Wearable devices are currently the latest technology trend. Manufacturers from different industries of fashion, sports and technology have launched many new products on the market. Recent surveys conducted by GfK in China, Germany, South Korea, the United Kingdom and the United States show that consumers will first consider buying products from well-known brands. In most countries that receive surveys, activity trackers are primarily used to manage fitness programs; the main applications of smart watches are in monitoring and recording sports activities, sleep patterns, and health. Potentially, this is a challenge for manufacturers producing “pure†activity tracking equipment.
Smartphones have become a part of people's daily lives around the world. People carry and communicate, get information and entertain at any time and place. Wearables bring the relationship between people and technology closer, and their innovations are reflected in smart watches, fitness arms and data glasses that are commonly used with smartphones.
Activity Tracker: Buying standards vary from country to country
The activity tracker is designed to monitor and display health and fitness data, from running mileage, calorie consumption to heart rate and sleep quality tracking. These electronic monitoring devices record the wearer's activity and wirelessly transmit the data to a computer or smartphone for evaluation. GfK surveys show that consumers have different applications for this technology. Consumers in Germany, the United Kingdom and the United States regard fitness monitoring as the most important application, while Chinese consumers believe that recording health data is paramount. Korean consumers believe that their most concerned about personal fitness, health and sleep data.
The countries surveyed also have different opinions on the primary purchase criteria. In Germany, 30% of respondents who regard the compatibility of smartphones with other devices as the most important purchase standard; 20% believe that price is the key factor; and accuracy is 15% of the primary standard. In China, compatibility is the most important factor (19%), followed by accuracy (17%). But 16% of Chinese consumers believe that brands are the deciding factor in motivating them to buy products. In the UK, 28% of consumers believe that the price of the activity tracker is the most important factor in their decision to make a purchase. The second and third place are compatibility and accuracy, 20% and 11% respectively. The situation in the United States is similar, with prices ranking first (27%), followed by compatibility (17%) and accuracy (13%). In South Korea, compatibility is considered to be the most important factor (19%), and price and user friendliness rank second (both 17%).
Activity Tracker: Technology brand outperforms sports brand
There are manufacturers from different industries who are producing activity trackers. Among the participating countries, well-known technology companies have great market opportunities. In South Korea, for example, 69% of consumers said they would prefer the brands of these well-known technology companies when they buy products, 54% in China, 51% in Germany, 47% in the UK, and 42% in the US. The second is the sports brand, but there is a gap with the first. The biggest sales space for sports brands in the United Kingdom and the United States, about one-third of the respondents in the two countries expressed preference for sports brands. Although the proportion of China and Germany is relatively small, nearly 30% of consumers indicate that sports brands are very popular, compared with 17% in South Korea. Sports brands are especially popular among young target groups. The study shows that the market for activity trackers from professional technology brands, fashion and luxury brands has limited market space.
Smart Watch: Activity Monitoring is the preferred app
Compared to the activity tracker, smart watches are more widely used. Depending on the model, these watches can be used to make calls or as navigation devices, and some watches also allow users to access the Internet, record sports activities and healthy data. According to GfK research, consumers in all participating countries consider these to be the main application areas for smart watches, and this makes smart watches a true competitor to pure activity trackers.
In Germany, a quarter of respondents believe that capturing sports, health and fitness data is the most important application, followed by more traditional time display (20%) and making calls (11%). In the UK, the most mentioned applications are monitoring activities and health (28%), followed by traditional watch functions (15%) and smart watch GPS functions (10%).
For Chinese consumers, the top priority in the application category is activity monitoring (35%), followed by the phone function (16%), and the third is the GPS function (11%). US consumers believe that the most important applications are also explicitly directed to activity monitoring (29%), followed by traditional watch functions (13%), followed by weather forecast, notification and newsletter applications (10%). Korean respondents indicated that their primary application was activity monitoring (27%), the second was telephony (21%), and the third was application usage (11%).
Smart watches: price is the most important purchase standard
In addition to China, the price of smart watches is considered to be the most important purchase factor in other participating countries. The function is ranked second in most countries, and the function of monitoring and displaying activity and health data ranks third. The difference is that Chinese consumers believe that the accuracy of smart watches is the most important factor, followed by activity records and brands. In this respect, the survey results clearly reflect the great interest of Chinese consumers in branded products...
All respondents preferred the branded smart watches produced by well-known technology companies as the first choice and were far ahead of the second-ranked sports brand. Luxury brands from the fashion and watch industries will have great market potential in China.
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