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Though the quality and style of smart watches are important factors to internet users in North America, many care more about the price of the device, as well as its features and functionalities.
Cloud-based technology company First Insight surveyed 1,506 internet users in North America via a digital game in which respondents guessed what prices the market would pay for each item and provided other feedback.
Nowadays consumers own many digital devices, including smartphones, tablets, desktops and TVs. So naturally, the features and functionalities of a smart watch are important to many because they want the device to offer them something different—something other devices don’t.
But features and functionality are not the only thing that’s important to internet users—price is almost as important. In fact, more respondents said that price was an important factor in a smart watch than quality, style or even brand.
When it comes to how much they would be willing to spend on a smart watch, 45% of females said they would spend less than $100 on watches, while 30% of men said they would spend the same amount. More men are willing to spend bigger on a smart watch, though: 23% said they would spend more than $300, vs. just 11% of women.
According to eMarketer, usage of wearables, like smart watches, will grow by nearly two-thirds this year. But cost is still holding many consumers back from purchasing a device. Research from Kentico, an ecommerce and online marketing platform, found that 69% of internet users worldwide said that cost was one of the top reasons for not purchasing a smart watch. And more than a third said that there were just not enough reasons to use it.
Even among those that own a wearable device, many have stopped using it because of limited functionality.
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