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The silver hair economy showed positive development in the first half of 2025.
The 2025 National Two Sessions Government Work Report clearly pointed out the need to deepen reforms in elderly care services and formulate policies to promote the development of the silver-hair economy. The silver-hair economy mainly refers to the sum of economic activities related to the production, supply, consumption, and derivatives of various products and services provided to the elderly, covering clothing, food, housing, transportation, culture, education, entertainment, medical care, and health care. The latest data from the State Taxation Administration shows three highlights in the development of China's silver-hair economy in the first half of 2025.
——From the perspective of supply, elderly care services are constantly being enriched, and silver-hair products are accelerating iteration. With the comprehensive support of multiple policy measures, the supply of elderly care services and silver-hair products has been further enriched. In terms of service supply, in the first half of the year, the sales revenue of the national elderly and disabled care service industry, elderly-friendly family service industry, and elderly-friendly social care and assistance service industry increased by 40.9%, 14.1%, and 8.8% year-on-year, respectively, exceeding the average growth rate of the national service industry by 37.7, 10.9, and 5.6 percentage points, respectively, showing a rapid growth trend. From the perspective of production and manufacturing, in the first half of the year, the number of entities engaged in the production and manufacturing of silver-hair products nationwide increased by 14.1% year-on-year; the sales revenue of elderly-friendly fitness equipment manufacturing, rehabilitation aids manufacturing, and nutritional health food manufacturing increased by 14.7%, 12.1%, and 6.9% year-on-year, respectively, exceeding the average growth rate of the national manufacturing industry by 9.5, 6.9, and 1.7 percentage points, respectively.
——From the perspective of demand, the silver-hair population has huge consumption potential and diverse preferences. Essential needs, health, and self-indulgence are the three core driving forces of silver-hair consumption. The diversified growth of essential needs in elderly care services: in the first half of the year, the sales revenue of community elderly care services, institutional elderly care services, and home-based elderly care services increased by 30.4%, 22.6%, and 18% year-on-year, respectively. Health consumption showed impressive growth: in the first half of the year, the sales revenue of walking aids and hearing aids, elderly nutrition and health products, and health monitoring equipment increased by 32.2%, 30.1%, and 7.5% year-on-year, respectively. The significant growth in preventive health expenditures reflects a shift in health awareness from passive medical treatment to proactive management. Cultural and entertainment consumption has been upgraded: in the first half of the year, the sales revenue of elderly tourism services, sports and health services, and cultural and entertainment activities increased by 26.2%, 23.9%, and 20.7% year-on-year, respectively, reflecting a shift from "aging" to "enjoying old age" among the silver-hair population, with the attribute of self-indulgence becoming apparent.
——From the perspective of trends, digital empowerment is a new direction for the development of the silver-hair economy. New-generation information technologies such as 5G, AI, big data, and the Internet of Things are being deeply integrated and applied in the silver-hair industry, and industrial digitalization is poised for development. In the first half of the year, the amount of information technology services purchased by silver-hair economy enterprises nationwide increased by 16.9% year-on-year; the sales revenue of smart elderly care technology services and elderly intelligent and wearable equipment manufacturing increased by 33.7% and 32.6% year-on-year, respectively.
"Developing the silver-hair economy is both a necessary task for China to address aging and a new engine for stimulating domestic demand." A relevant official from the State Taxation Administration stated, "The tax authorities will continue to implement a series of tax and fee support policies to help the silver-hair economy's new blue ocean achieve its effectiveness, safeguarding the improvement of consumption and the cultivation of new types of consumption, and empowering China's high-quality economic development." (Source: State Taxation Administration website)
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