The news: Global wearables sales fell 6.9% YoY in Q2 2022, with demand declining due to inflation, fears of a recession, and consumer austerity, per IDC.
A maturing segment: The benefits of wearables like smartwatches for health and fitness tracking have resonated with consumers and medical professionals alike. Before the decline, smartwatch demand was growing by a record 13% YoY.
The wearables segment is now coming out of that period of hyper-growth, per the IDC. The pandemic fueled focus on health and fitness, especially for remote workers, who saw smartwatches as essential but are challenged by current economic realities.
More than a step tracker: Fifty-five percent of device owners share their data with medical providers through apps, in-person visits, or text and email.
What’s next? New features and innovation have slowed—the latest Series 8 Apple Watches use the same system on a chip (SoC) as Series 6 and Series 7 devices. A lack of significant updates means consumers will hang on to older devices longer.
This article originally appeared in Insider Intelligence's Connectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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