Promotions, novel items, enhanced senior insurance plans form part of Hong Kong's initiative to assist the elderly.
Hong Kong authorities have unveiled a comprehensive set of measures designed to capitalize on the city's rapidly aging population, with a focus on spurring consumer spending, fostering tailor-made products, and strengthening insurance protection to incentivize older residents to rejoin the workforce.
Deputy Chief Secretary Warner Cheuk Wing-hing, spearheading a new task force dedicated to developing the so-called "silver economy," highlighted the significant purchasing power of senior citizens during a press conference on Tuesday. According to advisers, elderly spending reached approximately HK$342 billion in 2024, equating to around 11% of the city's GDP, and is projected to grow to HK$496 billion by 2034.
Cheuk underscored the importance of the elderly demographic, who make up a substantial proportion of Hong Kong's population, and their economic clout as an untapped consumer group. "By promoting the 'silver economy,' we can revitalize Hong Kong's economy, drive overall development, and simultaneously cultivate high-quality 'silver products' and service models that cater to the needs of our aging population," he said.
The measures will address various aspects of the elderly market, from consumer spending and industry growth to product quality assurance and financial security. Some key aspects of the initiative include:
- Encouraging Older Workforce Participation: The government aims to facilitate the re-entry of elderly workers by creating employment opportunities that cater to their specific needs and capabilities. A working group, led by the Deputy Chief Secretary for Administration, will coordinate efforts to promote collaboration between the government, private sector, and community organizations to enhance elderly employment and services.
- Boosting Silver Consumption: Initiatives to encourage senior spending include retail concessions offering discounts to seniors. Specialized catering services and food products adapted to elderly nutritional needs will be promoted, as will exhibitions and eCommerce platforms showcasing and supplying products tailored for seniors. A Silver Summit will provide a platform for stakeholders to discuss silver economy development and promote elderly-friendly products and services.
- Developing the Silver Industry: Efforts to commercialize gerontechnology products and other senior-focused industries will be bolstered, stimulating innovation and market development centered around senior consumers.
- Ensuring Product Quality: Standards and quality assurance for products and services catering to elderly people will be introduced to ensure the reliability and safety of these offerings.
- Improving Financial and Security Arrangements: Financial products and security measures designed for the elderly will be refined to support seniors’ financial well-being and security.
In total, these measures seek to harness the economic potential of Hong Kong's rapidly aging population, which is projected to account for over one-third of the city's population by 2043. By focusing not only on consumer spending and industry development but also on encouraging older residents to rejoin the workforce, the government aims to create a comprehensive ecosystem to drive the silver economy's growth and inclusiveness.
- The focus on the silver economy, as spearheaded by Deputy Chief Secretary Warner Cheuk Wing-hing, will capitalize on the substantial purchasing power of senior citizens, estimated to reach HK$496 billion by 2034.
- To drive the growth and inclusiveness of the silver economy, the government is introducing measures to stimulate tailor-made products and services, including retail deals-and-discounts for seniors and exhibitions featuring personal-finance products catering to their needs.
- Recognizing the need for a skilled workforce to support the city's aging population, the government's plans include fostering employment opportunities that promote personal-growth and cater to the specific needs of elderly residents.
- The comprehensive measures aim to strengthen home-and-garden security arrangements and refine finance products to ensure the well-being and security of senior citizens.
- By addressing multiple aspects of the elderly market, including business development, lifestyle improvements, and education-and-self-development opportunities, the government aims to create an integrated ecosystem that nurtures the silver economy.
