The’silver economy’ has benefits for all senior citizens

The worldwide population is aging, with those 60 years of age or older expected to make up 20% of the total by 2025. This demographic shift is being fueled by advances in socioeconomic development, which means that a large number of people are living longer, healthier lives, and possessing higher levels of education than those of prior generations. Older consumers in developed and emerging nations are thought to be the fastest growing consumer segment globally, with large aggregate purchasing power and unique needs that present chances for expansion for many key sectors. The “silver economy”—the worldwide market for goods and services targeted at individuals over 50—is currently valued at $15 trillion and is predicted to grow exponentially.

Crucially, the “silver economy” can support a nation’s social advancement in addition to its economic growth because, when companies aim to increase profits by creating solutions for the problems faced by the elderly, they can also generate social value by enhancing the lives of those who are aging. With 216.8 million of its population 65 years of age or over, China has the highest proportion of senior people in the world. By 2050, that number is expected to rise to 400 million. Consequently, the value of China’s “silver economy” is expected to quadruple, from $750 billion in 2020 to $2.1 trillion by 2030, and may reach $4.2 trillion by 2035, representing 10% of China’s GDP.

China’s first specific policy guidelines for the development of the “silver economy” are the recently published “Opinions on Developing the Silver Economy and Improving the Well-Being of Older Person.” Over the next ten years, China’s experience will provide valuable insights for emerging economies on how to best address the needs of an aging population while also maximizing the opportunities for economic development that arise from such a shift in demographics. The “silver economy” has brought about opportunities for businesses and governments, but it’s crucial to avoid seeing senior citizens like a set of issues that can only be resolved by them using customized goods and services.