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Smart wearables and jewelry is the new frontier of the trillion-dollar wellness market
Overall, the management consultant McKinsey estimates the global wellness market at more than $1.5 trillion, with annual growth of 10 percent. McKinsey further elaborates that consumers are buying from these six categories of wellness, notably, health, fitness, nutrition, style, sleep, and mindfulness. One of the fastest growing niches of this market is the smart wearable tech. Wellness and fitness trackers have been around for years and have reached promising levels of market penetration. The global fitness tracker market is projected to grow to $114.36 billion in 2028 at a compound annual growth rate (CAGR) of 18.9% during the projected period of 2022–2028.
During the first quarter of 2022 the market faced its first crunch, declining 3.0% year over year, according to new data from the International Data Corporation (IDC). The decline is likely due to tech and digitalization fatigue, as consumers bounce back from Covid and resume more traditional forms of interacting, and entertaining. High prices due to supply chain bottlenecks also played a role. Demand for these devices be it bracelets, rings or necklaces are particularly popular among younger adults, working-class population and women who use these devices to track and monitor their wellness and fitness level, heart rate, calories intakes…
