Discounts, new products, better insurance part of Hong Kong drive to aid elderly
Senior official leading new working group notes spending by people aged 60 and above reached about HK$342 billion in 2024, accounting for 11 per cent of GDP
Hong Kong authorities have rolled out wide-ranging measures to better address the needs of the city’s ageing population, including steps to spur consumption, develop tailor-made products and strengthen insurance protection to encourage older residents to re-enter the job market.
Deputy Chief Secretary Warner Cheuk Wing-hing, who is leading a new task force dedicated to tapping the “silver economy”, noted the huge purchasing power of older residents as he unveiled the measures on Tuesday.
“The amount of spending by people aged 60 and above reached about HK$342 billion in 2024, accounting for about 11 per cent of the city’s GDP, and economic advisers estimate the figure will reach HK$496 billion by 2034,” he said.
“The elderly make up a large proportion of Hong Kong‘s population and have certain economic conditions and purchasing power. They are a huge consumer group that cannot be ignored, and they create a huge demand for products and services related to the silver economy.
“Promoting the silver economy can, on one hand, inject vitality into Hong Kong’s economy and drive overall economic development, and, on the other hand, promote the cultivation of high-quality ‘silver products’ and service modes so that the elderly can enjoy the fruits of development.”
According to Cheuk, the measures would cover consumption by the elderly, developing the “silver industry” and related financial products, and taking steps to welcome residents aged 50 and above back into the labour market.