As China transitions into a moderately aging society, its silver economy is emerging as a dynamic new growth engine. Recent initiatives aimed at boosting consumption highlight the untapped potential of the elderly market, promoting industries such as anti-aging services and senior tourism.
Projections indicate that China’s silver economy could reach a staggering 30 trillion yuan ($4.74 trillion) by 2035, accounting for 10 percent of the nation’s GDP. The sector is witnessing significant enterprise growth, with 824,000 silver economy-related businesses recorded in 2023.
Older adults now represent over 20 percent of tourists in China, with 40.8 percent traveling once or twice a year, and 17.6 percent embarking on trips three or more times annually. Data shows that cruise bookings by individuals aged 50 and above nearly doubled during this year’s Spring Festival, signaling a surge in demand for leisure activities among the elderly.
Moreover, internet usage among those aged 50 and above rose from 32.5 percent in December 2022 to 34.1 percent in December 2023. This increase reflects the growing digital engagement of China’s elderly population, as more seniors embrace online platforms for communication, shopping, and entertainment.
With the silver economy poised for exponential growth, industries are adapting to meet the evolving needs of China’s aging population. This trend not only opens new economic opportunities but also enhances the quality of life for millions of older adults across the nation.
Reference(s):
cgtn.com