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Deputy Chief Secretary for Administration Warner Cheuk Wing-hing urged businesses to seize the massive potential of the silver economy as the purchasing power of the elderly grows steadily in Hong Kong.
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Speaking at a public event, Cheuk stated that Hong Kong's population aged 65 or above is projected to reach 2.74 million by 2046.
He noted that while an aging population presents challenges for healthcare expenditure and retirement security, it also creates significant opportunities for the market.
"It is estimated that the consumption spending of individuals aged 60 or above in Hong Kong will grow from HK$342 billion in 2024 by 45 percent to HK$496 billion by 2034, reflecting the continuous growth in purchasing power among the elderly," Cheuk said.
To capture this immense market potential, the government has actively promoted silver-demographic consumption, he added. For instance, the authorities have encouraged the business sector to integrate elderly-focused features and promotions into major commercial exhibitions.
Three exhibitions hosted in August, including the Food Expo, the Beauty & Wellness Expo, and the Home Delights Expo, incorporated these elements, collectively drawing over 500,000 visitors.
