The silver hair economy is accelerating, giving birth to a trillion-dollar market

With the increasing demand for intelligent, high-quality, and diversified consumption among the elderly population, the "New Silver-Haired Economy" is expected to become a major driver of consumption upgrading. A survey by the Shanghai Consumer Council shows that over 60% of the new silver-haired generation have higher expectations for their quality of life after retirement. Experts believe that this new demand will ignite the "silver-haired engine" of consumption upgrading, creating a trillion-dollar consumer market.

The silver-haired economy is no longer synonymous with wheelchairs, nursing homes, and nutritional supplements. As traditional elderly care transitions to high-quality elderly care, the growing demand for intelligent, high-quality, and diversified consumption among the elderly population is redefining the silver-haired economy.

Recently, the Shanghai Consumer Council's "Survey Report on Consumption Habits of the New Silver-Haired Population in Shanghai" shows that the "new retired population," represented by white-collar workers and teachers, has given rise to a more vibrant and promising "New Silver-Haired Economy."

The development prospects and "gold content" of the silver-haired economy need to be recalibrated—aging is not just a challenge; it also presents enormous opportunities and creativity, especially as the emerging "New Silver-Haired Economy" will become an important engine for consumption upgrading. Tang Jiansheng, deputy secretary-general of the Shanghai Consumer Council, said that the "New Silver-Haired Economy" is gradually becoming a "strategic windfall" for consumption upgrading, potentially creating a trillion-dollar consumer market.

Post-retirement quality of life requirements

Recently, the 2025 Shanghai International Expo of Elderly Care, Assistive Devices, and Rehabilitation Medicine (Shanghai Elderly Expo) attracted the participation of elderly care brands from 16 countries and regions, with nearly 500 exhibiting companies, setting a record high for the scale of the exhibition. Highly anthropomorphic gait robots, home-use non-invasive ventilators, and smart ECG vests—innovative products closely related to the daily lives of the elderly—were both eye-catching and lucrative.

The heat in the elderly care industry is rising, with the potential of sub-sectors such as rehabilitation care, senior education, and medical treatment becoming increasingly apparent. What is attracting companies to accelerate their layout is the enormous potential of the "New Silver-Haired Economy."

In a consumer survey involving over 8,000 people organized by the Shanghai Consumer Council, the consumption demands of the new silver-haired generation were eye-opening. The survey shows that over 60% (60.22%) of the new silver-haired generation have higher expectations for their quality of life after retirement.

Tang Jiansheng introduced that the "new retired population," represented by white-collar workers and teachers, has given rise to a more vibrant and promising "New Silver-Haired Economy." Compared with the older silver-haired generation, this group shows significant differences in consumption capacity and demand characteristics, specifically prioritizing quality, focusing on functional innovation, and being experience-driven.

This survey shows that the consumption demands of the new silver-haired generation are highly concentrated in areas such as "health and wellness," "tourism and socializing," and "hobbies." Health-related consumption is a core rigid demand for the new silver-haired generation. At the same time, their consumption scenarios are extending from "daily necessities" to "high-quality experiences." Their attention to personalized and customized services such as "custom tours and social gatherings" is 53.09%. The new silver-haired generation pays more attention to "self-realization" and "a sense of life ritual." Their attention to hobby-type consumption (photography, collecting, music) is 45.61%.

The "New Silver-Haired Economy" track is booming

         This year's Shanghai Elderly Expo upgraded its "Silver-Haired Life Exhibition Area," showcasing living scenarios such as comfortable senior living, smart nursing homes, convenient medical care, senior art exhibitions, senior community centers, and cultural and entertainment travel, focusing on the elderly's needs for support, medical care, engagement, learning, and leisure.

At the exhibition booths, the exhibits from various companies vividly illustrate what is new about the "New Silver-Haired Economy." For example, millimeter-wave radar equipment used for home monitoring can be expanded to various "unobtrusive care" application scenarios to prevent accidents among the elderly; smart TVs specially designed for the elderly not only have thousands of classic films and TV series built-in but also guide users step-by-step through various elderly care service functions using the TV as an interface...

At this year's Shanghai Elderly Expo, the new opportunities in the silver-haired economy attracted the continued increased participation of many industry-leading brands, and many companies from other industries also participated, bringing products such as hearing aids, watches for the elderly, and smart cameras. "By 2030, the global population of people aged 60 and above is expected to exceed 1.4 billion, with China accounting for 25%. To meet the diverse needs of the continuously diversifying consumption trends of new silver-haired women in the future, we should meet their multi-dimensional needs and help the new silver-haired generation achieve self-realization and vibrant diversity." said Tao Jun, Head of Consumer and Market Insights, L'Oréal North Asia and China.

In addition to the consumer goods market, the tourism market is also rediscovering the value of the new silver-haired generation. At this Shanghai Elderly Expo, the Shanghai Municipal Civil Affairs Bureau and the Municipal Culture and Tourism Bureau jointly released the "Second Batch of Silver-Haired Friendly Tourism Boutique Routes" and launched a special sales event for the "Shanghai Pass" at the Elderly Expo.

Travel companies' customized travel routes specifically designed for the elderly have become a major highlight. "Through interest-themed route planning, we deeply integrate tourism and interest-based social elements to create rich and diverse high-quality travel experiences for the elderly, which have been warmly received by the market." said Yang Sixun, product director of Ctrip's "Old Friends Club."

An important engine for consumption upgrading

In the era of convergence between population aging and technological revolution, China's silver-haired technology is reconstructing the elderly care service system with unprecedented innovative potential.

At this year's Shanghai Elderly Expo, new-generation wearable exoskeleton rehabilitation robots, the world's first fully autonomous commercial unmanned driving wheelchair robot, and internationally advanced home-use non-invasive ventilators were showcased. Artificial intelligence, unmanned driving, and flexible mechanics are breaking the boundaries of traditional elderly care products, and the increasingly rich "black technology" exhibits in elderly care demonstrate the leapfrog development of China's silver-haired industry from "old age support" to "intelligent enjoyment of old age."

When technological innovation truly takes the needs of the elderly as its starting point, the silver-haired economy is no longer a simple industrial track but a thermometer measuring the progress of social civilization. Relevant officials at the Shanghai Elderly Expo said that these innovative achievements demonstrate three major leaps in China's silver-haired economy—the technological form has shifted from functional replacement to human-computer integration, the product logic has shifted from passive adaptation to active empowerment, and the service ecosystem has shifted from single care to all-scenario life quality improvement.

A Shanghai Consumer Protection Commission survey found that the acceptance rate of smart devices among the new silver-haired generation has significantly increased, providing a 'testing ground' for the deep integration of artificial intelligence, the Internet of Things, and other technologies with consumer scenarios.

“The consumption needs of the new silver-haired generation have broken through the traditional low-price and practical framework and are shifting towards quality, functionality, and experience. This trend will effectively promote the upgrading of consumption quality,” Tang Jiansheng said. With the continuous expansion of the "new retirement group" and the dual increase in their consumption capacity and demand, the "new silver-haired economy" is expected to grow into a trillion-yuan market, covering multiple sub-sectors such as health technology, tourism services, cultural entertainment, and smart homes. (Source: Workers' Daily, Xinhua Net)

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