Apple has created an expectation amongst users and tech pundits alike that products need to be updated yearly. The rumor mill has been suggesting that the updated Apple Watch 2 would appear this March. However, the current crop of rumors all suggest that this might not be the case.
Sources claim that while the iPad Air 3 and iPhone 5se are expected to make an appearance in March, Apple Watch fans might have to make do with new bands, including a range on new Sports Bands, and a black version of the Milanese Loop band.
It makes perfect sense for Apple to hold back on releasing an update to the Apple Watch until later on this year because it's really not under any pressure from the competition to do so. There isn't a product in the smartwatch arena that comes close to the Apple Watch either in terms of features or sales. It doesn't make sense for Apple to be tweaking the design of the Apple Watch yearly if the device is selling reasonably well.
But there are a few of other reasons, and these are more important in the long term.
The first is that Apple branded the Apple Watch - particularly the high-end Edition models - as luxury items, and it needs to be careful not to give off the impression that high-end luxury is something that changes based on a yearly schedule. That timeless feeling that people get from buying a luxury item does not fit in well with the idea of a product becoming obsolete in a year.
Another factor is that Apple won't want to change the Apple Watch 2 too much because at this stage in the game it's more important to get more users on board than it is to be selling upgrades to existing users. At this stage, it's about expanding the user base, and that means that product upgrades have to be gradual.
And finally, there's the fact that there's only so much functionality that can be crammed into a smartwatch. It doesn't have the long-term arc of say a smartphone or a tablet. There's not an awful lot that can be crammed onto a wrist - a small camera, Wi-Fi capability, and such - so it's counterproductive for Apple to keep to an aggressive yearly upgrade schedule with the Apple Watch.