Unlocking China’s Elderly Market解锁中国老年市场

With an aging population that surpasses 269 million people aged 60 and above， accounting for nearly 21.1 percent of the total population， China’s silver economy is witnessing remarkable growth.

中国 60 岁及以上老年人口超过2.69 亿，占总人口的近21.1%，银发经济发展势头迅猛。

In this article， we discuss the distinct characteristics of this market， along with its projected growth and investment potential.

在本文中，我们讨论老年市场的显著特点及其预期增长和投资潜力。

China’s silver economy

中国的银发经济

The term “silver economy” encompasses the economic activities related to the aging population and addresses their specific needs and preferences. It recognizes the growing consumer demand from older individuals and focuses on sectors that cater to their requirements， promoting their well-being and quality of life.

“银发经济”一词涵盖了与老龄人口相关的经济活动，旨在满足他们的特殊需求和偏好。它认识到老年人日益增长的消费需求，并关注满足他们需求的行业，促进他们的福祉和生活质量。

As a result of increasing life expectancy， China is experiencing a shifting population pyramid. United Nations data reveals that in 2022， the proportion of people aged over 60 in China reached 280.04 million， up from 267.36 million people （or 18.9 percent of the total population） from the previous year. The average annual growth rate of the population aged 65 and above is 2.37 percent， increasing from 3.7 percent in 1960 to 11.97 percent in 2020.

随着预期寿命的延长，中国正经历着人口金字塔的转换。联合国数据显示，2022 年，中国 60 岁以上老年人口从上年的2.6736 亿人（占总人口的18.9%）增加到2.8004 亿人。65 岁及以上人口的年均增长率为2.37%，从1960 年的3.7%增至2020 年的11.97%。

The “new” elderly： changes in attitude

“新”老人：态度的转变

China’s older generation has undergone a noticeable transformation in recent years， displaying a departure from their traditional reputation for frugality and home-centered lifestyles focused on grandchild care. Instead， the “new” older generation now possesses both financial resources and leisure time， demonstrating a more adventurous and resourceful approach to enjoying their golden years.

近年来，中国的老一代人经历了明显的转变，一改传统的节俭和以照顾孙辈为中心的生活方式。取而代之的是，“新”老人现在既有经济实力，又有闲暇时间，在享受晚年生活方面表现出更多的冒险精神和人生智慧。

This shift can be attributed to a heightened emphasis on health consciousness and a desire to maintain a youthful appearance. Older individuals are actively investing in healthy foods and supplements， with health supplements ranking high on the wish lists of Chinese tourists and being popular gifts among older people in China.

这一转变可归因于人们增强了健康意识并渴望保持年轻样貌。老年人现在积极投资健康食品和保健品，保健品在中国游客的愿望清单上名列前茅，也是深受中国老年人喜爱的礼物。

Additionally， both men and women in this generation seek to appear younger by dyeing their hair and availing themselves of beauty treatments. In addition to these aesthetic procedures， this cohort is also purchasing more cosmetics and jewelry， benefiting both domestic and foreign luxury brands. Further， the increased wealth of the older generation has stimulated growth in wealth management， financial planning， and insurance sectors. With greater savings and disposable income， this generation has a greater demand for services that safeguard their financial well-being in retirement and facilitate the transfer of wealth to future generations.

此外，这一代的男性和女性都希望通过染发和美容来显得更年轻。除了美容，这一代人还购买更多的化妆品和珠宝，使国内外奢侈品牌大为受益。此外，老一代人财富的增加也刺激了财富管理、财务规划和保险行业的增长。这一代人拥有更多的储蓄和可支配收入，因此他们对保障退休后的财务状况和促进财富向后代转移的服务有更大的需求。

Elderly individuals’ preferences regarding retirement have undergone noticeable changes， as more of them are now choosing to spend their later years in senior homes instead of relying on their children for care. This shift is primarily driven by the desire for a comfortable and hassle-free lifestyle. These homes cater to their needs and provide a high standard of living. They are often constructed by real estate companies， specifically designed for older consumers， and offer a range of amenities and services tailored to their preferences.

老年人对退休生活的偏好发生了明显的变化，越来越多的老年人选择在养老院安度晚年，而不再依赖子女的照顾。这种转变主要是出于对舒适清静生活方式的向往。养老院可以满足他们的需求，并提供高标准的生活。它们通常由房地产公司建造，专为老年消费者设计，并根据他们的喜好提供一系列便利设施和服务。

Additionally， to meet the demand for upscale senior facilities， some former upscale hotels in suburban areas have been transformed into luxury senior homes， providing a sophisticated and elegant environment for retirees to enjoy their golden years.

此外，为了满足老年人对高档养老机构的需求，一些位于郊区的原高档酒店也被改造成了豪华养老院，为退休人员提供一个精致优雅的环境，让他们可以安享晚年。

Consumption patterns of China’s elderly population

中国老年人口的消费模式

The main consumption patterns of China’s elderly population can be grouped into two categories： daily consumption （39.1 percent） and health-related consumption （40.9 percent）. When it comes to health consumption， the silver-haired population is not only concerned about healthcare but also increasingly emphasizes disease prevention.

中国老年人口的主要消费模式可分为两类：日常消费（39.1%）和健康相关消费（40.9%）。在健康消费方面，银发人群不仅关注医疗保健，而且越来越重视疾病预防。

In relation to this， preventive health services， such as physical examinations， will have significant room for growth. It is evident that regular physical examinations require a certain amount of time， economic costs， and medical support. Therefore， the high-income population in first- and second-tier cities can sustain regular physical examinations for a longer period of time due to their subjective willingness and objective conditions.