Vietnamese young people tend to use smartwatches instead of traditional watches. They also prefer special wearables for sports.
The smart wearables market has been booming lately. These are technically wearable items such as watches, rings, bracelets, smart glasses, and devices attached to clothing.
Gartner: https://www.gartner.com/en), global user spending on smart wearables reached $81.5 billion in 2021. The market started to grow in 2019.
However, despite the global recession and demand expected to decline as people cut back on spending on unnecessary things, Garmin Vietnam launched a new smartwatch, the Access S70, on June 28. Released.
Dao Kong Thanh, sales director of Garmin Vietnam, said demand for electronics and mobile devices from Vietnamese users was weak in the first two quarters of this year. However, in the wearables market segment, the report still showed growth. According to him, IDC says that the annual growth rate of smart wearables in Vietnam is around 30%.
He highlighted two characteristics of the watch market: buying smartwatches for VND50-10k and switching to smartwatches instead of traditional watches.
For smart wearables, there are three main customer groups. The first group consists of people who need a device to monitor health conditions such as heart rate and blood oxygen. A second group of customers want features that support sports such as running, biking, swimming and golf. A third group of customers want wearables with smart features such as listening, making calls, messaging and contactless payments.
According to Garmin officials, Vietnamese smartwatch users are mostly interested in health status and smart functions. The number of customers in the second group is smaller, but growing rapidly year on year.
“Many athletes and amateurs take a serious interest in sports. They tend to use smart wearables to do their jobs,” he adds, adding that during the pandemic, users will find devices that support their practice at home. , but now he added that he prefers a device that supports outdoor activities.
While some analysts continue to be pessimistic about the domestic market, saying few people are interested in available smartwatch models, others believe the market will grow very quickly.
Tan said this is a potential market. The Vietnamese market has started to grow in recent years, but the growth rate is higher than the average growth rate of the entire region.
