Reference News Network, January 30** (Wen He Juan) In order to actively respond to the aging population, China recently issued the first policy document named after the "silver economy", which has aroused heated discussions in the society. The document states that the silver economy is the sum of a series of economic activities such as providing products or services to the elderly and preparing for the aging stage.
The term "silver economy" can be traced back to the "silver seat" (silver seat) set up by the Japanese railway department for the elderly in the 70s of the 20th century, which derived the concepts of "silver consumption", "silver market" and "silver industry", and similar to the "gray-hair economy" and "longevity economy".
Japan is a super-aged society, with more than 29% of the total population aged 65 and over as of September 2023. This has allowed the silver economy to flourish in Japan, spanning industries such as healthcare, tourism, and financial consultancy.
As more and more countries in Europe, East Asia and other regions enter the ranks of aging, all countries are making a fuss about the silver economy. Older people are the fastest-growing consumer age group in the world, with a rising share of income and spending power compared to other populations. A 2017 KPMG study of online shopping found that baby boomers in developed countries shop online as often as millennials, and they spend more money per transaction on average.
A 2019 report by the Organization for Economic Cooperation and Development similarly noted that the silver economy can be a powerhouse for new products, services and jobs in countries where policies encourage entrepreneurship and innovation**. People over the age of 60 are expected to drive more than half of urban consumption growth in advanced economies, driven by health care spending.
One of the keys to the silver economy is technological innovation, and new development opportunities will be ushered in for technology products and application services for the elderly. For example, voice-activated technology can assist older people with reduced vision and mobility to complete some daily tasks; Driverless cars can target older consumers with limited mobility; Care robots can help older adults improve their quality of life; Targeted mobile technology can remind seniors to take their medications on time, alleviate loneliness, and more.
According to Qatar's Al Jazeera**, "old is gold", and health, technology and the wealth accumulated can turn an ageing population from an economic challenge into an advantage, bringing a second demographic dividend.