As the global population ages, China’s silver economy is experiencing a remarkable surge. According to the United Nations Population Division, the proportion of people aged 65 and above worldwide has increased from 5.5% in 1974 to 10.3% in 2024. Projections indicate this figure will double to 20.7% by 2074.
In China, this trend is even more pronounced. The country’s silver economy is expected to expand from 7 trillion yuan ($974 billion) in 2024 to an impressive 30 trillion yuan by 2035, accounting for 10% of China’s GDP. This growth is fueled by an aging population and increased consumption among older adults.
In 2023 alone, nearly 81,000 businesses related to the silver economy were registered, marking a 27% year-on-year growth. There is also a significant shift in consumption habits among older adults. Approximately 329 million seniors are now using the internet, spending an average of 129 hours per month online. They are actively engaging in short videos, e-commerce, and instant messaging, signaling a rise in digital consumption.
While challenges remain, policy support such as the 2024 government initiative to boost the sector points to a promising future. The rapid growth of China’s silver economy not only reflects demographic changes but also highlights new opportunities in technology and services tailored for older adults.
Reference(s):
Graphics: China's silver economy grows amid global aging trend
cgtn.com
