The Hong Kong Trade Development Council (HKTDC) has released a new report highlighting major opportunities in China’s fast-growing “silver economy” as the mainland’s senior population continues to surge.
According to the survey of over 2,000 affluent and middle-class seniors across various mainland cities last year, the average monthly spending of these consumers reaches 7,000 yuan, with even higher figures in first-tier cities.
The report reveals that mainland seniors prioritize happiness, product quality, and value for money. Hong Kong brands are especially favored, with 61 percent of respondents purchasing Hong Kong products—such as health foods, luxury goods, and beauty products—over the past year.
Regarding the city’s services, 54 percent of respondents said they had utilized Hong Kong services in the past year, including beauty and personal care services (25 percent), travel to Hong Kong, Macao and Taiwan (22 percent) and financial and wealth management services (20 percent). Over the next 12 months, the most sought-after Hong Kong services were said to relate to health and wellness services, followed by beauty and personal care services.
More than three-quarters of surveyed seniors are willing to pay a premium for Hong Kong goods and services, which are seen as authentic, professional, and reliable.
Wing Chu, the HKTDC’s Deputy Director of Research who led the study, said the mainland’s silver economy — now valued at 7 trillion yuan— could exceed 30 trillion yuan by 2035.
He urges Hong Kong companies to target higher-spending seniors in first- and second-tier mainland cities and focus on enhancing offline experiences and word-of-mouth marketing, as physical stores remain key for older consumers.
To help businesses tap into this market, the HKTDC is incorporating silver economy themes into industry fairs and forums, such as the Asia Summit on Global Health and the Hong Kong International Medical and Healthcare Fair, which showcase products and innovations for senior consumers.
