Will Apple and Fitbit make a mark or leave Xiaomi and Huami to clean up?
If ever there was a sure bet, it’s the health and fitness boom in China. The middle classes are growing and they have plenty of disposable money to spend. The government predicts fitness and sports business will be worth $800 billion by 2025. The revenue from Chinese gyms and health clubs has already doubledin the past five years to $5 billion. Investors are throwing money at Chinese fitness apps like Codoon, with its millennial fans and Keep, with its 30 million users.
And China loves wearables. When just 100 million wearable devices are expected to ship in 2016 and 9.54 million sell in China in just three months, that’s big news. For wearable tech makers in the US and Europe who have had the lights turned on as to China’s potential, then, the following may come as a bit of a blow: Xiaomi got there first.
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