Samsung Electronics’ wearable device sales are up by more than 30% this year, a senior executive at the world’s largest consumer electronics and smartphone company told CNBC.
Taejong Jay Yang, senior vice president at Samsung Electronics, said consumers are buying wearable products that they can use to monitor their health during the coronavirus pandemic.
“Although a majority of consumers plan to spend less this year due to the pandemic, wearable device sales have grown by 30% or more compared to last year,” Yang told Chery Kang, in a CNBC interview as part of the annual East Tech West conference.
“What this data indicates is that even when millions of consumers are re-evaluating their spending habits, they continue to prioritize wearable technology products over others,” Yang added. “Samsung will continue to invest in these advanced technologies.”
Wearables are expected to grow to an almost $70 billion market globally by 2025, according to market research firm IDTechEx, with the dominant sector being healthcare — which includes medical, fitness and wellness.
Competition in the sector is intense, as Samsung jostles with U.S. competitors —Apple and Google among them — in the market for smartwatches and fitness bands. The smartwatch market alone has become more competitive — nearly doubling in size to $13 billion in three years, according to market research firm Euromonitor.
Samsung Electronics debuted the Galaxy Watch Active 3 this year. The device includes a blood oxygen monitor, as well as features for sleep and blood pressure.
Samsung sees those medical functions as a “key strength” for its wearable devices. With the “data collected we can create a lot of great services and products for consumers to help them live healthier lives,” Yang said.
The company will continue to set up partnerships with other healthcare firms to make products, Yang said.
This year, Samsung partnered with AIA Korea on the life insurer’s healthcare app — called AIA Vitality. The app encourages people to lead healthy lifestyles by offering insurance discounts.