Home and Technology Our insights capture shifts in consumer lifestyles and themes impacting the global home and technology markets, including new business models, sustainability, innovation and the future home.

Vanity is Driving Sales of Wearables

5/11/2016
Wee Teck Loo Profile Picture
Wee Teck Loo Bio
Share:

Sales of wearable electronics are projected to exceed 300 million units in 2020. With Apple Inc launching the Apple Watch in 2015, the wearable electronics market cemented its status as the hottest electronics device. Fashion companies are also jostling to enter the market as these companies seek untapped market for growth.

Fashion conscious

Passive wearable electronics are often equipped with fitness tracking functionality and attractively priced, offering users a low entry to wearables. Other than health-related benefits, passive wearables are also worn as a fashion statement, influenced by celebrities and business executives. Apple’s CEO, Tim Cook, was often seen wearing a passive wearable (Nike’s Fuelband) before Apple launched its Apple Watch, an autonomous wearable that also incorporates fitness tracking functionality.

Looking affluent

A global survey of 16,300 online consumers revealed that many of these consumers are eager to try out new products and services (64%). The perception of doing well also ranked highly, along with the consumers’ preference for branded goods. Sales of affordable real jewellery are also skyrocketing as consumers want to look good (affluent) in front of others without paying high prices.

Vanity

Source: Global Consumer Trends Survey 2015 results

Note: A look at the values and priorities of online consumers worldwide. Results are drawn from around 16,300 online consumers ranging in age from 15 to 65+ and living in nine major markets: Brazil, China, France, Germany, India, Japan, Russia, the UK and the US.

Critically, wearable electronics are priced attractively and priced similar to mid-range watches and yet, attract considerably more attention from other people due to their novelty factor. Indeed, wearables offer consumers an affordable way to show off to others and yet, offer a wide range of functionalities ranging from fitness tracking to quick response to messages and email notifications.

What’s next for wearables?

The always-on-hand nature of wearable technology does confer certain advantages over handheld devices such as tablets and smartphones. While it is easy to forget or misplace a phone, wearables are typically worn on the body, which guarantees instant access. As sales of wearables explode, manufacturers will launch products that fulfil specific functions and consumer demographics and needs, thereby creating a diverse range of products. The appeal of wearables will evolve beyond a technology product intended for the tech-savvy consumers which would limit sales of wearables. Wearables are increasingly becoming fashion accessories and thereby, increasing their reach to a completely different consumer demographic - the same group of consumers who are willing to splurge on branded handbags and shoes. Other than vanity, there are other factors that will be driving the strong growth of wearables as detailed on the global briefing (Wearables as Fashion Accessories).

Interested in more insights? Subscribe to our content

Latest Insights

Tissue World Magazine Virtual Conference

Euromonitor International 20 September 2021

Domestic Hygiene in Developing Markets

Anjali Jain 07 September 2021

Shop Our Reports

Afh Tissue: Global Business Dynamic and Demand

The global AFH market saw a weak performance during 2020 and 2021. The coronavirus (COVID-19) pandemic forced consumers to stay in their homes and reduce the…

View Report

Traditional Toys in Asia Pacific

Before the pandemic, Asia Pacific was fastest growing traditional toys market with significant room for growth due to the low spending per household on…

View Report

Voice of the Industry: Consumer Electronics 2021

This report surveyed industry experts on how they are trying to reinvent the business and shared their plans to move production away from China.

View Report
Passport Our premier global market research database with detailed data and analysis on industries, companies, economies and consumers. Track existing and future opportunities to support critical decision-making across all functions within your organisation Learn More