Taking It Outside
- In 2016, overall market was valued at $176 million and is expected to reach $295 million by 2022. Includes both wired and wireless devices
– Audio equipment: home theaters, audio systems, home radios, sound bars, headphones, etc.
– Video devices: TVs, DVD and Blue Ray players, projectors, DVR, streaming devices, gaming consoles
- Karaoke is back!– Retail sales value of karaoke machines was $17.63 million in 2018, up from $12.76 million in 2012
- Smart Home market reached $12.5 billion in 2017 and is expected to grow 15% annually through 2023. Entertainment and home controls accounted for the largest share of the smart home market in 2017
- Traditional yard games–Outdoor and sports toys sales totaled $4 billion in 2018, up from $3.04 billion in 2013
Global residential market is expected to see a CAGR over 4% to 2024. Growth attributed to surging demand for garden spaces and growing trend of socializing and get-togethers across age groups. – MarketWatch 3/9/19
Beyond just providing physical light, outdoor LED lighting is now designed to provide visual comfort, shift in color temperature, and controllability – Outdoor LED lighting market is expected to register a CAGR of 14% from 2018-2023. – Mordor Intelligence
Hammocks swing into popularity
2016 hammock sales increased 30% to $53.8 million (NPD Group Inc.) The global hammocks market is expected to grow at a CAGR of 17.45% during the period 2017-2021.
Propane gas fuel vs. wood, fire pit tables, outdoor kitchens, and pizza ovens are trending.
- 72% of 23 to 40-year-old consumers consider owning a home a top life priority ahead of traveling the world, getting married and having kids
- Millennials account for 37% of all recent home buyers– Younger Millennials (1990-1998) 11% and older Millennials (1980-1989) 26%
- 40% of Millennials owned a home in 2018, up from 26% in 2016. Fewer Millennials are living at home – down from 30% to 16%
- 41% of Millennials opt to buy in suburbs vs. cities. 38% now live in the ‘burbs vs. 37% in major metros
- “Surban” is the new suburban–a location that blends urban and suburban lifestyle benefits
- The suburbs attract Millennials from both urban areas for better quality of life, and rural areas for a country lifestyle that feels less isolated
- Millennials are more likely than older consumers to see the home as a place to socialize and gather
- 40% of Millennials say it’s important that their home has a garden or other outdoor living space
- Millennials account for 5 million of the country’s 6 million new gardening households
- 47% say they entertain in their yards at least once a month
- 57% say they use their yards for recreation at least monthly
- 77% report relaxing in their yards at least once a week
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