Since 2008, billions of apps have been downloaded from the Apple App Store, with no signs of slowing down anytime soon. So far, through June, there have been more than 100 billion downloads- more than any other full year.
For Millennials, technology is a way of life. This group makes up the largest segment of smartphone owners, with more than 85% owning one, spending nearly 15 hours a week texting, tweeting and downloading apps. On average, Millennials download about 29 apps each month.
And according to app maker, Blue Rocket, Millennials use music, media, and entertainment, sports, health, and fitness apps, about 75% more frequently than other age groups.
One area of interest Millennials are very focused on using mobile technology and wearables for, is their health. According to a study by Price Waterhouse Coopers:
- Millennials are 2X more likely than adults ages 35+ to be very willing to adopt smart watch, fitness band or smart glasses if a retail, entertainment and media or health insurance company pays for it.
- 70% of consumers said they would wear employer-provided wearables streaming anonymous data to a pool in exchange for a break on their insurance premiums.
- 51% of Millennials expected to purchase a fitness band within the next year.
- The number one thing Millennials would want wearable technology to tell them about is their exercise, followed by their dietary and medical info.
Currently, health and medical apps only make up a fraction of the apps downloaded each year. However, given that the purchasing power of Millennials over the next five years is expected to increase 133% to $1.4 trillion, don't be surprised if we see a massive increase in mobile heath apps and wearable technology.