Aging population gives rise to "silver economy' in China

Posted by instaRgram > 2024-03-19 08:12 | Report Abuse

China's aging population is fueling a market for companies' recreational classes, activities, courses and products.

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Posted by instaRgram > 2024-03-19 08:12 | Report Abuse

• Consulting firm Frost & Sullivan expects China's senior learning market to grow at a compound annual growth rate of 34% by 2027 to 120.9 billion yuan ($16.8 billion), up from 28 billion yuan in 2022.
• Over the next decade, roughly 300 million Chinese will enter retirement-almost the entire US population.
Euromonitor estimates that one in every two people over 65 in the Asia-Pacific region will live in China by 2040.
• China's government is getting involved by announcing tax incentives and financial support for products and services for the elderly. Premier Li Qiang pledged in March further efforts to develop "the silver economy."
• Analysts say low retirement incomes and insecurities related to basic needs, including healthcare, in a society where many elderly people rely on their children for financial support, will limit the industry's potential.

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