Affluent People Are More Likely To Own These Household Items

The affluent have a number of traits that differentiate them from lower-income individuals, such as constantly seeking a sense of control, valuing their time above all else, and always being on the lookout for knowledge. However, affluent people are also known for some of their materialistic pursuits. While there are assets that symbolize "upper class" status, such as having funds beyond emergency savings, affluent people are also known for their love of smart home tech. 

Of course, smart home tech is generally popular across the U.S, with about 69.9 million American consumers already expected to own a smart device like the Amazon Echo, per ElectroIQ. However, the affluent class likes to step things up even further in terms of their desire for automated and customized household items. In fact, the "smartness" of the devices gets more extreme the higher you go on the net worth scale; for example, Oprah Winfrey's driveway is smart enough to melt snow by itself (thanks to an intelligent radiant heat system)!

Smart home devices can be connected to the Internet, automated, and controlled remotely. They include equipment such as smart doorbells, security cameras, entertainment speakers, lighting, and thermostats. Oftentimes, all these devices are integrated via a central hub to create a fully functioning intelligent home. These devices offer convenience, security, and efficiency to homeowners. Since the affluent are particularly concerned about these benefits, it comes as no surprise that they own a lot more of these gadgets.

Cost is a huge barrier to adoption of smart home devices. The affluent class already has a big advantage in this regard. But what particularly attracts the affluent towards smart gadgets is the personalization these products offer. For instance, with a simple "good morning" command, you can automate features like lighting, temperature control, as well as your TV to the right morning schedule, customized to your preferences. 

Operating security systems and door locks is also a breeze with smart devices. With features like facial, speech, and even behavioral recognition, smart security systems offer the rich a more secure home. Moreover, spending money to buy time is a subtle sign of wealth, and rich people like automating mundane, routine chores — such as making coffee with smart coffee makers — and thereby saving time for more important tasks. 

While affluent people like investing in extravagance, such as smart security gadgets that blend with their surroundings and state-of-the-art smart lighting, they don't shy away from using smart devices to manage their health and wellness either. Products like smartwatches and fitness trackers allow users to stay on top of their health in real time, while devices like AI-powered sleeping mattresses ensure sleep quality by making adjustments based on sleep metrics. That said, the rich are also extremely conscious about their privacy and prefer brands that do not carry the risk of data leaks.

While the rich may not spend money on things like the latest vehicles, they are more than happy to test new tech in their homes. "Affluent households are far more likely to become early adopters of new technology than the average consumer, and smart home systems are no different," Winnie Bekmanis, of Qualcomm, told Business Insider. In fact, according to Precedence Research, the entire smart home market is expanding at a rapid pace. While it stood at $80.45 billion in 2022, the market is all set to reach $581.85 billion by 2032, growing at 21.88% CAGR during the decade. Being early adopters of advanced tech, affluent consumers risk the product becoming obsolete in return for the prestige of being the first to try them and offer feedback. They are also willing to pay a higher cost and endure issues that are resolved in later, improved versions of the product.

For the ultra-rich — especially for the wealthy "tech bros" — AI-powered smart home systems are more than just utility and convenience; they are becoming new status symbols. Paul McClean, luxury home developer and founder of McClean Design, told the Daily Mail that "Our style attracts the type of young entrepreneur, or 'tech bro' that is interested in refined modern architecture, but with all the bells and whistles." Homeowners are willing to shell out anywhere from $30 million to more than $100 million for homes that adapt to their preferences. The artificial intelligence technology employed in such homes gathers data pertaining to the daily routines of the owners to automatically regulate features like smart lighting, temperature controls, baths, washing machines, refrigerators, and even kitchen sinks.