Passing Fad or Cool Nerdy: COLLOQUY Research Shows 63% of U.S. Consumers Wary of Wearable Prices
A COLLOQUY nationwide survey of 1,060 American consumers taken in February 2016 showed that 63% said wearable devices are too expensive. Just over one out of every two Americans, 52 percent, said they don’t know enough about wearables and don’t understand them.
On the other hand, 35% of consumers said wearable technology is nerdy, but “cool nerdy.” In a statistic that retailers undoubtedly will embrace, a little more than one in four Americans, 27 percent, said they “used to hate shopping but with my wearable I love it.” And just 8% said wearable devices are uncomfortable.
Wearables consist of clothing or accessories that integrate technology into consumers’ everyday lives in fun and practical ways. Whether it’s fitness trackers, eyewear, smart jewelry, a dress that posts to social networks or shorts that upload workout stats, it’s fair to say that Americans are still shopping.
Shoppers are guessing whether prices will go down, and wondering if they’re ahead of, or behind, the fashion curve. They’re still doing their research. Some are concerned about age appropriateness.
Here are other key “wearable variables” from the COLLOQUY research:
- 33 percent said wearables make a fashion forward statement.
- 41 percent said I’d be more likely to place a wearable on my pet than on myself.
- 36 percent said wearables are a passing fad.
- 58 percent said I’d like to use a wearable device but I’m too old.
- 35 percent 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 said. “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.”
Additional survey results show that consumers registered only modest concerns about the functionality of wearables:
- Nine percent said wearable devices have to be charged too often
- Six percent said wearables are not compatible with other devices
- Four percent said wearables have slower processing times than other devices.
The COLLOQUY survey results are based on an online survey taken in February 2016 of 1,060 American consumers. The margin of error is +/- 4% at the 95% confidence level.