Wearable Electronics in Sweden

PROSPECTS

Health and wellness trend underpins smart wearables’ performance

The smart wearables category benefits from increasing interest in all health and wellness issues among Swedish consumers. Swedes are increasingly adopting healthier lifestyles, with a growing number of people taking a more holistic approach to health and wellness, focusing on spiritual and mental wellbeing, as well as physical health.

Apps increasingly appeal to health-conscious consumers seeking solutions

An underlying driver for wearables is the interplay between the rising health concerns of consumers, and the ability of such devices to track personal well-being in a way that can be measured, easily understood, and acted upon. For example the Fitbit Ace 2 launched in 2019 is designed to encourage healthy activities and habits with family and friends among children aged 6+.

Payment functionality also key to smart wearables’ appeal

Total volume growth in the category is underpinned by growing consumer awareness, a widening brand and product offering, and the growing functionality of products available. In addition to measuring activity levels in line with the health and wellness trend, payment possibilities, especially in the context of Sweden’s advanced moves to a cashless society, also represent an important direction for smart wearables.

COMPETITIVE LANDSCAPE

Garmin erodes Apple’s lead by offering products with specific positioning

Apple remained the leading player in wearable electronics in 2019, but saw a notable decline in its volume share. The Apple brand enjoys a very good reputation in Sweden, with consumers regarding Apple products as technically advanced, innovative, high quality and stylish, leading to strong brand loyalty.

Fossil gains share by offering style over novelty

Fossil also saw notable growth in volume share in 2019. This was due to continuous broadening of brand and product offering, coupled with expanded distribution to include electronics and appliance specialist retailers.

Samsung sees share boosted by new product launches

Samsung also saw a share gain in 2019, targeting niche growth with the March 2019 launch of Samsung Galaxy Watch Active. This product aims to tap into the growing consumer focus on health and wellbeing, and is designed to help users realise their health goals.

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