Tuesday, October 13, 2020

What's the deal with Gen Z and wearables?

Source: https://www.emarketer.com/content/gen-z-fastest-growing-generation-among-smart-wearable-users

For the context of this article, I will start by defining the age brackets in the study. Generation Z, or Gen Z for short, are the demographic cohort succeeding Millennials and preceding Generation Alpha. Gen Z are born between 1997 and 2012 whereas millennials are born between 1981 and 1996 and Gen X are born between 1965 and 1980 and baby boomers are born between 1946 and 1964. 

As Gen Z consumers enter the workforce and earn more disposable income, we expect this group to adopt new technology, including the most recent smart wearable devices. Data by eMarketer has shown that this year, the number of Gen Z smart wearable users will grow by nearly 17% to 12.8 million. In contrast, smart wearable users across Millenials, Gen X and baby boomers are expected to remain flat in the US from 2020 until 2024. Note that smart wearable users are defined as individuals who wear accessories or clothing that have the ability to connect to the internet at least once per month. 

It is important to note that currently millennials continue to lead the pack in terms of adoption however, Gen Z is closing the gap, as adoption among the generation is growing the fastest. In fact, emarketer expects Gen Z to surpass Gen X by 2023.

In my opinion, two main reasons explain the data seen by emarketer: a) Gen Z is less risk averse and does not necessarily mind having its data shared for the purpose of enhancing lifestyle including comfort, fitness etc.; b) Gen Z is more acquainted with the idea of using social media at an early age and has had more exposure with technology including more developed versions of wearables at the workplace but also in its upbringing. 



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