Asia Economy, Samsung Electronics Co Ltd, Alphabet Class A, Health Care İndustry

Asia Economy, Samsung Electronics Co Ltd

Samsung wearable device sales have jumped more than 30% this year, exec says

Samsung Electronics wearable device sales have jumped more than 30% this year

11/20/2020 7:58:00 AM

Samsung Electronics wearable device sales have jumped more than 30% this year

People are buying wearable products they can use to monitor their health during the coronavirus pandemic, according to Samsung Electronics.

11:58 PM ESTSumathi BalaKey PointsWearables are expected to grow to an almost $70 billion market globally by 2025, with the dominant sector being healthcare."Wearable device sales have grown by 30% or more compared to last year," says Taejong Jay Yang, senior vice president of Samsung Electronics, said of his own company's products.

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Samsung Electronics says it will continue to set up partnerships with healthcare firms to make products.A customer tries out a Samsung Electronics, Galaxy smartwatch at the company's D'light flagship store in Seoul, South Korea, on Monday, Jan. 28, 2019.

Bloomberg | Bloomberg | Getty ImagesSamsung Electronics' wearable device sales are up by more than 30% this year, a senior executive at the world's largest consumer electronics and smartphone company told CNBC.Taejong Jay Yang, senior vice president at Samsung Electronics, said consumers are buying wearable products that they can use to monitor their health during the coronavirus pandemic.

"Although a majority of consumers plan to spend less this year due to the pandemic, wearable device sales have grown by 30% or more compared to last year," Yang told Chery Kang, in a CNBC interview as part of the annualEast Tech West conference

."What this data indicates is that even when millions of consumers are re-evaluating their spending habits, they continue to prioritize wearable technology products over others," Yang added. "Samsung will continue to invest in these advanced technologies."

Wearables are expected to grow to an almost $70 billion market globally by 2025, according to market research firm, with the dominant sector being healthcare — which includes medical, fitness and wellness. Read more: CNBC »

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Need this in the USA USAElections2020 USElectionResults2020 USElections2020 Literally nobody I know has one. Whereas everyone has an Apple Watch.