Wearable Electronics in Venezuela

PROSPECTS

Wearable electronics are still in the introductory phase of their lifecycle

As much as Venezuelans like cutting-edge technology and are early adopters of new products, high prices and supply shortages are forcing them to change this long-established consumption pattern. Venezuelans are finding it increasingly difficult to gain access to the most modern equipment, as companies are managing their portfolios prudently by bringing to the country their most-popular products, venturing little into new items.

Status could help maintain sales over the forecast period

One feature that is both a positive and negative trait of wearable electronics is their exposure. Venezuelan consumers still purchase some electronic products for the pleasure of receiving a boost of status leveraged from a brand’s prestige – this is particularly true for Apple products – but for the same reason, thieves are keen to get their hands on them.

Who buys activity wearables in Venezuela?

Whilst consumers had used portable media players for fitness purposes, many have migrated to smartphones that offer many applications, such as the one by Nike for running and virtual training in order to manage the progress of exercise routines. As of 2018, it looked unlikely that fitness-orientated wearable electronics would displace portable media players or smartphones; however, buyers of activity wearables may not be only young people but also middle-aged or mature consumers with a renewed interest in health and outdoor activities, such as well-known marathons and half marathons including Marathon CAF and Caracas Rock, amongst others.

COMPETITIVE LANDSCAPE

Sales of smart wearables are dominated by Samsung and Apple Watch

Sales of smart wearables are dominated by Samsung and Apple Watch, which accounted for nearly three quarters of all volume sales in 2018. Activity wearables is a less concentrated category with a stronger presence of sports-related brands, such as Bowflex and Skechers.

Advertising is absent

As of 2018, there was no advertising of wearable electronics in Venezuela, as items were often out of stock given the restrictions on imports. As wearable electronics are in their infancy, as of 2018 there was yet to be a record of penetration rates and replacement cycles.

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