Millenials And Wearables
Millennials are the largest user group for wearables but it is a variable group with drop-off rates of 30. At least thats what they said.
The trend definitely doesnt stop with millennials.
Millenials and wearables. Its important to gauge and impossible to do. Most subscription services are highly customized. The plan was simple to build a wearable device for 10-25 year olds the so-called Generation Z.
69 of millennials buy clothes for reasons beyond basic necessity. These devices have become their personal fitness trainers their right hands guiding them on their road to fitness. As millennials become a mobile-first generation you need to ensure all marketing activity is optimised for mobileMillenials are also quick adapters to wearable technology especially smartwatches.
As this group continues to prefer smartphones as a way to pay mobile will increase in popularity and adoption will grow. 43 per cent of millennials use wearables frequently as a payment method versus just 11 per cent of over 55s. The boom in wearable technology has been mainly fueled by millennials using wearable gadgets that monitor your heart rate or track your exercise.
In looking at the likelihood of marriage by age 40 across a range of scenarios including one in which marriage rates recover its likely that a smaller percentage of Millennials will marry than in any generation before them. A recent analysis by the Urban Institute casts doubt on whether that desire will come to fruition. Wearable technology is gaining popularity yet companies may not know the real draw.
Millennials say wearable technology in the retail space should reward them for being faithful customers. Many younger and older generations are also benefiting but millennials are one of the groups learning to stay fit in a whole new way. Millennials are a driving force behind mobile payments.
Thats roughly a third of the millennial population according to our estimates. The Real Deal with Wearables Millennials Consumers Caught in the Act By Jeremy Burton December 15 2014 July 18 2019 Many years ago when being quizzed as to whether Web Services were the next big thing Larry Ellison commented Ive spent too much time in Italy to know that you shouldnt ignore fashion. Interestingly most Millennials said in the same survey that they want to marry 70 percent and have children 74 percent.
The research also found that digital currencies are more popular amongst younger generations with 1 in 4 under 35s using digital currencies versus just 45 per cent of over 45s. This year 238 million US millennials will have used a wearable device at least once per month. Chandra and Steel estimate health wearables will be a 5 billion business by 2018 a number that sounds conservative.
Wearable fitness technology has become a huge trend and millennials are the ones who made it more than just a fad. Over 50 of millennials spend money on taxis and Ubers while only 29 of Gen X and 15 of Boomers do the same. Wearable pieces are used to motivate and keep them going enabling them to track and boast about their progress.
For Millennials this trumps status when it comes to wearables. Technology product marketing leaders need to create distinct messages for younger versus older millennials and find ways to re-engage lost users to succeed in the personal technology market. We expect adoption to continue to increase steadily reaching 289 million US millennials by 2022.
Forty-four percent of our respondents said they were very interested in wearable technology and another 38 percent replied that they were somewhat interested. This applies to more than just the financial aspect though Millennials want brands that foster a relationship more akin to a friendship. Citizen and community news Innovation Mobile Research RJI fellowships Social media Technology.
The wearables industry is growing at a faster rate than ever as 51 of Millennials are likely to purchase a fitness band in the next year and 40 are likely to also buy a smart watch in the next. 50 percent said they would be strongly motivated to use wearables if it has apps. Wearables are a revolution of the mobile trend that has in recent years has seeped into practically all the socioeconomic sectors.
In this case however much of consumer cost will shrink the consultants say. Wearable technology is also affecting millennials greatly in this way by adding an element of community as well as concrete data to show improvement. Here is what the experts are saying.
Whats in the pipeline is a tech-infused luxury streetwear collection. That is to say they want dependable information and personalized marketing and contact a study from comScore and YouTube shows 47 of Millennials pay more attention when viewing personalized ads. Additionally 52 of Millennials in the same study said that they would use a wearable device if it had an in-app rewards feature PWC.
Most millennials are interested in wearables but only 40 percent own a device. Brands like Stitch Fix have made it core to their business model. A study by PricewaterhouseCooper indicated that 64 of Millennials believed that they would be more likely to use wearable technology if it had some sort of gaming component to it PWC.
These wearable devices are a step beyond smartphones and mobility. This trend will move into emerging technologies as well with more people using wearables for payments. They mean carrying this mobile technology on you whether as a watch a bracelet an item of clothing or even as contact lenses.
