The industry is expected to rise to 106 trillion yuan ($17 trillion) by 2050, amounting to a third of the Chinese economy. That would make it the world’s largest market for the ageing and enough to make anyone’s eyes water.
That year China will have 480 million people over 60, one quarter of the world’s elderly, says a report just released by China’a National Committee on Aging, strangely titled the “China Report on the Development of the Silver Hair Industry”
According to this report from Bloomberg, the report outlines four main fields of growth:
- Appliances (to serve the less-mobile elderly, for example).
- Services (such as home care and special transportation),
- Real estate (assisted living centres),
- Financial services. Insurance and money management for the elderly, will make up the biggest portion of the market and still has lots of room to grow.
As usual, the committee seems to have overlooked the fact that apart from special needs, older people also need to continue to enjoy life as normal consumers and therefore opportunities exist for companies that can adapt existing products and services to accommodate the needs of older people by making them Age-Friendly.
See how the Japanese electronics industry is responding to this here.