Silver is gold for a new breed of entrepreneurs as 300,000 baby boomers are set to reach retirement age in the next five years.
The government-appointed Steering Committee on Population Policy last week said a likely shrinkage of the labour force as a result of ageing could hinder the city's development, but some entrepreneurs see new opportunities opening up as the population greys.
Regine Auyeung, who used to work for an international insurance company, spotted just such an opportunity and co-founded Sencare with two partners last year. The company specialises in retailing products for senior citizens.
Government statistics show 18 per cent of Hongkongers are over 60, which will increase to 33.6 per cent by 2030. About 60,000 people retire every year at present.
'The new retirees are in better health than previous generations. The grey-hair business has proved to be a hit in Japan, and I believe the same will happen in Hong Kong,' Auyeung said.
More shops like Sencare's have opened for business in the city in the past few years, selling medical aids such as wheelchairs and sticks, and other products tailored for seniors. Sencare targets a more premium niche, however, importing from Japan items like Sakura Colour walking sticks and ultralight shoes.
'Many seniors demand a good lifestyle. At present, most fashion shops and retailers target young people. In comparison, there aren't that many shops tailored for the old. I believe there's a lot of room for expansion in this sector,' Auyeung said, adding that half of her sales come from youngsters and tourists buying for their parents or grandparents.