Despite the holiday season – a traditional time to gift smartwatches, as well as the precursor for short-lived New Year fitness resolutions – the ownership of smartwatches remains flat, at 40%. More positively, unit sales were higher than one year ago, up 23% compared to Q4 2023. But even there, we seem concerning signs as the sales growth is declining once again after peaking in Q2 2024 at a 40% Y-o-Y increase.