Revolutionary smartwatches have changed the way we view watches forever and have made a significant impact on how we live our lives today. Over the years, smartwatches have gone from futuristic novelty items with basic analogue designs, transforming into flashy, super-high-tech products today. In addition, the smartwatch has allowed significant-tech brands to enter a market they never thought possible, the fashion industry.
Today there is a wide variety of warbles on the market with a broad choice and saturation at nearly every end of the market. However, wearables have become considerably better, and the popularity of smartwatches has given birth to some incredible designs featuring sophisticated technology. The smartwatch market shows promise, and wearables have become markedly better over time in size, performance, battery life, and durability.
(Image Source: Statista)
The popularity of smartwatches means that today, many own one. A study conducted by Pew Research in January 2020 found that one in five adults in America uses a smartwatch fitness tracker to gain insights into their health and fitness levels. In addition, consumers have become increasingly conscious of their health, especially after the pandemic, which has also prompted many to purchase a smartwatch.
Revenue for smartwatches is expected to grow globally and did so by 20% between 2019 to 2020. The market is unsurprisingly expected to increase 14.5% between 2019 and 2024. These increases show their popularity year after year, which means they must be doing something right. Smartwatches are slowly moving out of the tech arena and into the fashion world.
Smartwatches have undergone a significant transformation. Big tech companies like Apple and Samsung, who produce the tech, have found a lucrative gap in the market, collaborating with brands to make smartwatches more fashionable. They have realised smartwatches are more than tech worn on the wrist; now, fashion is just as important of a feature as the tech inside.
Collaborations between high-end luxury brands like Hermes, Dolce & Gabbana and Armani have pushed smartwatches into a new market space. Partnerships with sports brands like Nike with sweat resistant bands have also helped reinforce the use of a smartwatch while playing sport or working out, allowing smartwatch producers to make the best of both worlds. In addition, tech companies have recognised early that there is an appetite by fashion-conscious shoppers who want all the features of a smartwatch but housed in an elegant and stylish bezel which make it look anything but techy.
Design and features are some of the most significant ways brands in the smartwatch market define themselves. Watches are no longer regarded as a status symbol or luxury accessory, which is one of the reasons fashion houses with little or no expertise are now major players in the smartwatch market, making smartwatches a fashion symbol.
(Image Source: Statista)
Watch faces also help to diversify the market and create personalised fashion. The array of watch faces available to users to match their preference, and interchangeable straps offers a combination of diversity. In addition, consumers have the opportunity to personalise their watches on a daily basis to match their exact style, which again makes it more appealing as a fashion accessory. The level of customisation is almost unlimited, and the ability to tweak the design to match personal taste is how fashionistas can express themselves, making the smartwatch the epitome of fashion today.
Smartwatches and the materials they are made of must also be paid close attention to. To enter the fashion industry, not only does the technology need to be cutting edge, but the fabrics and materials must also be appealing, making smartwatches more sought after. Most fashion labels used decorative metals such as gold, silver, and rose gold, which has helped smartwatches attract the eyes of the fashion industry. As a result, they now produce smartwatches on trend with the fashion industry.
However, many argue that smartwatches are only surviving because they rely on fashion brands to carry them across the board to a wide range of consumers. The fashion industry is a more natural fit for smartwatches as, although they are loaded with tech, watches have always been a fashion staple. In addition, adding tech to smartwatches has helped to tap into a younger audience. So others argue, if it weren’t for smartwatches, the younger generation wouldn’t be as interested in watches as they are now.
On a larger scale, despite efforts from both the tech and fashion industries to push smartwatches, the wearables market continues to slow down.