Moderate percentage point gains in consumer smartwatch adoption can be expected over the next year if the Apple Watch follows historical patterns. It has been widely estimated Apple will ship 15 million Apple Watch devices its first year on the market.
New research from Javelin Strategy & Research says wearables owners today are gold-standard customers: high income, younger, and extremely engaged in digital banking, payments, and shopping.
Javelin estimates 44% of wearables are between 25 years and 34 years old. Also, 37% have incomes above $100,000 annually.
More than half (55%) are iPhone users and 80% have mobile banked in the past 90 days.
Additionally, eight out of ten own a major credit card and 46% have used a mobile wallet in the past 90 days.
Javelin says wearables are in the early stages of adoption, but that may start to change with Apple entering the ring. Today, 6% of all consumers own a smartwatch and 12% have a health-monitoring band. This level of device adoption is comparable to that of smartphones and tablets when Apple released the first-generation iPhone and iPad.
For Apple, the real test comes in the second year, when the ‘fast followers’ come on board says Javelin. At that point, smartwatches are expected to net annual double-digit gains in overall consumer adoption.
All of this means that until 2016, consumer adoption will not likely be large for smartwatches even under optimistic models, but the desirable first adopter segment promises to be younger, wealthier and tech savvy.
For data, background and forecasts on Apple Watch: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).