BEIJING, Dec. 9 (Xinhua) -- At a recent concert in Chengdu in southwest China's Sichuan Province, which featured electrifying music, dazzling lights and a dopamine-charged atmosphere, one unexpected moment stole the show.
Within the pulsating wave of energy, the camera found an elderly woman with graying hair. Her face was streaked with tears of excitement and nostalgia as her favorite star returned to the stage after a decade-long hiatus. The image quickly went viral on Weibo, capturing many hearts across the microblogging site.
Shui Shuzhang, 87, is a fan of Dao Lang, a pop singer who rose to stardom roughly two decades ago. "I don't know how much longer I'll live," she said. "So while I can still get around, I'll go to every single one of his concerts."
Shui's story epitomizes a growing trend in China -- seniors embracing more vibrant lifestyles, to the extent that the hashtag "grandma at a concert, mentally 30 years ahead of me" recently trended on Weibo.
With 217 million people aged 65 and above, China is home to the world's largest elderly population, and roughly one in every four seniors globally. While some view this demographic shift as a burden, many economists highlight the consumption power of this group and the tremendous opportunities this presents for economic growth.
The China Research Center on Aging predicts that the silver economy could grow from its current value of 7 trillion yuan (around 970 billion U.S. dollars) to 30 trillion yuan by 2035. By 2050, elderly consumption is expected to reach 40 to 69 trillion yuan -- accounting for up to 20.7 percent of the country's GDP, according to economist Ren Zeping.
Ren is chief economist of Zhengzhou-based Zhongyuan Bank. He was previously an economist with the Development Research Center, a key think tank affiliated with the State Council, China's cabinet.
NEW PROFILE OF AGING
China's seniors born in the 1960s and 1970s are rewriting the script on old age. Unlike their predecessors, who grew up in an era of scarcity, these seniors witnessed and participated in the country's reform and opening up. They are more educated, more independent and more affluent, said a report released by Ren's team.
According to the China National Committee on Ageing, the wealth accumulated by elderly individuals in China totaled 78.4 trillion yuan in 2023.
Take Yao Feng, 63, and his wife, as an example. Earlier this year, they spent two months driving from Lanzhou in the northwest of China to Hong Kong in the south, passing through regions like Chongqing and Yunnan. "We have the time and vigor to explore now, and we hope to make up for the regret of not seeing more of the country during our working years," he said.
Senior travelers like Yao made roughly 21 percent of domestic tourist trips in 2023. By 2025, over 100 million healthy seniors are expected to travel frequently and spend generously on tourism -- generating revenue of more than 1 trillion yuan, according to the China Tourism Academy. This market value is projected to reach 2.7 trillion yuan by 2028, according to the report.
In addition to tourism, the food, elderly care, healthcare device and financial services industries, tailored to middle-aged and elderly individuals, are also poised for growth as the silver economy expands, said Ren.
Chen Dongsheng, founder and chairman of Taikang Insurance Group, is a visionary in the sector. A decade ago, during a real-estate boom, he resisted the temptation to sell a plot of land in the suburbs of Beijing for a profit of up to 10 billion yuan. Instead, he continued to develop it into a premier elderly care community.
"I didn't sell it at that time because I wanted people to see that the elderly care sector represents a long-term opportunity and a major trend for the future," he said in a recent interview.
As of June 30, Taikang managed 890 billion yuan in pension funds, making it one of the largest corporate pension investors and managers in the Chinese market.
WIN-WIN OPPORTUNITIES
China's silver economy isn't just a domestic opportunity -- it's a global one. While it is only beginning to take root in China, this concept has already come of age in Japan and parts of Europe. Entrepreneurs from these regions have set their sights on the burgeoning Chinese market.
Japan became an aged society in 1994 and entered the super-aged phase in the early 2000s. It has a thriving silver economy that spans sectors such as healthcare, tourism and financial consultancy. According to Mizuho Corporate Bank, this economy is expected to exceed 100 trillion yen (approximately 670 billion U.S. dollars) by 2025.
A society is considered "aged" when those aged 65 and above account for 14 percent of the total population, and "super-aged" when the proportion exceeds 20 percent, according to the WHO. The figure stood at 15.4 percent in China in 2023.
At the second China International Supply Chain Expo, held in Beijing in November, Panasonic showcased innovations like a bed with a back-pressure-relief system and a senior-friendly shower room.
These products are already in use at the Yada Panasonic Community in Yixing, east China's Jiangsu Province -- Panasonic's largest smart retirement project in China.
"We'll continue integrating our expertise with local realities to explore this emerging market," said Tetsuro Homma, executive vice president of Panasonic Holdings Corporation.
The Chinese government has increasingly recognized the economic opportunities presented by an aging population. It introduced the idea of developing a silver economy in 2020 and mapped out strategies and key industries in a policy document in January 2024. More recently, it has further opened the elderly care, medical and health sectors to foreign investment, reinforcing its dedication to this market.
As aging reshapes global economic and social realities, experts say the key lies in proactive adaptation. With the right strategies, challenges can transform into catalysts for growth -- turning silver into gold as the population grays. ■
