Vietnamese people prefer to buy smartwatches priced from 5-10 million VND

The market for wearable devices has been booming recently. Wearable devices are simply technological accessories worn on the body such as watches, rings, bracelets, smart glasses, or devices attached to clothes...

According to data from research firm Gartner, global consumer spending on wearable devices reached $81.5 billion in 2021. The size of this market has been increasing continuously since 2019. However, by 2022, the global wearable device market witnessed its first decline due to general economic difficulties.

Garmin Approach S70 - a smart watch aimed at golfers. Photo: Trong Dat

On the sidelines of the Approach S70 watch launch event held on the morning of June 28, answering a question from VietNamNet reporter about the development trend of the smart wearable device market, Mr. Dao Cong Thanh, Sales Director of Garmin Vietnam, said that in the first two quarters of this year, the demand for electronic and mobile devices of Vietnamese users is slowing down.

“ However, in the wearables segment, reports still show growth. IDC data shows that the annual growth rate of the smart wearables market in Vietnam is about 30% ,” said Mr. Thanh.

According to this expert, the smart wearable device segment that is most popular with Vietnamese people is mainly in the price range of 5-10 million VND. Notably, there is a shift from the habit of using traditional watches to smartwatches.

With smart wearable devices, there are 3 main groups of users on the market. The first is those who need a device that provides health monitoring capabilities, such as measuring heart rate, counting steps, measuring blood oxygen levels, etc.

The second group of users is interested in features related to sports such as running, cycling, swimming, golf... As for the third group, they want to own a wearable device with smart features such as listening, calling, texting, contactless payment...

According to Mr. Dao Cong Thanh, the market for smart wearable devices in Vietnam has been growing rapidly recently. Photo: Trong Dat

Speaking to VietNamNet reporters, a Garmin representative said that in Vietnam, users of smart wearable devices are mainly interested in the ability to monitor health and the smart features of the product. However, although the number is smaller, the demand for devices with sports training support features is witnessing rapid growth every year.

“ Many athletes and amateurs have a serious interest in sports. They tend to use smart wearable devices to support their training, ” said Garmin Vietnam Sales Director.

During the Covid-19 pandemic, users were more interested in smart wearable devices for home workouts. When the Covid-19 pandemic is over, they are tending to shift to devices suitable for outdoor sports activities.

When asked by VietNamNet reporter to make predictions about the development of the Vietnamese market, Mr. Dao Cong Thanh said that in the eyes of smart wearable device manufacturers in the world, Vietnam is considered a market with great potential.

Compared to other countries in the region, the smart wearable device market in Vietnam has only developed in recent years. However, the annual growth rate of the Vietnamese market is currently better than the average of Southeast Asian countries. According to Mr. Thanh, along with the economic recovery, the wearable device market will tend to increase from the fourth quarter of this year.

Four affordable, feature-rich smartwatches currently on the market With very reasonable prices for first-time smartwatch buyers, here are models with enough features to suit different preferences.

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