The development of the silver economy offers Hong Kong's aging population better-quality lifestyle and care choices while unlocking massive regional business opportunities through cross-boundary senior care, Financial Secretary Paul Chan Mo-po said.
Speaking at an event organized by the Senior Citizen Home Safety Association, Chan highlighted the importance of expanding products and services for seniors. He stressed that the market should offer a variety of options tailored to different physical abilities and needs.
Chan pointed out that Hong Kong’s competitive edge stems from its ability to leverage a range of strengths, such as world-class scientific research and a robust innovation and technology sector supported by capital, talent, and startups. These strengths are complemented by a local market with high expectations for quality of life and service standards, especially as Hong Kong aims to become a global hub for medical innovation.
The key is connecting these advantages to translate scientific research into practical, sustainable, and commercially viable services, Chan said, describing it as a model of experience that Hong Kong can eventually share with other regions.
He added that cross-boundary senior care services present a valuable growth market for local businesses, with new demand expected for service referrals, health knowledge sharing, and coordinated care support.
By 2046, seniors aged 65 or older are projected to make up 36 percent of Hong Kong's total population, while the proportion of single elderly households will climb to nearly one third.
According to projections, the total consumption expenditure of Hong Kong residents aged 60 or older is expected to grow from HK$340 billion in 2024 to nearly HK$500 billion by 2034.
