Booming Silver Economy: China’s Response to an Aging Population

In China, the expanding silver economy aims to address the needs of its aging population, creating new educational and cultural opportunities for the elderly. Although challenges exist, such as profitability issues for businesses, these initiatives are reshaping elderly care beyond traditional homes, fostering the growth of specialized services and senior-focused products.

In a bid to cater to its rapidly aging population, China is witnessing a surge in the 'silver economy,' providing new opportunities for retirees like Zhang Zhili. These initiatives include educational courses and cultural activities aimed at enriching the lives of older adults.

With over 297 million Chinese aged 60 or above in 2022, the demand for services tailored to seniors is driving a boom in sectors like home care and community education. Despite struggles with profitability faced by some businesses, investors see vast potential in this expanding market, projected to reach 30 trillion yuan by 2035.

Economic pressures complicate these developments, as many older adults have limited spending power. Experts suggest reforms such as tax incentives and workforce training to bolster the sector, which remains in its nascent stage despite promising growth prospects.

(With inputs from agencies.)