2021
8
Canada Wearable Technology Market Report 2021
2021-12-01T03:00:47+00:00
OX1047837
3695
145853
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Report
en_GB
“The COVID-19 pandemic has spurred health consciousness among consumers, renewing interest in wearables like smartwatches and other devices that can monitor activity and health. Stylistically, consumers will be drawn to…

Canada Wearable Technology Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“The COVID-19 pandemic has spurred health consciousness among consumers, renewing interest in wearables like smartwatches and other devices that can monitor activity and health. Stylistically, consumers will be drawn to visually appealing wearables with many viewing them as a statement piece. The economic impacts of the pandemic have unequally affected Canadians, with lower income groups taking the brunt of the damage. Brands in the category should focus their efforts on those who are financially stable, as well as a younger audience who are traditionally tech-inclined.”
– Andrew Zmijak, Research Analyst, Consumer Behaviour

Key issues covered in this Report

  • The impact of COVID-19 on wearable technology. This includes wired headphones, wired earbuds, wireless headphones, wireless earbuds, smart jewellery, augmented reality headsets, virtual reality headsets, smartwatches and activity trackers.
  • How the market for wearable technology will fare post-COVID-19.
  • Ownership of wearable tech, wearable tech purchase intent, desired features for wireless listening devices, reasons for owning/buying a smartwatch, desired smartwatch features, as well as attitudes toward wearable technology.
  • The challenges the market faces, market factors impacting the category, marketing and advertising campaigns, as well as innovations and trends in the market.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
      • Executive Summary

          • Top takeaways
            • Market overview
              • Impact of COVID-19 on wearable tech
                • Summary
                  • Figure 1: Short-, medium- and longer-term impact of COVID-19 on wearable technology, October 2021
                • Opportunities
                  • Smartwatches and wireless earbuds are a bright spot
                    • Health is a major factor drawing consumers
                      • Wearables have to look good
                        • Challenges
                          • Smartwatches cannibalizing activity trackers
                            • Safety concerns arise
                              • Older consumers lack engagement in the category
                              • The Market – Key Takeaways

                                • Household savings receding slowly and expenditure suffers
                                  • New Canadians to help drive growth
                                    • Microchip shortages will impact category
                                    • Market Factors

                                      • Household savings receding and expenditures suffer
                                        • Figure 2: Canadian household saving rate, Q2 2018-Q2 2021
                                        • Figure 3: Canadian household saving rate metrics, 2018-Q2 2021
                                      • Canadians’ physical wellness could be better
                                        • Figure 4: Body mass index (self-reported), overweight and obese, by age, 2020
                                      • New Canadians to help drive growth
                                        • Figure 5: Intent to purchase wearable tech, consumers not born in Canada vs Canadian born, 2021
                                      • Microchip shortages will impact category
                                      • Key Players – Key Takeaways

                                        • Wearable tech highlights health monitoring amidst pandemic
                                          • Getting into the luxury side
                                            • Bringing style to smart glasses
                                              • 5G smooths the path for AR products and further innovation
                                                • A virtual shopping experience
                                                • Competitive Strategies

                                                  • Wearable tech highlights health monitoring amidst pandemic
                                                    • Figure 6: Oura Ring Instagram post, April 2020
                                                  • Getting into the luxury side
                                                    • Figure 7: Louis Vuitton Instagram post, December 2020
                                                    • Figure 8: Movado Instagram post, August 2020
                                                  • Bringing style to smart glasses
                                                    • Figure 9: Ray-Ban Instagram post, September 2021
                                                    • Figure 10: Echo Frames: Eyeglasses with Alexa, September 2019
                                                  • 5G smooths the path for AR products and further innovation
                                                  • Market Opportunities

                                                    • Aside from gaming, there is opportunity for VR to boost shopping experience
                                                      • Room to expand into other areas with wearable tech
                                                        • Figure 11: Ralph Lauren Instagram post, August 2021
                                                    • The Consumer – Key Takeaways

                                                      • Wireless earbuds and smartwatches stand out
                                                        • Monitoring health and aiding with exercise are key factors attracting consumers to smartwatches
                                                          • Health-related features are in demand
                                                            • Two thirds want extended battery life
                                                              • Wearables have to look good
                                                                • Health and safety concerns are palpable
                                                                • Ownership and Intent to Purchase Wearable Tech

                                                                  • Wireless earbuds and smartwatches stand out
                                                                    • Figure 12: Ownership of wearable tech and intent to purchase, 2021
                                                                  • Despite minimal ownership, nearly half think VR is the future of gaming
                                                                      • Figure 13: Attitudes towards virtual reality headsets, (% any agree) 2021
                                                                      • Figure 14: Oculus Gaming Instagram post, September 2020
                                                                    • Smart glasses have the chance to evolve
                                                                      • Figure 15: Xiaomi Smart Glasses | Showcase | A display in front of your eyes, September 2021
                                                                      • Figure 16: Attitudes towards smart glasses, (% any agree), 2021
                                                                    • Younger men are key to the market
                                                                      • Figure 17: Ownership of earbuds and headphones, by age and gender, 2021
                                                                    • There is also opportunity to attract women of all ages
                                                                      • Younger men will be drawn to wireless earbuds and wired headphones
                                                                        • Figure 18: Intent to purchase earbuds and headphones, by age and gender, 2021
                                                                      • Reaching the target audience for wrist-worn wearables and smart jewellery
                                                                        • Figure 19: Ownership of smart watches, fitness trackers and/or smart jewellery, by age and gender, 2021
                                                                    • Smartwatch Features

                                                                      • Monitoring health and aiding with exercise are key factors attracting consumers to smartwatches
                                                                        • Figure 20: Reasons for owning/buying a smartwatch, 2021
                                                                        • Figure 21: Apple, online ad, June 2021
                                                                      • Younger men look to upgrade their smartwatch but style is important
                                                                        • Figure 22: Reasons for owning/buying a smartwatch (select), men 18-44 vs women 18-44, 2021
                                                                        • Figure 23: Samsung Canada Instagram post, 2021
                                                                      • Women are drawn to smartwatches to monitor their health
                                                                        • Figure 24: Garmin Fitness Instagram post, 2021
                                                                      • Health-related features are in demand
                                                                        • Figure 25: Desired smartwatch features (any rank), 2021
                                                                      • Differences in desires
                                                                        • Figure 26: Desired smartwatch features (any rank), men vs women, 2021
                                                                      • What are parents looking for in a smartwatch?
                                                                        • Figure 27: Desired smartwatch features (any rank), by parental status, 2021
                                                                    • Desired Features for Wireless Listening Devices

                                                                      • Two thirds want extended battery life
                                                                        • Figure 28: Desired features for wireless listening devices (any rank), 2021
                                                                        • Figure 29: Samsung Canada Instagram post, 2021
                                                                      • Older consumers seek convenience through volume control
                                                                        • Figure 30: Desired features for wireless listening devices (any rank), by age, 2021
                                                                    • Attitudes toward Wearable Technology

                                                                      • Wearables have to look good
                                                                          • Figure 31: Style-related attitudes towards wearable tech, (% any agree), 2021
                                                                          • Figure 32: Fossil Instagram post, May 2021
                                                                          • Figure 33: Wearable X Instagram post, 2021
                                                                        • Health and safety concerns are palpable
                                                                          • Figure 34: Health and safety-related attitudes towards wearable tech, (% any agree), 2021
                                                                          • Figure 35: Select health and safety-related attitudes towards wearable tech, (% any agree), by age, 2021
                                                                      • Appendix – Data Sources and Abbreviations

                                                                        • Data sources
                                                                          • Consumer survey data
                                                                            • Mintel Trend Drivers
                                                                              • Consumer qualitative research
                                                                                • Abbreviations and terms
                                                                                  • Abbreviations

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