What Are The Preferred Budget Choices to Buy A Smartwatch?

The smartwatch market is on rise, with a wide range of consumer spending habits. A recent survey throw light on amount people are willing to spend on smartwatches, revealing various price preferences and perceptions of value.

Smartwatch Buying Decision Guide

Expert Market Research consumer survey on “Budget for a Buying Smartwatch” offers fascinating insights into these spending habits. This reveals consumer behavior on how much people are willing to spend and their value perceptions regarding varied price ranges. It highlights that which features are considered crucial based on price points that are most appealing to different segments of the market.

The survey data shows that 39.24% of respondents are willing to spend between INR 2,500 and INR 6,999 on a smartwatch. This price range is more popular as it comes with an ideal balance between affordability and functionality.  Around 23% respondents prefer spending less than INR 2,500. These consumers seek for basic functionalities without spending huge amounts. Smartwatches in this category includes essential features like step counting and notifications. This segment majorly appeals to first-time users or those looking for a secondary device. However, 11.39% of respondents believe smartwatches are generally too expensive. This reflects a perception that smartwatches overly priced their value. More than 16% are willing to spend more than INR 7,000 and few of them can even go upto INR 29,999. Consumers willing to spend between  INR 7,000 - INR 14,999 look for premium features without entering the luxury segment. Smartwatches in this range, from brands like Samsung and Fitbit, offer advanced health monitoring, GPS, and enhanced durability. Whereas, those who are willing to invest between INR 15,000 and INR 29,999 prioritize comprehensive health and fitness tracking, long battery life, and premium materials. 2.53%, is ready to spend INR 30,000 or more. This brand conscious category prefer luxury smartwatches that combine high-end fashion with advanced technology.

Wearable Device Budget Range

The survey shows that in India brands like Boat and Noise dominate this segment by offering feature-rich smartwatches that include fitness tracking, notifications, basic health monitoring and calling features at reasonable prices. These smartwatches are perfect for budget-conscious consumers who want the latest technology without overspending. Brands like Apple Watch cater to this niche market, offering unique designs and exclusive features. For rest of the respondents cost is not a concern if the features or brand are worth it.

As the smartwatch market in India is booming, brands in this category can analyze how they fare against others in different price segments and adjust their strategies accordingly. As technology evolves and consumer preferences shift, the smartwatch market is poised for continued growth and innovation. While a significant number of consumers prefer affordable options, there is also a notable demand for high-end, feature-rich smartwatches. The survey highlights diverse spending habits and perceptions in the smartwatch market.