Firms predict £100m year for wearable tech
THIS year is a watershed moment for the wearable technology industry, with more money expected to be spent this Christmas on devices like smartwatches and fitness trackers than ever before, according to new research.
Technology giant Samsung, said it expects spending on technology to wear on our wrists and heads to increase by 182 per cent this Christmas, compared to the festive season last year.
In the UK alone, the firm forecasts that more than £100 million will be spent on wearables this Christmas, with more than a million units sold.
Andy Griffiths, president of Samsung UK & Ireland, said: “The wearables market has exploded over the past 12 to 18-months with some incredibly exciting and innovative products entering the market.
Speaking about year-on-year sales, he added: “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 per cent growth and sales reaching £312m in the UK alone by the end of this year.”
The Korean-based company has released multiple wearable technology devices in the last year, including the Galaxy Gear and Gear Fit, while rivals Apple will launch their first smartwatch in early 2015. The technology is increasingly being seen as fashionable, with the Apple watch appearing on the cover of Vogue in China this month.
According to the report, £29m of the Christmas 2014 wearable spend will be on devices that track movement, heart rate and calories burnt throughout the day.
The increasing popularity of wearables comes as questions over data privacy continue to grow, following the hacking of several websites as well as the celebrity nude photo scandal.