38% of Gen Z households with home security monitoring report intentions to cancel security monitoring contract
DALLAS, March 7, 2023 /PRNewswire/ — Parks Associates’ new consumer study Security Monitoring: Business Models, Pricing, Attrition finds that younger households are at higher risk for cancelling their professional monitored security, even as plans to cancel have dropped among all households. The research firm reports that 38% of Gen Z home security monitoring subscribers intend to cancel their contract, while overall, only 17% of those with pro-monitoring report a likelihood to cancel, significantly lower than in 2020, likely due to households not moving.
The research study, available to purchase online, highlights the market expansion due to more self-install and self-monitoring system options. It quantifies and examines security system owners’ preferred business models, preferred price points, and reasons for attrition.
“The end of a contract is a trigger for cancelling professional monitoring subscriptions,” said Elizabeth Parks, President and CMO, Parks Associates. “More than 30% of those who intend to cancel have contracts that will end within two years. Early cancellation penalties may keep subscribers on the plan, but consumers are increasingly opting for home services without contract terms. The video services market, for instance, has been upended by streaming services with no contract terms. Providers must not wait until the end of a contract to reach out to retain subscribers with new, more flexible options.”
Security Monitoring: Business Models, Pricing, Attrition, a consumer study of 10,000 US internet households, addresses the adoption of pro-monitoring and self-monitoring services, reasons for cancellation, incentives to retain subscribers, and levels of interest in new services. The research firm will address the growth of the security market at its 27th annual CONNECTIONS conference, held May 23-25 at the Omni Frisco Hotel in Friso, Texas.
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Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, Smart Spaces: Apartments, Hospitality, and Community Living, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates