17 January 2017
Affluence & Home Technology
From the Observation Deck
No question high-end homes are getting more and more technology to serve their owners lifestyle. We thought it might be interesting to share some observations gleaned from our data and Facebook demographics.
Who is buying?
The major purchases are Summit Estate families (younger with kids) and the Established Elite (mature, no kids) representing over 60 percent of the top-buying group. These buyers have $2MM+ net worth and occupy homes over 4,000 sq. ft. and tend to spend over 3 percent of the home’s value on custom electronics and system related amenities.
What Are They Buying?
Lighting, shades, house-wide audio, managed networks, high-performance video/TVs and serious audio listening systems lead the way in client preferences. Their purchases include both inside and outside of the home sub-systems.
More About Them
These buyers are luxury buyers who support several luxury brands in their lifestyle. They understand the good life and it’s reflected in their homes, cars, restaurant choices, watches, jewelry, fine wines, clothing choices, hobbies, travel destinations, and the schools they select and the friends they keep.
Most of these homes are well into the seven digit home value and are 3 to 7 times the average Facebook demographic on home value. There is a very high likelihood that they own a luxury SUV; over 80 percent of this buying class does.
Their purchases are likely to have an influence on their social and business circle albeit that each system is truly personalized for this class of buyer. Many will purchase a second and third system for other properties they own.
Our data suggests that there may be as many as 30,000 client purchases over $100,000 each year in the U.S. alone.