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Wearable Device Survey: 63% Say Price is Too High

March 31, 2016 By Steve Senne in

Although wearable devices like smart watches and fitness devices are getting a lot of attention, a wearable device survey from Colloquy Research suggests prices may have to come down before the technology can go mainstream.

More than 6 in 10 U.S. consumers surveyed nationwide (63%) believe prices of wearable devices are too high, according to Colloquy. More than one-half of respondents (52%) said they do not know enough about wearables and don’t understand them.

On the positive side, 35% of respondents view wearable devices as nerdy, but nerdy in a cool way, Colloquy highlights in a news release.   More than a quarter of respondents (27%) said they have grown from hating to loving shopping when using wearables. And less than 1 in 10 (8%) said they found wearable devices uncomfortable.

Wearable Device Survey Attitudes

Whether or not prices will come down and whether wearers are ahead or behind the curve in fashion and age appropriateness were common questions on wearable device survey participants’ minds. According to Colloquy:

  • 33% said wearables make a fashion forward statement;
  • 41% said I’d be more likely to place a wearable on my pet than on myself;
  • 36% said wearables are a passing fad;
  • 58% said I’d like to use a wearable device but I’m too old;
  • 35% said people who use wearable devices are just trying to show off.

“Wearables work on several levels for retailers. Keep it fun. Keep it dynamic and court the mighty Millennials,” Colloquy research director Jeff Berry was quoted as saying. “Retailers should consider sending one-to-one, targeted offers to shoppers’ wearable devices, including on-the-fly pricing adjustments based on inventory and even time of day.”

Encouragingly for vendors, survey participants expressed modest concerns regarding wearable device functionality. According to Colloquy:

  • 9% said wearable devices have to be charged too often;
  • 6% said wearables are not compatible with other devices;
  • 4% said wearables have slower processing times than other devices.

Wearable device sales surged in 4Q and full-year 2015, IDC reported in February.  Vendors shipped 27.4 million units in 4Q’15 and 78.1 million for the year, up 126.9% and 171.6% year-over-year, respectively