Since the recent launch of Apple Watch, investors have been eagerly watching consumers' reaction to the new wearable. For the most lucrative of buyers, interest may be waning.
According to a new study by MBLM, a brand intimacy agency, millennials are dissatisfied with the watch. Many reported the original thrill of using it began to dissipate after 30 days, with the watch starting to feel like a weak extension of their iPhone. Some even reported feeling guilt over wearing the Apple Watch, saying it was an ostentatious symbol of wealth, while others said the watch is simply frivolous.
Wearables are often notorious for having a high ditch-rate, with some people ditching them after an average of 60 days.
Related: Apple Rakes in Big Profits From Sales of Watch Bands: Report
"The initial demand for the Apple Watch looks lackluster," Brian Blair, managing director at Rosenblatt Securities, told CNBC's "Power Lunch" on Friday.
"It's not clear what the killer app is," he said. "It's nice to get notifications, but it's a nonessential product."
Most stores have an abundance of units in stock, Blair noted. "I think many estimates for the calendar year will have to come down."
Read More: Singapore greets Apple Watch with a shrug
While the estimated sold units varies thus far, most predictions for the calendar year range from 13 million to 20 million units.