Pretty Much Nobody Wants to Pay a Lot for an Apple iWatch, Survey Finds

This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

The sample of 100 shoppers was hardly representative of the U.S. population — never mind today’s global market for electronics. It consisted of …

– 100 adults, 61 women, 39 men
– Average age 32, youngest 16, oldest 62
– Average income $130,000
– 75% owned a watch, 25% didn’t
– Of the owners, 59% wear a watch every day
– 22% change their watch every day
– They own an average of 2.4 watches
– They buy a new one every 3.4 years

These people may not be typical, but they are the kind of people you meet at the Mall of America, the world’s largest and busiest (40 million visitors annually) shopping emporium. This is where Minneapolis-based Piper Jaffray does much of its consumer market research, testing the waters for everything from teen fashions to smartphones.

On Tuesday PJC released the results of its first Watch & Wearables survey, using Apple’s AAPL 0.16% rumored iWatch as a hook.

Key finding:

– 14% would pay $350 for an iWatch
– 36% would pay between $100 and $200
– 41% wouldn’t buy one at any price

The 14% intention to buy a $350 iWatch fell between two earlier Piper Jaffray surveys (12% in an Oct. 2013 survey of the general population and 17% among teens in April 2014).

And on the strength of that 14%, lead author Erinn Murphy is sticking with Piper Jaffray’s earlier estimate that Apple could sell anywhere from 5 to 10 million iWatches in the first year, generating as much as $3.5 billion addition revenue.

For the rest of the story, go to Fortune.com.