Fast facts on wearable payment devices and technology
IDC expects that unit shipments of wearable technology devices will top 111 million this year, representing 44% growth over 2015. So are the wearable devices working their way into our lives? If so, what's the how and why behind our use? This Vantiv Fast Facts - Wearable Technology takes a big-picture snapshot of the findings of Vantiv and Socratic Technologies' survey of 500 consumers.
This Vantiv Fast Facts | Wearable Technology takes a big-picture snapshot of the findings of Vantiv and Socratic Technologies' survey of 500 consumers.
- Men are more likely than women to purchase wearable devices over the next six (6) months—for fitness trackers that's a 27% vs. 17% comparison; for smartwatches that's 21% vs. 12%
- Women and men use trackers differently—women are more likely than men to use trackers to monitor their sleep (49% vs. 19%) and remind them to get up and move (32% vs. 9%)
- Smartwatches keeping time with trackers (will they outpace them?)—81% of smartwatch owners use their device to track their physical activity, even more than checking email (72%) or social media (34%)
- Mobile payments not as popular—only 22% of smartwatch owners have used their smartwatch to make a purchase. The usage could be caused by the limited number of retailers accepting mobile payments and contactless payments.
Summary of other findings
- Fitness trackers are the most popular wearable, with 18% of consumers owning one and another 22% of respondents saying they're likely to buy one in the next six (6) months. Survey findings suggest that Fitbit, worn by nearly 2/3 of owner respondents, is the most popular fitness tracker brand.
- Average ownership length is nine (9) months—many relationships are still in their infancy. 44% of fitness tracker owners, however, have owned their device for more than a year.
- Smartwatches are even newer. Only 6% of consumers surveyed own one. Of those, average ownership is 4.7 months. However, 17% of survey respondents said they're likely to buy one in the next 6 months.
- The majority of wearable owners (92%, fitness trackers | 88%, smartwatches) are quite satisfied with their devices
- 93% of fitness tracker owners use them to count steps/miles. Monitoring heart rate (32%) and monitoring sleep (31%) are other popular uses