Table of Contents
Executive Summary
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- The issues
- Many consumers find no use in wearable technology
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- Figure 1: Reasons for not owning wearable technology, September 2018
- There’s a limit to what people want in wearable technology
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- Figure 2: Interest in wearable tech features, September 2018
- The opportunities
- A sizeable share of consumers own some sort of wearable tech
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- Figure 3: Wearable technology owned, September 2018
- Active lifestyles and exercise play a major role in the wearable tech market
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- Figure 4: Wearable tech owned, by physical activity in the past month, September 2018
- Tracking physical activity is the top reason for owning wearable tech
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- Figure 5: Reasons for owning wearable technology, September 2018
- What it means
The Market – What You Need to Know
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- Capitalizing on an aging population
- The high risk of heart disease
- Positioning wearable tech as technology or exercise equipment
- Availability of mobile payments makes wearable tech more valuable
- Encouraging consumers to use discretionary funds on wearable tech
Market Factors
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- Capitalizing on an aging population
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- Figure 6: Canadian population aged 70 years and older, 2000-17
- Figure 7: Echo Spot – Be Together More, April 2018
- The high risk of heart disease
- Positioning wearable tech as technology or exercise equipment
- Availability of mobile payments makes wearable tech more valuable
- Encouraging consumers to use discretionary funds on wearable tech
Key Players – What You Need to Know
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- Social media apps are helping drive demand for wearable tech
- Smart headphones are becoming the norm
- Tech, GPS and fitness companies are competing in wearable tech
- Finding the balance between function and style
- Wearable technology will converge with the smart trend
- Wearable technology has potential far beyond what’s now available
What’s Working?
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- Social media apps are helping drive demand for wearable tech
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- Figure 8: Summit Features: Advanced bear defense, August 2018
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- Figure 9: Apple Watch Series 4 – Better You – Apple, September 2018
- Smart headphones are becoming the norm
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- Figure 10: Hesh 3 – Wireless Perfection – Skullcandy, September 2017
Challenges
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- Tech, GPS and fitness companies are competing in wearable tech
- Finding the balance between function and style
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- Figure 11: Explore Fossil Q Hybrid Smartwatch Features, May 2017
What’s Next?
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- Wearable technology will converge with the smart trend
- Wearable technology has potential far beyond what’s now available
The Consumer – What You Need to Know
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- Wearable technology usage and interest
- Role of exercise and lifestyle in wearable tech
- Barriers to purchase of wearable technology
- Purchase drivers for wearable technology
- Demand for non-activity tracking features
Wearable Technology Usage and Interest
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- A sizeable share of consumers own some sort of wearable tech
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- Figure 12: Wearable technology owned, September 2018
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- Figure 13: Type of smartwatch owned, by age, September 2018
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- Figure 14: Type of smartwatch owned, by gender, September 2018
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- Figure 15: Wearable technology owned, by age, September 2018
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- Figure 16: Vinci 2.0 – World’s First Standalone Smart Wireless Headphones, January 2018
- Figure 17: iPhone 7 + AirPods – Siri – Apple, January 2017
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- Figure 18: Wearable technology owned, by income, September 2018
- Wearable tech is not capitalizing on the interest it has created
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- Figure 19: Wearable technology owned, August 2017 vs September 2018
Role of Exercise and Lifestyle in Wearable Tech
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- Active lifestyles and exercise play a major role in wearable tech market
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- Figure 20: Physical activity in the past month, September 2018
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- Figure 21: Wearable tech owned, by physical activity in the past month, September 2018
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- Figure 22: Wearable tech future purchase intent, by physical activity in the past month, September 2018
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- Figure 23: Wearable tech is a great gift, by physical activity in the past month, September 2018
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- Figure 24: Number of wearable tech device types owned, September 2018
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- Figure 25: Physical activity in the last month, by number of wearable tech device types owned, September 2018
- Investigating the kinds of exercise consumers engage in
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- Figure 26: Physical activity in the last month, by gender, September 2018
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- Figure 27: Physical activity in the last month, by age, September 2018
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- Figure 28: Own wearable technology, by physical activity in past month, September 2018
Barriers to Purchase of Wearable Technology
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- Many consumers find no use in wearable technology
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- Figure 29: Reasons for not owning wearable technology, September 2018
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- Figure 30: Reasons for not owning wearable technology: no use for it, by physical activity in past month, September 2018
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- Figure 31: Wearable tech ownership vs reason for not owning, by gender, September 2018
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- Figure 32: Wearable tech ownership vs reason for not owning, by age, September 2018
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- Figure 33: Apple Watch Series 4 – How to Use Emergency SOS – Apple, September 2018
- Price is a major hurdle for wearable technology
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- Figure 34: Reasons for not owning wearable technology, by age, September 2018
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- Figure 35: Reasons for not owning wearable technology, by income, September 2018
- Other mobile devices are potential competition for wearable tech
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- Figure 36: Reasons for not owning wearable technology: other devices can do the same things, by age, September 2018
Purchase Drivers for Wearable Technology
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- Tracking physical activity is the top reason for owning wearable tech
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- Figure 37: Reasons for owning wearable technology, September 2018
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- Figure 38: Reasons for owning wearable technology, by gender, September 2018
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- Figure 39: Reasons for owning wearable technology, by age, September 2018
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- Figure 40: Interest in wearable tech features, September 2018
- Gifting plays a major role in the wearable tech industry
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- Figure 41: Reason for owning: it was a gift, by household composition, September 2018
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- Figure 42: Expect to buy wearable tech in the future, by reason for ownership, September 2018
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- Figure 43: Don’t use devices as often as when I first got them, by reason for ownership, September 2018
- Distinguishing health tracking from activity tracking
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- Figure 44: Interest in wearable tech features, by age, September 2018
Demand for Non-activity Tracking Features
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- Consumers are interested in wearable tech that replicates smartphones
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- Figure 45: Interest in wearable tech features, by gender, September 2018
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- Figure 46: Interest in wearable tech features, by reason for ownership, September 2018
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- Figure 47: TURF analysis: interest in wearable tech features, September 2018
- There is a limit to what features people want in wearable technology
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- Figure 48: Interest in wearable tech features, September 2018
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- Figure 49: Interest in wearable tech features, by age, September 2018
- Consumers are practical about what they want in wearable tech
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- Figure 50: Importance of wearable tech factors, September 2018
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- TURF analysis
- Abbreviations and terms
- Abbreviations
- Terms
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