Smartwatch Popularity on the Rise

Last Edited: December 30, 2015 | Published: December 30, 2015 by

Smartwatch Popularity on the Rise

Smartwatches have been slow to take hold of consumers, there is no doubting that.  Still, it seems that consumers are coming around and the popularity of the smartwatch is now rising, with many experts believing they could begin to cannibalize from other watch markets for their sales.

According to a report from Mintel, only one in 20 Americans currently own a smartwatch.  That’s about 6 percent for those of you that are counting.  However, the demand is growing with one in four consumers in the United States buying a watch in the past year.  This represents a “significant potential” for the smartwatch sector as more and more consumers become interested in the smartwatch.

According to Diana Smith, a senior research analyst of retail and apparel at Mintel, many consumers who purchase jewelry and watches do so to treat themselves, and they shop for these items and many different places.

“Purchase rates from jewelry stores were identical to those from jewelry departments, indicating the level of competition traditional jewelers face,” Smith tells Marketing Daily. “They are in a prime position to extend this notion of ‘treating oneself’ even further by creating VIP experiences in-store and online. This could include offering educational classes, allowing consumers options to customize their items, or extending special deals in return for loyalty.”

The survey also revealed that they consumers are turning to other channels such as online to do research and even purchase their products.

“Options could include offering live chat assistance or a personal shopper who will help make suggestions for gifts or help to pair jewelry with outfits, or vice versa,” Smith says.

Today, about 13 percent of watch-buying consumers bought a watch with advance technological capabilities, while 9 percent bought one for another, specific reason such as running or even diving.  Today, almost one in every five men use a sport watch or a smartwatch while three in ten women own one as well.

“However, while more men than women purchase watches overall, opportunity for smartwatch purchases lies with women who view the devices as helpful tools that can aid in managing their health,” Smith says.

So what does all this mean for the world of smartwatches?  It means there is a huge potential for growth over the coming year.  As more and more people begin to see the potential to be found in the smartwatch, you can expect to see this market grow, and maybe even grow quickly.  When will this happen exactly?  No one knows for sure, but it some ways it has already begun, and other watch makers should be careful or their market share could be reduced for one of these gems with a touchscreen.

If there is one thing that is certain, smartwatches aren’t going away any time soon and you can expect to see even more released on the market in the coming months and years.

What do you think?  Do you think the smartwatch represents the next evolution of a staple piece of jewelry many of use wear on a daily basis?  Of do you think it is just a fad?  Let me know what you think in the comments below.

 

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