Next-generation smartwatch models are powerful and have more features than previous-generation products.

Though the Vietnamese smart wearables market began developing later than some regional markets, the growth rate is higher than the average growth rate in Southeast Asia.

A recent survey by Herbalife found that 83 percent of Vietnamese have changed their priority orders in spending on healthcare solutions after the Covid-19 pandemic. 

The surveyed people said increasing the immunity system capability (54 percent), improving overall health (53 percent), following healthy diets (50 percent), and improving mental health (50 percent) are the top 4 health goals they want to reach. These were followed by increased physical exercise (48 percent) and sleep improvement (46 percent).

Ivan Lai, Garmin’s regional director, said the changes in lifestyle habits have led to the development of health monitoring devices and sports practices. This is also why Garmin’s new clients accounted for 76 percent of its clients last year.

“Vietnam is a growing market. Since Garmin joined the market in October 2020, our business scale has expanded by three times. Despite inflation, Garmin Vietnam still saw a 45 percent growth rate compared with 2022,” Lai said.

Vietnamese users, especially youth, are paying high attention to health and following a dynamic lifestyle. The demand for multi-functional smartwatches is increasing.

Smart wearables allow users to keep watch over biological indexes and personal physical data. Smartwatches can also give assessments, comments and make recommendations.

In Vietnam, jogging is a major sport with an increasing number of marathons, especially in the large cities of HCM City, Hanoi, Da Nang and Can Tho.

Vietnamese are also interested in smartwatches which monitor sleep and have health indicators.

Lai believes that the smart wearables market will continue to see a boom in 2024, while models integrated with e-wallets and one-touch payment methods will be trendy next year.

Statista reports that smartwatches are one of the most popular wearables globally, estimated to bring total revenue of $45 billion in 2023, with the total number of smartwatches sold this year expected to hit 300 million.

Trong Dat