Hong Kong businesses embrace potential of silver economy with more services, tech for rising number of elderly
- New government panel starts work, with experts urging long-term planning for city’s greying population
- More ‘gerontech’ equipment being developed and tried out by seniors coping with frailties of ageing
Retired Hong Kong businesswoman Eileen Ling Pik-kuen keeps fit by going to the gym once a week, taking healthcare supplements and planning holidays overseas.
Although she is in good health, the 70-year-old divorcee with two adult daughters has already begun preparing for the day when she becomes frail, but prefers to continue living in her own home.
She spent about HK$700,000 (US$89,600) to renovate her 600 sq ft private flat in Southern district, widening doors for a wheelchair to pass through and replacing her bathtub with a shower chair. She also bought a hospital bed with side rails and a tray table.
“Many seniors are willing to spend our savings on ourselves to improve our quality of life and feel comfortable, and we don’t have to depend on our children,” said Ling, who lives with a domestic helper.
Rapidly ageing Hong Kong has an emerging consumer market of older people with savings, a better awareness of quality of life and the willingness to spend on themselves.
They are snapping up everything from healthcare products to services related to leisure and recreation, finance, housing and personal care.
More businesses in the city have spotted the potential of the silver economy, churning out new targeted products and services.