Senior citizens learn about a smart door lock at the Shenzhen International Intelligent Elderly Care Industry Expo held in October in Shenzhen, Guangdong province. LIANG XU/XINHUA
At a recent concert in Chengdu, in Southwest China's Sichuan province, which featured electrifying music, dazzling lights and a dopamine-charged atmosphere, one unexpected moment stole the show.
Within the pulsating wave of energy, the camera found an elderly woman with graying hair. Her face was streaked with tears of excitement and nostalgia as her favorite star returned to the stage after a decade-long hiatus. The image quickly went viral on Weibo, capturing many hearts across the microblogging site.
Shui Shuzhang, 87, is a fan of Dao Lang, a pop singer who rose to stardom roughly two decades ago. "I don't know how much longer I'll live," she said. "So while I can still get around, I'll go to every single one of his concerts."
Shui's story epitomizes a growing trend in China — seniors embracing more vibrant lifestyles, to the extent that the hashtag "grandma at a concert, mentally 30 years ahead of me" recently trended on Weibo.
With approximately 217 million people aged 65 and above, China is home to the world's largest elderly population, and roughly one in every four seniors globally. While some view this demographic shift as a burden, many economists highlight the consumption power of this group and the tremendous opportunities this presents for economic growth.
The China Research Center on Aging predicts that the silver economy could grow from its current value of 7 trillion yuan ($965 billion) to 30 trillion yuan by 2035. By 2050, elderly consumption is expected to reach 40 to 69 trillion yuan — accounting for up to 20.7 percent of the country's GDP, according to economist Ren Zeping.
Ren, chief economist at Zhengzhou-based Zhongyuan Bank, was previously an economist at the Development Research Center, a key think tank affiliated with the State Council.
China's silver economy is not just a domestic opportunity — it's a global one. While it is only beginning to take root in China, this concept has already come of age in Japan and parts of Europe. Entrepreneurs from these regions have set their sights on the burgeoning Chinese market.
Japan became an aged society in 1994 and entered the super-aged phase in the early 2000s. It has a thriving silver economy that spans sectors such as healthcare, tourism and financial consultancy. According to Mizuho Corporate Bank, this economy is expected to exceed 100 trillion yen ($659 billion) by 2025.
A society is considered "aged" when those aged 65 and above account for 14 percent of the total population, and "super-aged" when the proportion exceeds 20 percent, according to the WHO. The figure stood at 15.4 percent in China in 2023.
At the second China International Supply Chain Expo, held in Beijing in November, Panasonic showcased innovations like a bed with a back-pressure-relief system and a senior-friendly shower room.
These products are already in use at the Yada Panasonic Community in Yixing, East China's Jiangsu province — Panasonic's largest smart retirement project in China.
The Chinese government has increasingly recognized the economic opportunities presented by an aging population. It introduced the idea of developing a silver economy in 2020 and mapped out strategies and key industries in a policy document in January 2024. More recently, it has further opened the elderly-care, medical and health sectors to foreign investment, reinforcing its dedication to this market.
As aging reshapes global economic and social realities, experts say the key lies in proactive adaptation. With the right strategies, challenges can transform into catalysts for growth — turning silver into gold as the population grays.
Xinhua - China Daily
