Even though the Apple Watch, the first wearable device from the Cupertino-based company, was unveiled in September 2014 alongside the company's latest flagship smartphones - the iPhone 6 and iPhone 6 Plus, it has not yet been released.

The company still needs to make an official announcement regarding the launch of the Apple Watch, but recent reports suggest that the device will be available soon after the Chinese New Year, which falls on Feb. 19, 2015.

According to Christian Today, currently there are a number of wearable devices from various tech manufacturers, but none of them have become very popular among the consumers. It is, however, expected that once the Apple Watch is released, there would be a sea change in the wearable device market.

Three leading tech manufacturers - Samsung, Motorola and LG have already launched their respective wearable devices in 2014 and each of them designed with different purposes.

While Samsung Galaxy Gear 5 from Samsung and the LG G Watch R have offered the consumers an opportunity to combine fashion and tech functionalities, many are of the view that the Motorola 360 could have been the perfect wearable device provided it did not come with a bottom black bar that somewhat throws off the wearable.

It now seems that the consumers might benefit from the Apple Watch launch. As the existing wearables have failed to have the same impact as the premium smartphones, it is believed that the Apple Watch could possibly generate a demand for wearable gadgets.

Some reports have suggested that the starting price for the Apple Watch will be $349 in the U.S., but it may differ subject to the design and size of the device.

In fact, there are reports of a sophisticated and pricey Apple Watch model reportedly made of real gold. This model named the Apple Watch Edition may come with a price tag of $5,000.

Apart from being a fashion statement and being able to communicate, the Apple Watch will come with the standard that one would expect from such portable gadgets. As far as the other specs of the upcoming Apple Watch is concerned, the device will come with a flexible retina display, a ceramic cover with sapphire lenses at the rear, and a custom-designed S1 chip under the hood to distribute the power required by the device to carry out its functions.

In terms of fashion, the Apple Watch will come with six interchangeable straps and a choice of watch faces, which a consumer could use depending on their preference or taste.