UK millennials (aged 25 to 34) are twice as likely to wear a smartwatch than other age groups, with one in eight (12%) owning one, according to a September 2015 report from global market research firm Mintel.
- Growth Potential: While just 6% of UK consumers currently own a smartwatch, 20% would like to in the future. Over a quarter (28%) of millennials who expressed interest in owning a smartwatch said they would rather buy a smartwatch than a traditional watch.
- Smartwatch Specs: A quarter of those who own a smartwatch, or would be interested in buying one, would like to use it to pay for goods in-store. Over a third (37%) would wear a smartwatch if it meant they did not have to take out their phone. Price is considered a barrier to ownership, with nearly half (48%) of all respondents saying smartwatches would be more popular if they cost less.
- Fashion Over Function: Traditional watches are no longer being bought for timekeeping alone: around a quarter of owners rarely use them to tell the time. Over a quarter (27%) wear one mainly as a fashion accessory – this figure increases to nearly half (47%) of those aged 20 to 24. Nearly a quarter of consumers aged 16 to 24 prefer watches from fashion brands.
For advice on how marketers can maximise smartwatch opportunities, see State of Mobile: Summer 2015.