Data from the National Bureau of Statistics shows that as of the end of 2023, the population aged 65 and above in China exceeded 217 million, accounting for 15.4% of the population, which is 5.4 percentage points higher than the global average. China has entered a moderately aging stage.

According to estimates from the National Health Commission, by around 2035, the population aged 60 and above will exceed 400 million, accounting for more than 30% of the total population.

In the face of the challenges posed by an aging population, national policies have given high attention, and the latest Central Economic Work Conference again pointed out the need to actively develop the silver economy. According to predictions from the China Aging Research Center,

Currently, the scale of China's silver economy is about 7 trillion yuan, accounting for approximately 6% of GDP. By 2035, the scale of the silver economy is expected to reach 30 trillion yuan, accounting for 10% of GDP.

The main consumption patterns of the elderly population in our country can be divided into two categories: daily consumption (39.1%) and health consumption (40.9%). Data shows that the consumption structure of the silver-haired population is undergoing significant changes, shifting from the traditional elderly aged 60 and above to the broader silver-haired group aged 40 and above. The consumption concepts of these groups are transforming from 'passive aging' to 'proactive health management,' showcasing a pursuit of quality life across different age segments.

Daily Consumption

With the popularization of the Internet, the number of active silver-haired internet users exceeded 300 million in 2024, and people over 40 spend an average of 3 hours online each day. They are keen on watching short videos, reading news, and shopping online.

During the 2024 Double Eleven shopping festival on JD.com, the transaction volume of several products designed for the elderly increased by 140% year-on-year, including health products like antihypertensive medications, electric wheelchairs, and fish oil; additionally, interest-based e-commerce platforms such as Douyin and WeChat Video Accounts have become important channels for those over 40 to obtain information and enrich their lives, with their silver-haired consumption scale also growing rapidly.

Secondly, the proactive health awareness of the silver-haired population continues to rise, and popular products in the silver-haired nutrition and health sector are emerging.

Health Consumption

Health issues remain a key concern for the silver-haired population. The market potential for preventive health services is enormous, and the demand for health check-ups is significantly increasing. Industry data shows that over 80% of Chinese elderly individuals have a monthly disposable income exceeding 15,000 yuan, and the proportion of those undergoing regular health checks is continuously rising.

In addition, the elderly care service market is also expanding rapidly, covering various forms such as nursing homes, assisted living facilities, home care services, and rehabilitation centers. Research institutions indicate that by 2025, China's elderly care market is expected to reach $800 billion, and by 2030, it will exceed $3 trillion.

The development and application of medical devices and technologies is becoming a core area of the silver economy. Against the backdrop of an aging population, the industry expects that the home medical device market will expand, with the domestic market size expected to exceed 380 billion yuan by 2025. Notably, the adoption of remote monitoring systems is a developing field. These systems allow healthcare professionals to remotely monitor the vital signs and health status of the elderly and provide real-time feedback and intervention when necessary.

At the same time, the demand for specialized products such as barrier-free home renovations, assistive technologies, and smart devices is also growing rapidly. Among these, assistive technologies play a crucial role in the silver economy, including devices like walkers, hearing aids, vision enhancement tools, and smart home automation systems. These technologies not only improve the convenience of life for the elderly but also promote the diversified development of the silver economy.

As the aging process accelerates, the market potential of China's silver economy is gradually being released. From daily consumption to health management, and then to technology empowerment, the silver economy will continue to be an important force driving economic growth and bring new opportunities for China's economic development.

This article is shared from: Jin Shi Data