For both professionals and amateurs, sport is about fine margins. Whether it be the margins of competition or simply personal goals, wearable technology continues to develop in helping us to monitor progress and achieve more.
By 2021, the wearable technology industry will be worth a staggering $44.2 billion. Watches, clothing, you name it- most likely, it exists. They calculate stats like heart rate, calories burned and can even give coaching advice. With the considerable competition between gadgets, marketing them has never been so important.
Athlete IQ, an online community for athletes to share tips, tricks, products and more. The platform is home to a diverse and far-reaching collection of fitness knowledge from elite athletes, who can also individually recommended wearable fitness devices and gear. Instead of actively selling this gear, the platform is research tool for consumers to find out what would work for them. Recently, they conducted a survey of 763 athletes, with the sole purpose of unmasking the reasons behind why we buy the wearable tech that we do.
Notably, the study predominantly targeted athletes who took part in individual sports- in particular running, triathlon and obstacle course running. Unsurprisingly, this meant that they zeroed-in on the most significant demographic when it comes to wearable technology. Of the athletes involved in the study, 65% were amateur-level, whilst 24% identified themselves as semi-pro or professional. Eight elite athletes were also interviewed in more detail for expert opinions.
But what of the results? The vast majority, or 43.4%, were found to spend between $100 and $299 every year on wearable technology, whilst just over a quarter admitted to spending between $300 and $699. When combined with the sheer volume of athletes all over the world, it is easy to see why the market is booming. Simply put, supply and demand.
However, this demand is ultimately dependent on product quality. Interestingly, peer recommendations ranked as the most persuasive factor for buying new gear. As is further explained in the study, companies must embrace this fact if they are to stay ahead. For the average consumer, this will continue to drive the innovation and quality that has made the industry flourish- you wouldn’t recommend a bad product, would you?
To see the full study please go ahead and click the link below to download:
