Wearables market value researched

With the launch of the highly anticipated Apple Watch looming, research analysed by experience agency Fizz* has found that almost half of Britons are willing to spend £111 on a newly launched piece of wearable technology, equating to £35 million** across the UK adult population.

Online research proved to be the most common way people learn about the products, with two in five (41 per cent) opting for this method, followed by recommendations from friends and family (32 per cent) and social media reviews (23 per cent), before ultimately purchasing in-store.   The importance for retailers to invest in their in-store offering and online presence was highlighted further, as the ability to touch the product or try it on is cited as the top reason why consumers are more likely to buy a piece of wearable technology in-store (41 per cent). This is closely followed by in-store demonstrations explaining how the product works (31 per cent) and expert knowledge from the retail assistant (28 per cent).

Wearable technology that helps people get fit is the most desired, with over half (53 per cent) saying they would like to invest in this. This is followed by wearable technology to alter style and appearance (27 per cent).

The report also found that despite nearly half of consumers (48 per cent) saying they have heard of the Apple Watch, which is rumoured to launch early this year, only one in five of these people (21 per cent) know how it will work and what it can be used for. Similarly, even though a third (33 per cent) of consumers have heard of Sony’s SmartWatch, only 16 per cent of these people know what the product does.

Jill Pinner, chairman and founder of Fizz Experience, said: “There is huge growth predicted in the wearable technology sector in 2015 with some big launches planned. Considering how new the concept of wearable technology is to the general public it is extremely encouraging to see three quarters of Britons wanting to invest in a piece of wearable technology. There is a big opportunity for brands, especially in the health and beauty sector, to meet consumer demand, and for retailers of wearable technology to invest in their in-store experience and online presence as they play a fundamental part in the customer’s route to purchase.”

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*Survey  carried out by OnePoll. 2,000 adults in the UK were surveyed online between  2nd and 10th February 2015
** Figures for UK adult population  taken from ONS 2014