This reality is leading to the explosion of the “silver economy” – focused on the elderly – with the participation of many businesses, from health care startups that apply artificial intelligence (AI) to shopping platforms.
Channel cnbc He said Singapore has the largest market potential for the aging population among the 15 countries in Asia-Pacific. According to Aging Asia, a business specializing in the elderly in Singapore, the country’s silver economy is expected to reach US$72.4 billion by 2025.
The proportion of elderly people will increase in Singapore Photo: MS NEWS
Janice Chia, founder of Aging Asia, believes that “baby boomers” – currently aged 60 to 75 – will remain the main target of the “silver business” over the next decade or two.
Compared to the “Pioneer Generation” – a term coined by the Singapore government for people aged 74 and older by 2023, the “Baby Boomer” generation in Singapore enjoys better education and has more money. Save more and learn more about living services. They are also more health conscious.
“Their unique attitudes and behaviors will determine the success of businesses in the silver market. They provide more for their children than previous generations, are willing to spend on themselves and new experiences” – said Mrs Chia.
Consumers aged 65 and above have the fastest spending growth rate compared to other age groups in the Lion Island nation’s economy, according to a report from Citibank branch in Singapore.