Many Wearable Electronics companies are benefitting from combining consumers’ love of tech with increasing interest in health and wellness.  In today’s Insight Flash, we use our data to deep dive into how to assess opportunities in the space, starting with overall subindustry trends, digging into the fastest growing brands, and then doing a share of wallet analysis among cross-shoppers to see where Wearable Fitness brands may benefit from partnerships.

Our Consumer Edge subindustry mappings make it easy to see which types of businesses have seen the largest tailwinds.  Although Fitness Products/Training has seen stronger y/y growth in number of DTC transactions in every month between January 2019 and January 2022, our data was able to pick up on an inflection point of stronger growth in Wearable Electronics over the last three months. 

Subindustry Growth

Note:  DTC sales only

Our Discover dashboard makes it easy to see which brands are growing the fastest within a specified subindustry.  Although iFIT has grown the most in the DTC channel over the last three years, Embr Labs has seen stronger success more recently on a year-over-year basis.  It is interesting to note that all of the top brands are health and wellness focused, showing that not all Wearable Electronics are created equal. 

Brand Growth

Note:  Calendar 2022Q1; DTC sales only

Consumer Edge data is useful not only for finding the hottest companies, but also for understanding where those companies might have expansion opportunities.  Looking at which brands have the highest share of wallet among Wearable Electronics shoppers can help surface opportunities for marketing partnerships, retail distribution, or suggest new product expansions.  Unsurprisingly, Wearable Electronics shoppers overindex to spending their wallet on outdoors and sporting brands.  They are more likely to own larger outdoor recreational equipment like ATVs or boats, which could lead to feature development for areas far from a wifi signal.  Sportsman’s Warehouse and REI are two large retailers where emerging brands might want to focus distribution efforts.  Since the data only captures DTC spend, it should be noted that shoppers are making additional shopping trips at these companies in addition to their direct Wearable Electronics purchase.  This also gives retailers a view on where they can better promote sales of companies with direct selling channels.

Share of Wallet Index

Note:  91 days ending 5/8/2022; among Wearable Electronics DTC purchasers only