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The previous boost in ownership, driven by the early days of the COVID-19 pandemic, is over. Both smartwatches and activity trackers have seen a decline in ownership in the past six months as a result, as many owners who re-embraced their wearables during the pandemic have once again abandoned them. From a smartwatch perspective, we believe this is a short-term drop and are projecting reasonable growth in ownership over the next two years. But for Activity Trackers, we expect a steady decline in ownership moving forward.