Elderly consumers in China are expected to generate 3.79 trillion yuan (US$564b) in revenues by the end of next year, according to a recent report by the China Association on Aging.
While promising a new source of momentum for the domestic economy, the elderly consumer market is also facing some pressing issues, the Economic Daily reported.
Wang Lili, deputy director at the China Research Center on Aging, told the paper that old consumers are showing growing interest in e-shopping, customized purchases and experiences, among others, while also driving the steady development of the adult care industry.
For example, while the number of nursing homes is growing, many seniors are opting for assisted living and private duty nurses.
Also, health care products geared to the elderly, such as hearing aids, are growing fast in China, but still are lagging in quality compared with those in developed countries.
There are over 60,000 types of such health products available on the global market, but only 2,000 are available in China, the report pointed out. The percentage of China’s health service industry accounts for 1.7 percent of total output compared to 3.5 percent in Russia, 5.9 percent in Japan and 6.7 percent in the US.
Wang suggested that businesses should design and develop products and service for the elderly that not only meet demand but also build a loyal customer base. This would further strengthen the senior consumer market, Wang said.
The central government is also focusing more on the elderly care industry. On April 16, the General Office of the State Council, China’s Cabinet, issued its opinions on promoting the industry and proposed that by 2022, the country will further strive to meet the diverse needs for services among the nation’s elderly.
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