China has the fastest growing ‘silver market’.
China’s 221 million elderly represent 18% of the world’s elderly population. Figures are expected to rise to 483 million in 2030 which would represent 30% of the global ‘silver market’. What does this mean in terms of change to goods China’s economy looks to import, and how can UK business come out on top?
Consumer trends within the ‘silver market’ which are expected to become more prevalent in the next few decades which marketers must understand are as follows:
• Health & wellbeing orientated
• Willingness to pay extra for quality
• Openness to new technologies and products
• Digital connectivity
“Many markets do not exist in China, you need to create them. That takes long-term investment but it is worthwhile and who ever acts first can be a pioneer and have marketing advantages.” Professor Florian Kohlbacher of the International Business School Suzhou (IBSS). With ‘silver consumers’ soon to account for a third of the spending power in the Chinese economy, there is an increasing opportunity for Western brands to take market share early.
British brands such as Holland & Barrett are well aware of the emerging ‘silver market’ in China, expecting China’s health sector to grow at 20% by 2025.
The rise of an aging population in China has resulted in services in these sectors seeing an increase in demand:
• Medical Products and Services
• Consumer Products
• Education, Entertainment & Relaxation
• Financial Services
The maturity and growth of the ‘silver market’ in China is an opportunity for Western companies to take advantage of.
For more information on how to target China’s ‘silver market’, book in your free 1hr consultation at [email protected]