When technology meets vanity: the burgeoning wearables market

Sales of wearable electronics are projected to exceed 300 million units in 2020. Since Apple launched its Apple Watch in 2015, the wearable electronics market has become one of the hottest in electronics. Fashion groups are jostling for untapped sources of growth.

"Priced similarly to mid-range watches and yet, wearable tech attracts considerably more consumer attention due to their novelty factor."
Wee Teck Loo, Author at Euromonitor International

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.

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A global survey of 16,300 online consumers revealed many of these consumers are eager to try out new products and services (64 per cent). The perception of doing well also ranked highly, along with 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.

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

You can read Euromonitor International’s full article here.

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The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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