COVID-19 will boost the smart accessory market by 30%, research shows1
“Consumers' attention to health and wellness has increased significantly during the pandemic, which is a great opportunity for wearable devices, such as those from Xiaomi, Garmin, Fitbit, and Huami, etc. Engagement in indoor activities such as remote learning, working from home and home entertainment, as well as outdoor sports and recreation also continued to rise. This ushers in greater than expected growth, particularly for TWS headphones, such as those from Apple, Samsung, Jlab, and QCY, etc,” Canalys Research Analyst Cynthia Chen comments.
It turns out that people are hesitant to buy new phones during the pandemic and tend to focus on cheaper and health-oriented products. It’s completely understandable, as many manufacturers of wearable devices tried to tweak their products to help with the COVID-19 situation in one way or another. The SpO2 sensors in the latest batch of smartwatches for example can track oxygen saturation and alarm users for potential problems, even when other symptoms are not present.
There’s also a psychology angle to all this. People are scared of the virus and try to stay healthy, exercise more, and be physically active in general. A smart band or a smartwatch can act as an additional motivator for doing this. And since the virus is here to stay (at least until we figure out a vaccine) sales of smart accessories will most likely increase significantly.