iWatch: Apple’s first true foray into wearable tech

You have to say the odds are stacked against them though.

Reports from Silicon Valley suggest Apple is currently recruiting heavily in its iWatch wrist computer division, in the hope of ironing out design problems the team is currently grappling with. Insiders at its Cupertino headquarters suggest the hiring spree has been sparked amid concerns the new tech will not be ready until the end of 2014. Apple’s first true foray into wearable technology, chief executive Tim Cook said in June that this market segment was "ripe for exploration" and "incredibly interesting".

Although not yet officially announced, industry insiders agree a new smartwatch is the most likely piece of kit under development; with Apple has already making several applications to trademark "iWatch". Mr Cook hinted at its existence in April, saying: "Our teams are hard at work on some amazing new hardware, software and services that we can't wait to introduce this fall and throughout 2014."

With Apple clearly investing heavily in the iWatch, you have to wonder whether the company is backing the wrong horse. Industry analysts have long been predicting the explosion of wearable tech, but its growth has so far been meagre at best. Critical consensus hasn’t yet been reached either, with Google Glass generating a lot of column inches but also polarising opinion. Reviews have praised its inituitive hands-free interface in the same breath as pouring scorn on the potential privacy problems associated with the glasses-mounted camera, which makes it difficult for others to tell if you are recording them or not.

It remains to be seen if the iWatch will encounter such a reception upon its release, but at this stage at least, you have to say the odds are stacked against Apple. One of the biggest advantages of Google Glass is that it frees up your hands to do other things, while still allowing you to make use of the technology’s features, as Google has made very clear in its promotional material. I doubt many people will rush out to buy the glasses because they allow you to record your skydive hands-free, but Google is clearly showing us what the future possibilities of the wearable tech market are. In the case of the iWatch, it is hard to see how this could be made to be hands-free, so this advantage is immediately wiped out, meaning its other features will have to be especially enticing for it to succeed.

Still, if anyone can take a nascent market segment and really make it a success, it’s Apple. The iPod, iPhone and iPad were not the first MP3 player, smartphone or tablet to be released, but their huge success shows just what a difference a compelling product and some canny marketing can make. The iPhone has now sold in excess of 250m units.

However, success isn’t always guaranteed even when it comes to this tech giant’s products; Apple TV anyone? Lauded as the future of television when launched in March 2007, the digital media receiver has never really caught the public’s imagination despite a redesign in 2010 and again in 2012. The difference between success and failure of the iWatch could rest heavily on Apple latest recruits.

Reports from Silicon Valley suggest Apple is currently recruiting heavily in its iWatch wrist computer division. Photograph: Getty Images

Mark Brierley is a group editor at Global Trade Media

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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”