Gray-hair economy booms in digital age

The elderly learn how to shop online. [Photo: Xinhua]

Statistics from the National Health Commission show that by around 2035, the number of Chinese aged 60 and above will exceed 400 million. With extensive access to the Internet, the elderly are becoming a new driver for online consumption.

The shopping items are more diverse. The elderly have got almost everything online: food, clothing, cleaning services, personal care, kitchen utensils, digital products and more.They also ordered tents, mats and other supplies for outdoor camps, resulting in soaring popularity earlier this year. The sales of household appliances also increased in the silver-hair market.

The aged consume more. They preferred daily necessities that bring convenience to their home life over products that simply give them pleasure. Besides, the elderly bought infant milk powder, toys, books, and others for their grandchildren.The senior group care for their health more. They purchased a larger proportion of household medical equipment, and their daily purchase of nutritional supplements and traditional tonics also rose rapidly.

In the future, the gray-hair economy will strive to meet the new needs of an aging society while promoting social development.Affected by new consumption views, the elderly will have more robust demands for personalized services and upgraded products. They want to be more fashionable and energetic, focusing on both material and spiritual fulfillment.

However, the current supply of elderly products and services remains weak in the market. So businesses are expected to find out the actual needs of the elderly and provide adequate supply for them.

Reporting by Dong Fei (Ecnomic Daily); Trans-editing by Guo Yao