Wearable tech market to be worth Â£104.7 million to UK retailers this Christmas
A new study is predicting that the value of the wearable technology market in the UK will reach Â£313.6 million by the end of 2014.
According to research released by Samsung Electronics, the predicted value of the market across the UK, Germany, Spain and the Netherlands will be £924.2 million by the end of the year with Christmas set to be the time that retailers can expect the sector to have the most impact on sales.
The report prepared by the Centre for Retail Research predicts that total Christmas sales of wearable technologies in the UK will rise by 182% to £104.7 million this year with 1,028,800 million units sold.
Fitness and activity trackers are expected to be the most popular wearable device in the UK to account for almost £29 million of the total £104.7 million predicted spend on wearables this Christmas. This is followed by smart watches and healthcare wearable devices which will account for £25.04 million and £22.01 million respectively.
Based on retail figures from 2013 and 2014, the research predicts the market will grow by 181% in terms of revenue in the UK by the end of this year, an increase of £202.05 million for the UK retail sector in 2014 alone.
Fitness and activity trackers are expected to drive the most revenue for the retail sector at £80 million by the end of 2014, up from £39.1 million in 2013. However, the biggest growth area in the UK in terms of unit sales is predicted to be in the smart watch category with an increase of 667% in 2014.
The UK is also the country with the highest growth in unit sales of wearables across Europe, at 120.8%, followed by Germany at 118.2%, and Spain at 117.2%.
Andy Griffiths, president of Samsung UK & Ireland, expalined: “The wearables market has exploded over the past 12 to 18 months with some incredibly exciting and innovative products entering the market. As the benefits wearable technology can offer become better understood, it is natural that the sales within this sector will grow and we are delighted to see predictions of 121% growth and sales reaching €395 million in the UK alone by the end of this year.”
All Saints chief executive William Kim said: “Wearables have a key part to play in the future of fashion retail and this research today from Samsung underlines their potential to totally reinvent the sector.
“The next decade will see an evolution of non-verbal communication - wearables and the internet of things will communicate information at a rate never before seen allowing businesses to be more efficient and enabling greater emphasis on the customer experience. For AllSaints this is the truly exciting part.”
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