Brits ready to spend 111 pounds on wearable tech

Tuesday, 10 March 2015
With the launch of the highly anticipated Apple Watch coming next month, experiential agency Fizz has found that almost half of Britons are only willing to spend 111 pounds on a newly launched piece of wearable technology, way below the 299 pounds asking price for Apple’s new device.

The research, carried out by One Poll for Fizz, notes that the potential spend equates to around 35 million pounds across the UK adult population, while also showcasing that consumers still lack the appetite for wearable tech, with 37 percent of those surveyed stating that they didn’t see the need for it, and 26 percent adding that they would only buy a piece if it wasn’t “too expensive”.

15 percent also claimed that wearables sounded like a “fad”; while on the other hand 24 percent said that they would buy a piece of wearable technology because they sound “useful”, and 6 percent were on board because they look “really fashionable”.

Consumers will embrace wearables if not “too expensive”

Online research proved to be the most common way people learn about the products, with 41 percent opting for this method, followed by recommendations from friends and family (32 percent) and social media reviews (23 percent), before ultimately purchasing in-store.

The importance for retailers to invest in their in-store offering and online presence was highlighted, 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, with 41 percent claiming this would make them more inclined to buy. This was closely followed by in-store demonstrations explaining how the product works, with 31 percent, and expert knowledge from the retail assistant (28 percent).

Wearable technology that helps people get fit is the most desired, with 53 percent saying they would like to invest in this, followed by 27 percent who would opt for wearable technology to alter style and appearance.

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.”

Even though consumers may be reluctant to embrace wearables, at the recent Mobile World Congress wearable technology was noted as one of the hottest trends, and market research group CCS Insight adding that it forecasts that global wearables sales will hit 135 million units in 2018, up from 9.7 million in 2013.

Image: Apple Watch