Despite a solid sales cycle over the holiday period – with Q4 2021 sales up 22% compared to the previous year – smartwatch ownership remains relatively flat at 31% of the consumer base. In other words, most new sales are coming from existing owners upgrading, in additional to just enough new consumers to balance out any possible churn in the segment. Is this due to smartwatches now being a mature segment that is possibly capped out of future growth? We do not believe so. Rather, we see two core challenges for the industry.
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