Healthcare, insurance, cultural centers for seniors, geriatric studies and care giving — will likely see a significant growth in the coming years, says Gui Shixun, a professor at the Population Research Institute of East China Normal University: “The elderly already spend more money on health food products, and in the future, people in China will have even higher incomes and greater purchasing power.”
Even cultural hurdles are lowering, according to this “Knowledge@Wharton” article published by Wharton University. Traditionally, the elderly in China are cared for by their offspring, but in an increasingly modern and urban environment, and with fewer children due to the one-child policy, that is no longer a given. “Some elderly people know their children are busy with work, and don’t want to be a burden, so they propose the idea of moving to a retirement home,” says Gui Shixun, a professor at the Population Research Institute of East China Normal University. In some cases, people send their aging parents to a facility where they can receive adequate assistance. “It could be a modern version of filial piety [respect for parents] to send parents to a senior’s home,” Gui says.