Samsung Electronics' portable device sales are up more than 30% this year, a senior executive at the world's largest consumer electronics and smartphones company told CNBC.
Samsung Electronics senior vice president Taejong Jay Yang said consumers are buying wearable products that will help them monitor their health during the coronavirus pandemic.
"Although the majority of consumers plan to spend less this year due to the pandemic, wearable device sales have increased 30% or more year over year," Yang Chery Kang said in a CNBC interview during the annual East Tech West conference.
"These data show that even as millions of consumers reassess their spending habits, they continue to prioritize wearable technology products over others," Yang added. "Samsung will continue to invest in these advanced technologies."
According to market research firm IDTechEx, wearables are expected to grow to a market of nearly $ 70 billion worldwide by 2025. The dominant sector is healthcare – including medicine, fitness, and wellness.
Competition in this sector is intense as Samsung competes against US competitors – including Apple and Google – in the smartwatch and fitness band market. The smartwatch market alone has become more competitive – according to market research firm Euromonitor, its size has almost doubled in three years to $ 13 billion.
Samsung Electronics introduced the Galaxy Watch Active 3 this year. The device contains a blood oxygen monitor as well as functions for sleep and blood pressure.
Samsung sees these medical features as "key strengths" for its wearable devices. With the "data we collect, we can create many great services and products for consumers to help them live healthier lives," said Yang.
The company will continue to partner with other healthcare companies to make products, Yang said.
This year, Samsung partnered with AIA Korea for the life insurer's health app called AIA Vitality. The app encourages people to lead a healthy lifestyle by offering insurance discounts.