ByteDance, the social media giant behind TikTok, is collaborating with the 177-year-old Chinese jewelry brand Lao Feng Xiang to create a new generation of smart glasses. These high-tech eyewear, powered by ByteDance’s AI model Doubao, are designed to assist the elderly with real-time voice navigation and translation functions.
Lao Feng Xiang unveiled the first batch of these wearable gadgets at the International Exhibition of Senior Care, Rehabilitation Medicine and Healthcare in Shanghai on Wednesday. This event, the world’s largest senior care expo, runs through Friday. The smart glasses, marketed as a “smart assistant” for seniors, aim to help with tasks such as translating menus, interpreting medication instructions, and engaging in conversations with users.
Yang Yi, Chairman of Lao Feng Xiang, spoke at the expo, highlighting the company’s continued commitment to advancing technology for the aging population. “In the future, Lao Feng Xiang will continue to invest in the field of science and technology for the silver economy,” he said. The silver economy refers to the market catering to the needs of China’s rapidly aging demographic.
The company’s venture into the smart glasses market comes amid growing interest in AI-driven wearables to support the elderly in China. Lao Feng Xiang plans to release the smart glasses commercially in September.
China’s silver economy reached 7 trillion yuan (approximately US$974 billion) in 2023, accounting for 6% of the country’s GDP, according to the State Information Centre. By the end of 2024, the number of Chinese people aged 60 and above is expected to surpass 300 million, making up 22% of the total population.
Lao Feng Xiang, which specializes in gold jewelry, was significantly impacted by President Xi Jinping’s anti-corruption campaign, which began in 2012. The ban on government officials receiving gifts, such as jewelry, hurt the company’s sales. In 2024, Lao Feng Xiang saw a 21% drop in revenue and a 12% decline in profit, according to its financial report.
The company attributed these declines to weak domestic demand, rising gold prices, and slower global economic growth. Lao Feng Xiang’s shares on the Shanghai stock exchange closed down 1.43% at 52.95 yuan on Thursday.
ByteDance, which owns TikTok and Douyin, has already made strides in the AI wearables market. After acquiring the earbuds startup Oladance last year, ByteDance launched the Ola Friend open-ear wearable, which enables users to interact with the company’s generative AI chatbot, Doubao.
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