China’s ageing population has become a key consumer group targeted by international companies – from food and drink producers to pharmaceutical makers – as they pursue new growth drivers amid a consumption slowdown in the world’s second-largest economy.
“International companies are astute at finding new opportunities,” said Yin Ran, an angel investor in Shanghai who visited the trade show on Saturday. “Products designed for the aged urban population are a bright spot because more retired workers are willing to pay a premium for high-quality consumer goods.”
By the end of 2024, China had 300 million people aged 60 and above, accounting for 22 per cent of the total population, according to the National Bureau of Statistics (NBS).
Xinhua news agency forecast in a report three months ago that the so-called “silver economy” would be valued at 7 trillion yuan (US$983 billion) in 2025, and could expand more than sevenfold to nearly 50 trillion yuan in 2050, driven by the accelerating pace of population ageing.
Amid a prolonged property slump and an uncertain export outlook, Beijing has been focusing on expanding domestic demand to help drive growth.
