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Don't forget that watches are not only for telling time, we don't need watches anymore, we can read time anywhere around. They have a sentimental value and they are a status symbol for some too. And a cheap chinese Smartwatch has absolutely no sentimental value nor is it a status symbol. Unless the big watch companies don't offer theses models the "watch afficionados" won't buy them.
The random guy may buy it but no Rolex / Patek / Omega... customer will rather buy a Android watch.
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