China’s silver economy – an opportunity that can’t be missed
In 2019, the number of people over 60 years old in China reached 254 million, accounting for 18.1% of the population: no other country in the world is facing such a great demographic challenge, and, one which is only growing. Due to falling birth rates and rising life expectancy, China’s ageing population is predicted to reach 330 million by 2030, thus making up 25.5% of the total population, according to the National Bureau of Statistics.
I know, this seems like quite a gloomy scenario but, for now, let’s focus on the silver lining…
China has been rapidly evolving: the country has become more prosperous, innovation has been taking place at great speed and digital transformation has been rapidly shaping Chinese’s society.
These changes have affected all layers of society and the silver-haired generation has certainly not been an exception. As China’s economy has grown, elderly people have seen a rise in their disposable income and assets. The “China Report on the Development of the Silver Industry” says that the spending potential of China’s elderly population will soar to 106 trillion RMB by 2050, thus making up a third of the nation’s GDP. This means that China will become the country with the world’s largest silver market.
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