Vietnam has continued to experience a rise in living standards and increased disposable income in 2019. As a result, this is leading to increased health-awareness, with more Vietnamese people looking to actively monitor their bodies during daily activities or during workout sessions.
Wearable electronics is experiencing slower volume growth in 2019 compared with 2018 due to the limited consumer base for these products. Only middle- and high-income consumers have the extra budget to purchase wearable electronics, while low-income consumers see these products as an unnecessary luxury, despite the average unit price falling over the last two years.
The main consumers of wearable electronics are the younger population. Players in the category have been focusing on this group and have introduced stylish and trendy products to attract the interest of these consumers.
Xiaomi Corp has retained its leading position in wearable electronics in 2019 thanks to its popular Xiaomi Miban range. Xiaomi Corp is only present in activity wearables.
Samsung Vina Electronics Co Ltd and Apple Inc compete directly for sales of premium devices among the high-income segment. While Samsung has to some extent been active in marketing campaigns, Apple has not engaged in this regard in Vietnam, which is perhaps why Samsung has the higher volume share overall in wearable electronics, though Apple performed well in smart wearables in 2019.
As the category has become bigger, Thegioididong and its competitors FPT, VienthongA, CellphoneS and others have responded by providing dedicated space to wearable electronics in their stores. Activity watches have received the biggest area quota in these prominent local retailers.
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Discover the latest market trends and uncover sources of future market growth for the Wearable Electronics industry in Vietnam 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.