Silver Generation (银发经济)
According to China’s seventh census, the population of silver-haired persons aged 60 and older amounted to 18.7% of the total population of 264 million people. Chinese retirees are among the world’s youngest, with an average age of 60 for men and 55 for women. These customers may spend more time and money on leisure activities, tourism, and artwork, as well as fashion and beauty because their lives are less hectic. According to iiMedia Research, the size of China’s silver hair economy market has continued to grow from 2016 to 2020. With an annual growth rate of 25.6 percent, it reached 5.4 trillion yuan in 2020. China’s silver hair economy is predicted to increase further in 2021, reaching 5.9 trillion yuan. Food, daily essentials, and health care, medical treatment, and physical examination are the current key consumer products for the elderly in China. Clothing, shoes, and apparel, food and health care, and daily essentials are the three most represented consumer categories. The average consumption of daily essentials is the lowest among them. Seventy-three percent of consumers spend less than 40% of their monthly total expenditure on daily needs.