You won’t believe how popular wearable devices, including Fitbit and Apple Watch, are becoming. Some 49 percent of respondents in a new survey from PwC own a wearable product, compared to 21 percent in 2014. Plus, 36 percent own multiple devices. ‘We’re really at the beginning of a revolution for wearable – we’ve seen usage double and we see more than half of respondents excited about the future,’ said Steve Barr, retail & consumer leader at PwC. He said the major players in the wearables space include Apple, Fitbit, Alphabet’s Google Glass, along with Ralph Lauren’s RL line of wearable clothing. Of the aforementioned wearable devices, PwC research said the fitness bands were the most popular. Some 45 percent of respondents owned a fitness band, while 27 percent owned a smart watch and only 15 percent owned smart glasses. ‘I think the companies are giving us much more compelling offerings and making them much easier and much more interesting to use,’ he said, adding that wearable devices helps consumers with fitness and work related routines, shopping and along with communication. While user adoption for wearables has grown, the industry is still developing. While Apple doesn’t break out its Apple Watch sales, the tech giant’s ‘other products’ revenue, which includes the Apple Watch, along with Apple TV and Beats products, stood at just $2.2 billion during its most recent quarter. For comparison, Apple iPhone revenue stood at $32.9 billion. Plus, Fitbit shares have been slammed so far this year, losing 53 percent. But Barr remains bullish on the sector. ‘The product and the product offering are going to get better,’ he said. ‘Just how we’ve seen the smartphone evolve over time – we’re going to see the same with wearable technology.’ TheStreet’s Scott Gamm has details from Wall Street.
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