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data product technology

Wearable tech’s future: Beyond fitness trackers to $160bn in 10 years

smartwatch
The wearable tech market will be worth $160bn in 10 years

Have you noticed how the hype around wearable technology has died down lately? A couple of years ago you couldn’t move for some expert predicting that we’d all be talking into our jackets and lighting up the room with our jeans.

So has wearable tech gone from being the Next Big Thing to Yesterday’s Thing? Not at all, in fact a new report shows how its NBT status has evolved to make it a much more nuanced market and one that’s set to grow fast.

The wearable tech market is currently worth around $30bn but will hit $160bn in the next 10 years, the report from IDTechEx says. On the way, it’ll be worth $40bn in the next two years and $100bn by 2023.

Not that it’s going to achieve all that just on the back of the fitness trackers and smartwatches that currently dominate the market. After all, the former category has proved popular but prices are relatively low, while the latter hasn’t exactly grabbed mass consumer imagination just yet.

What’s needed is for wearables to expand into other areas of our lives and IDTechEx says it will do just that. It believes there will be almost 40 product sub-categories in the next 10 years, including fitness trackers, smartwatches, connected clothing, smart eyewear (particularly important because of augmented reality and virtual reality), medical devices, smart patches, headphones, and hearing devices.

wearable-tech-growth

At the moment, just about every wearable tech device relies on a smartphone to act as the hub, and it will continue to do so for some time. But IDTechEx also says that “all of the largest manufacturers now look to a future, where the hub itself may become wearable”.

We’re already seeing some signs of this with devices like Samsung’s Gear S2 not relying on a smartphone to make calls and Google’s upcoming Android Wear 2.0 having more independent functionality too.

Report author James Hayward said: “Fuelled by a frenzy of hype, funding and global interest, wearable technology was catapulted to the top of the agenda for companies spanning the entire value chain and world.

“This investment manifested in hundreds of new products and extensive tailored R&D investigating relevant technology areas. However, the fickle nature of hype is beginning to show, and many companies are now progressing beyond discussing wearables to focus on the detailed and varied sub-sectors.”

So what does all that mean for the future? Well based on those sub-categories that IDTechEx lists, we still won’t be talking into our jackets or lighting up room with our jeans in the next decade. But it does seem than wearable tech will work its way into our lives in many different areas.

This post first appeared on Trendwalk.net, a style-meets-business blog by journalist, trends specialist and business analyst, Sandra Halliday

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social media

Social media by the numbers: the big fashion week trends

Kim_NYFW

With the autumn/winter 2016 fashion week season now behind us, it’s time to run the numbers, crunch the stats and crown the social media winners and losers of the month.

Or try to…

Conflicting data and contradictory reports on brand statistics are published daily during New York, London, Milan and Paris, making it increasingly difficult to compose an accurate picture of exactly what’s what. But, equally they enable lots of thought around social media trends in general and which way the industry is moving with what it uses, favours and finds the most success on.

Given the hot debate currently underway around whether designers should move to in-season, consumer-facing shows or not, lots of this sort of information counts. So here’s a breakdown of what you need to know:


Instagram continued to dominate

During New York Fashion Week (NYFW), 427,000 images were shared on Instagram, generating more than 113 million social engagements (likes and comments), according to Traeger Communications. Year-on-year, this is a 47% increase in images and a 30% increase in engagements, proving that Instagram continues to be a powerful medium for brands that want to join in the fashion week conversation. Natalie Massenet, chairman of the British Fashion Council (BFC) added during London Fashion Week (LFW)’s launch that “97% of the BFC’s designers questioned in a survey were on Instagram”.


Designers embraced Snapchat to reach Generation Z

Snapchat exploded across fashion month, hitting all four fashion weeks in a big way. Social media uptake usually filters down through New York and London before reaching Milan and Paris a couple of seasons later, but the fashion industry couldn’t afford to ignore this trend. New designers joining included Tommy Hilfiger, Marc Jacobs, Mulberry, Gucci, Dior and more. “11% of social media activity around Paris Fashion Week (PFW) was attributed to Generation Z,” reported influencer engagement platform Zoomph, pointing in the direction of Snapchat particularly. Keen to establish brand loyalty with the next generation of consumers (Gen Z is considered to be anyone born after the mid-late 90s), brands used Snapchat to reach this sought after demographic where they already live. Snapchat’s core users are 13-24 years old.


Twitter is still relevant but sees less engagement

Contradicting general consensus, Zoomph reported that 98% of social media activity relating to PFW was on Twitter and only 2% on Instagram. Business intelligence firm L2 reported a similar trend during the Tommy Hilfiger show at NYFW. The designer posted 51 images on Instagram compared to 197 tweets. Mind you, much of that may be to do with the nature of the platform – fast-paced comments versus more considered images. Backing that is the fact that Tommy’s posts converted into 920,528 likes and comments on Instagram, while the larger number of posts on Twitter only saw a total of 30,971 likes and retweets in return.


Facebook lost ground but innovative product appeals

The social media platform largely associated with Millennials continued to fall out of favour with the fashion crowd. Facebook activity surrounding NYFW has declined year-on-year since 2014 according to the L2 report. The pay-to-play nature of the platform is said to be the reason why, with brands instead opting to focus resources elsewhere. Facebook is however experimenting in new spaces in a bid to garner renewed attention. Its Facebook 360 product allows users to experience virtual content first-hand by controlling the rotation on it themselves. Refinery 29 shot eight shows at NYFW using the immersive technology.


Others opted for a digital detox

While that debate rages on around fashion weeks transforming into consumer-facing events, others have been rejecting social media altogether. This season, Massimo Giorgetti banned social media from his MSGM show at Milan Fashion Week MFW) for instance, suggesting guests simply enjoy the show instead of watching it through their smartphones. A number of others did the same including Jacquemus in Paris and Mary Kate and Ashley Olsen’s brand The Row in New York. Belstaff also didn’t allow photographs to be taken of its capsule collection with Liv Tyler in London.


Luxury brands were outpaced by savvy collaborations

If they weren’t banning it, they were doing the total opposite and teaming up with celebs in order to hit the biggest numbers of social media instead. Rihanna modelling her own Fenty x Puma collection for instance caused an enormous stir with 140,000 tweets being posted about it, according to Amobee Brand Intelligence. That was nearly 100,000 more than Ralph Lauren achieved in the same time period (47,000) and almost double that of Michael Kors (71,000). By comparison, Kanye West opened NYFW at Madison Square Gardens with his Yeezy season 3 collection to an audience of 18,000. On social media that generated 800,000 tweets.


Supermodels and influencers ruled

Once again the choice of models taking to the catwalk also appeared to be just as important as the clothes on show. High-profile names including Gigi Hadid and Kendall Jenner shared backstage insights with their own millions of followers – the former also doing a stellar job launching Tommy Hilfiger’s Snapchat account. A shot of the duo swapping hair colours for Balmain also exploded, generating the brand 144,000 likes and 3,500 comments. At NYFW, of the top 10 Instagram images by total engagements, eight were taken by models and influencers, including models and social influencers Jay Alvarrez and Alexis Ren, as well as Russian YouTube influencer Kate Clapp, according to data from Traeger Communications.


Kim killed it… again

One step ahead of younger sis Kendall was publicity machine Kim Kardashian West – who once again topped the social media leader boards across multiple platforms. Her promotion of the NYFW official app garnered nearly 800,000 engagements and was the most-successful image on Instagram during NYFW for instance. Kim also won Paris by posting a number of throwback images from the AW15 season as well as a controversial-yet-censored naked shot of herself that commanded a hefty 1.6 million likes.

Categories
Blocks data e-commerce social media

#LFW in numbers: 35 stats to know now

LFW_bynumbers

We love us some stats. Here’s a great list released by the British Fashion Council ahead of the start of London Fashion Week tomorrow:

  • £46bn total contribution from the UK fashion industry (including indirect support for supply chain industries and induced spending of employees’ wages)
  • £26bn direct contribution to the UK economy from the UK fashion industry (up from £21bn in 2009)
  • £10.7bn spent on fashion online in the UK (expected to reach £19bn by 2019)
  • £160m media coverage on LFW each season
  • £100m of orders placed during LFW each season
  • 797,000 jobs supported by the UK fashion industry
  • 329,800 mentions of #LFW on Twitter during LFW SS15 in September
  • 120,000 images tagged #LFW on Instagram during LFW SS15
  • 32,000 miles driven between shows by Mercedes Benz chauffeurs
  • 30,000 Lavazza espressos served and 200kg of Lavazza coffee beans used
  • 25,000 bottles of Fiji Water drunk at LFW AW15
  • 16,862 miles travelled by the House of Holland and H by Hakaan Yildirim collections from London to Tokyo, Turkey to London and back by DHL
  • 10,000 hours spent on mentoring LFW designers through BFC initiatives over the last year
  • 5,376 bags of Propercorn eaten
  • 5,000 visitors are expected to attend including buyers, journalists, bloggers, broadcast crews and photographers
  • 5,000 glasses of Scavi & Ray served
  • 3,000 ES Deluxe magazines read
  • 200 makeovers in the Maybelline Lounge
  • 196 countries watched LFW live streams during LFW SS15
  • 190 designers in the Designer Showrooms: including UK and international, emerging and established, ready-to- ?wear and accessories
  • 150 press and buyers staying at the May Fair Hotel
  • 94% of Twitter users aware of LFW and 74% have an interest in LFW
  • 80 Penhaligon’s candles burnt
  • 78 designers showing on schedule this season: 55 catwalk shows and 23 presentations
  • 78% of guests attending LFW plan on tweeting during the event
  • 70% of UK internet users buy clothing and footwear online
  • 61 countries represented by guests at LFW
  • 52 limited edition Swatch watches on-site
  • 51 seconds to walk the length of the catwalk in the BFC Courtyard Show Space
  • 35 hair appointments in the TONI&GUY blow out bar at Somerset House each day
  • 20 American Express Insiders wearing uniforms designed by Osman
  • 20 designers gifted a selection of shapewear and seamless lingerie by Triumph
  • 10 exclusive items designed for eBay (all under £100) available at ebay.co.uk/BFC
  • 9 large scale digital outdoor screens live streaming the Hunter Original show in cities such as London, ?Manchester, Birmingham and Glasgow in partnership with Ocean Outdoor
  • 1 Lavazza airstream café designed by Christopher Raeburn