Smart wearables continued to record impressive retail volume growth in Hong Kong in 2019, while still recording an increase in unit price as the category moved towards premiumisation in the country. New models of smart wearables now have longer-lasting batteries, while offering more specific functions such as greater waterproofing capabilities appealing to divers.
Activity watch (analogue) is a niche within wearable electronics in Hong Kong, with a high unit price discouraging many consumers who would rather make the extra investment in a smart wearable for greater functionality. After its entry to the country at the end of 2016, its first full year of sales resulted in impressive retail volume growth in 2017; however, the initial hype surrounding the product was short-lived with sales growth significantly slowing towards the end of the review period.
With a wide price range of wearable electronics that offer varying degrees of functionality, demand for activity bands continued to wane, leading to further decline in 2019. Local consumers are willing to pay more for a premium smartwatch rather than wearables that offer a single function of tracking footsteps.
While retaining its lead of smart wearables in 2019 in Hong Kong, Apple Watch continued to feel pressure from its close competitors Samsung Gear and Garmin, as the leader lost some retail volume share. Apple implemented a policy that required all smartwatch apps to be developed in a native standalone manner, forcing all app companies that wanted their products to be compatible with the Apple Watch to redevelop their application on the new watch platform from scratch.
Despite the negative publicity surrounding its smartphones regarding the Google ban and US trade war, the brand’s performance within smart wearables remained unaffected in 2019, with Huawei Watch recording a strong performance after its initial entry to Hong Kong in 2018, recording double-digit retail volume growth. The latest line from the brand, Huawei Watch GT runs on Lite OS, and is not dependant on the Google OS or app store.
With dwindling retail volume share from 2017 and declining sales from 2018, LG took the decision to remove its product from the market due to low popularity, halting production. The brand has struggled to find a relevant audience as it was forced to compete with the high functionality of the leading brands, while smaller brands offered affordability.
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Discover the latest market trends and uncover sources of future market growth for the Wearable Electronics industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Consumer Electronics market research database.