For now, if you are switching to a new smartphone and stick to the same Wear OS smartwatch, your only (officially supported) option is to reset your watch and start from scratch. It’s not an ideal scenario, but it looks like help is on the way.

As noticed XDA Developers (opens in a new tab)there’s now code in the Google Play Services app for Android that references the ability to back up Wear OS data on the Google One to the cloud before syncing it back to the wearable (presumably after switching phones).

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