Smartwatch shopping habits: How much money are buyers willing to spend?

Smartwatch shopping habits: How much money are buyers willing to spend? 

 

For the new and seasoned players of the tech market, here is stunning data from the vaults of PollPe! Today we are revealing how big is the smartwatch market in India, and what are some popular shopping habits of buyers. 

 

We conduct Daily Polls on our app, PollPe and discover the latest consumer trends. This helps emerging businesses to refine their marketing strategies and launch their products with an unbeatable plan! PollPe has been downloaded by more than 1.6 million users. Each day, approximately 5,000 new users download our app and contribute to the consumer analysis and market research. 

 

Here's a sneak peek at the methodology that we used for this research: 

 

Data experts at PollPe share Opinion Poll methodology

 

In order to gather this data, we asked two major questions through our Daily Poll model. The first one was," How much money are you likely to spend to buy a smartwatch? " with 5 options to select from. This Poll was conducted on 2023-02-26 & was answered by 12,341 PollPe users. 

 

The second question that we asked was, " Which brand makes the best Smartwatches? " And listed some well-known brands in the options bar. This poll was conducted on 2023-01-23 and was answered by 14,780 PollPe users. 

 

The data experts at PollPe concluded the results and carefully tailored them. Now our team knows what is the market demand of smartwatches. Apart from these daily polls, we gather users' basic data to help market researchers! 

 

Results of our Daily Polls 

 

We know, you must be craving for the results. But tighten your seatbelts, because these results might give you some shockers! 

 

• 'Apple Smartwatches' seems to be the absolute favorite of the audience. 51% votes were gathered by Apple on our Daily Poll, followed by BoAt (15.3%), Fastrack (12.9%}, Mi (11.7%) & Fossil (8.5%} 

• 28.2% of voters are willing to spend more than INR 10,000 to buy a new smartwatch. Whereas 16.8% said that they could easily spend up to INR 5000 for purchasing a new smartwatch. 

• 41% of these potential buyers have an income of less than INR 1 lakh PA. 

• The major age group that is willing to invest in the purchase of smartwatches is between 13-22 years. 

• 88.6% of voters for these Daily Polls were Males. Whereas only 10.9% were females. 

 

 

Analysis & tips from experts at PollPe! 

 

• The major age group interested in buying smartwatches is between 13-22 years, indicating that smartwatches are gaining popularity among the younger demographic.

• Based on these results, businesses can tailor their marketing strategies to target those with income below 1LPA who are interested in purchasing smartwatches. 

• Additionally, companies may want to consider expanding their product offerings to include both premium and affordable smartwatches under 5000 Rs. 

• Finally, companies may want to explore new ways to reach female buyers in the smartwatch market, as there is a huge gap between the two genders in the popularity of smartwatches. 

 

What are the 4 main purposes of market research? 

 

Market research is a crucial tool for any business to stay competitive and successful. It helps businesses understand their customers and the market they operate in. The four main purposes of market research are:

 

1. Identifying customer needs: Market research helps businesses identify customer needs and preferences, which can inform product development, marketing strategies, and customer service initiatives.

 

2. Assessing market size and potential: By analyzing market trends and customer behavior, businesses can estimate the size of their market and potential demand for their products or services.

 

3. Evaluating competition: Market research enables businesses to identify and evaluate their competitors, understand their strengths and weaknesses, and identify opportunities to differentiate themselves.

 

4. Testing marketing strategies: Market research can help businesses test marketing messages, advertising campaigns, and other marketing strategies to determine their effectiveness and adjust them as necessary.

 

At PollPe, we excel in market research and consumer analysis because we have a large user base, which provides us with a diverse range of data to analyze. Additionally, our team of marketing and data experts conduct daily polls, which allows us to quickly identify market trends. 

 

In Conclusion: 

 

PollPe's market research on smartwatch shopping habits in India provides valuable insights for businesses looking to enter or expand in this market. The data reveals that Apple is the most popular brand among smartwatch buyers, and the younger demographic, particularly those aged 13-22, are the main target audience. The research also shows that a significant portion of potential buyers have lower incomes, indicating that affordable smartwatches are in high demand. 

 

PollPe's expertise in market research and consumer analysis makes it a valuable resource for businesses looking to understand customer needs, assess market potential, and test marketing strategies. Overall, businesses can use these insights to tailor their marketing strategies to meet the needs of their target audience and stay competitive in the rapidly growing market in India.