Wearable: China’s smartwatches have a rapid growth of 48% YoY.
According to GfK retail research data, despite the impact of the pandemic, China’s wearables market in 2020 has a steady and slight decline of 5% YoY, and smart watches have a rapid growth of 48% YoY. Kids’ smartwatches experienced a 21% decline in 1Q20, and 2Q20 demand increased by 16%. Then in 3Q20 and 4Q20 return to stability, the annual sales volume slightly decreased by 4% YoY. GfK has revealed that the network standard switching of kids’ smartwatches is the main driving force for product replacement in the market in 2020 and will affect the increase in average market prices. (GfK, press, Laoyaoba)