Demographic that Wearable Tech is Aimed at Do Not Meet the Current Price Bracket
A poll by GfK research, which gathered the views of 1,600 UK and US adults last month, has revealed that wearable technology such as Google Glass and Sony Smartwatches are too pricey for the target market they're most aimed at.
While public awareness of these devices is high, particularly amongst males aged under 45, only 6% of respondents own any of them.
The current cost of a smartwatch is between £150 and £200 - when the respondents were told this, purchase intent plummeted from 24% to 12%. Amongst 16 to 24 year olds, the figure dropped from 32% to just 10%.
Additionally, while four in ten 16 to 24 year olds were interested in Google Glass, their purchase intent dropped from 16% to 7% when told they are presently priced at £400 to £600.
Johanna Martin of GfK commented: "To get the market moving manufacturers need to communicate tangible lifestyle benefits and offer a sleek design - but even then, any wearable tech device will only succeed if it's priced right.
Our research suggests that the current price points are a barrier, restricting wearable tech to an older, more affluent audience. So while consumer awareness and interest is definitely there, we are still waiting for the launch of that 'must-have' wearable tech device for Christmas 2013."