Global fitnessband shipments have been in freefall for the past year. And it's getting worse.

Those low-cost fitness trackers that you wrap around your wrist to count steps, such as Xiaomi Mi Band 7, are falling out of fashion. Worldwide demand plunged -40% YoY during the second quarter of this year.

Re-locking down in parts of China due to Covid, as well as geopolitical and economic uncertainty amid spiking inflation, contributed to weak demand for basic bands across Asia, the biggest region.

Consumers are trending away from fitnessbands and toward more advanced smartwatches, which offer better support for thrid-party apps and services at increasingly cheaper price points.