already experiencing trouble and tension between older workers and the millennial generation. Over 70% of the older work force think that this group is too self-confident, inexperienced yet want too much in return for very little. They are said that they are enthusiastic and very motivated about what they do.
As many Generation Y people have paid a lot for higher education they now want to see something in return. They want higher pay for their work. Often times, that means higher pay for less work.
3.) Live Life and Work On Their Terms–Not Yours…
As baby boomers are retiring, companies are seeking to get the best Generation Y workers they can get. They are finding that they must make concessions in order to lure them into a job. Many companies have already adapted to this new generation of laborers, offering: working from home, higher salaries, flexible working hours, and family leave to look after the kids. This method of company adaptation is unthinkable for the older populations of people. Mostly, they grew up on the, “If you want a job, you follow our rules” attitude.
It is also a consumer generation. Millennial’s grew up being flooded with advertisements throughout their lives. Remember, this is a group that has never witnessed recession or mass unemployment, and is not very conservative when it comes to spending money. They like to eat out, buy the newest technical gadgets and travel. Very often they find their bank account overdrawn and in heavy debt. More of a “live for the day” mentality.
4.) Transforming the Way we Live and Do Business
As Millennial’s leverage expectations of push button and gadgets features forward, technology smooths the platform with breakthrough technology to meet the demand. With the pushes towards 5G technology and home automation, Millennial’s are most likely to walk, bike, ride the bus to work, and use apps to pay for any items instead of cash or credit cards.
Millennial’s account for just as many people as the Baby Boomer generation, arguably more. Due to their large size, the Millennial Generation is having a large impact on many industries, of which, the “home security industry” becomes a major player.
This can be seen with the emergence of “smart home automation and security,” and the use of “monthly subscription services” for home security. Similarly, we see Millennial’s cutting the cord to long-term cable provider’s contracts and choosing instead to pay a subscription fee for Netflix, Hulu, or Amazon Prime.
Understanding Millennial’s and Home Security
Smart Home and Automation
It’s very important to understand what makes Millennial’s spend money. One area is technology and gadgets, especially smart home and automated systems. Millennial’s are very tech savvy and will use the cool new smart home devices for their security needs. From smart doorbells, smart locks, thermostats, lighting to connecting to your mobile devices, Millennial’s are more inclined to use smart home devices for their home security systems.
Now, smart home packages are being sold by many security companies with various levels of connectivity and devices. The most popular seller for smart home devices is the video doorbell camera by Ring. The doorbell along with smart lighting, thermostats, and locks can all be connected and controlled by the homeowner’s mobile device. You can check on your home’s security instantaneously either when you are upstairs in bed or over a thousand miles away on a business trip or on vacation. The Video Doorbell Camera by Ring, recently has announced it as #1 by JD Powers.
Millennial’s Thrive on Monthly Subscriptions
Millennial’s Thrive on Monthly Subscriptions Millennial’s love the subscription model like we see with Netflix, Hulu and Amazon Prime. Besides the usual smart home security packages, security companies have moved in to providing (a la carte) home monitoring options. Similar to a Netflix, the subscription model appeals to the younger Millennial Generation that doesn’t want to be tied down to a long-term home security system contract.
While the smart home and monthly subscription model may appeal to the Millennial Generation, it is also appealing to older generations as well. With the ease of use of new technology and mobile devices, the smart home security system can be of interest to the Baby Boomer generation too. Afterall, Millennial’s are responsible for showing their parents how to use all this new technology.
With home security at your fingertips, older users feel more secure knowing their home is safe with the latest technology that brings safety and security only a touch away on their mobile devices.
Today’s millennial’s are slowly becoming homeowners, and those homeowners are turning to home security systems to get the smart home technology they crave. We have all seen how home security and automated systems are jammed packed with buttons, gadgets and apps for smart phones.
According to Fannie Mae, cohort analysis shows that the pace of young-adult home purchases accelerated substantially during the economic recovery, beginning first between 2012 and 2014, and than quickening further from 2016 on.
Evidence Tying Millennial’s to Home Security
There’s evidence that millennial homeowners are increasingly using home security and automated systems – and if they aren’t using it, they’re looking forward to learning how they can. Take a look.
- 41% of millennial’s surveyed state that they are aware of and interested in owning smart home products (source: Inman).
While modern home security is a more proactive way to detect and respond to a wide range of threats and issues to the home, it is also a more advanced way to: save energy, pay less for home utilities, get discounts on insurance, and manage a household – all of which matter to millennial’s.
- 86% of millennial’s would be interested in renting a home if it were already outfitted with smart home technology, as opposed to buying one that isn’t (source: Curbed). The most cost-effective way to implement smart home technology is via a home security system, like the cameras, detectors, and sensors that comprise smart home technology are easily integrated with home security.
- 54% of millennial’s now shop online (source: ComScore). To assure their doorstep packages are secure, young professionals can turn to security systems with smart home technology built in. There are doorbell cameras and smart locks that can be purchased and integrated into the system.
Other Ways Millennial’s Use Home Security
Millennial’s Impact on the Home Security Industry with Viral Growth expected over the next 6 years.
While modern home security is a more proactive way to detect and respond to a wide range of threats and issues to the home, it is also a more advanced way to save energy, pay less for home utilities, and manage a household – all of which matter to millennial’s. When an integrated smart thermostat is included, young homeowners can conserve energy for a greener lifestyle and pay less for electricity and gas.
When they take advantage of remote access to their home security systems, millennial’s can arm and disarm their systems from their smartphones rather than take time to punch the wall keypad before leaving. They can also turn lights on and off, open and close garage doors and check on their security cameras entirely from their phones. For a generation that places a premium on convenience, these are valuable perks.
From $65 billion to $458 billion Market by 2025
Millennial’s are expected to cause a major up-shift in the DIY and self monitored Home Security Industry.
An analysis by Global Home Securities Market indicates that the revenue of global home security market between 2019-2025 is expected to reach $458.6 billion. This is up from a current $65 billion market, and is owed to a growing adoption of various types of traditional and smart security devices in households–Globally.
The result is a booming market, growing and expanding right now through at least the year 2025! Driven by a newer way, a new generation of thinking by Millennial’s. Older generational methods and thinking strategies are being converted into more streamlined products and services “on demand” with push button environments that make life easier. I have always said, there is usually more than one way to get to the end result. Millennial’s offer this solution not by being lazy. But by a new style of thinking and reasoning backed by the largest population of people in any generation yet. This movement has become a viral situation that has forced all others and businesses to “step up their game.”
This new method of thinking will propel the security market upwards and into better, easy to use products that will keep our homes and families safe. Afterall, isn’t that what we really want?
Thanks for reading. This has been a fun article to learn, research and write. I hope you have enjoyed it and please leave any questions or comments below.