Smartwatches and other wearables are currently attempting to claw their way into the mainstream to sit along with smartphones and tablets as hardware essentials. However, a report from Hive has suggested that people are more interested in buying gadgets for their homes which help them to make savings.

Three quarters of the people questioned in the study said that they were not convinced that buying a wearable device would actually help to improve their lives or streamline any day to day tasks.

Meanwhile almost two thirds of respondents said that being able to save money by investing in connected tech within their homes, such as smart electricity metres and lighting, is the most important reason to upgrade.

When it comes to actually buying new devices, most said that the next half decade will be the crucial window within which they will outfit their homes with a range of internet-enabled devices.

This will mean buying items such as smart fridges which can automatically order new groceries  online when the owner is running low on a particular product. Other planned purchases include remote control and surveillance systems that make it easier to manage the home while on holiday.

Only 30 per cent said that they knew that domestic appliances which can connect to the internet are available to buy in Britain today. This suggests that there is still a need for retailers and manufacturers to communicate the presence of these products on the market.

Meanwhile things are looking a little bleak for companies selling wearable technology. Even with the impending release of the Apple Watch, there are only a small group of consumers that seem interested in buying one. Most people would rather invest in products for their home that make the process of safe shopping online even easier.