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Flourishing "silver economy" in China injecting vitality into twilight lives of elderly 2023/4/21 source: Print

With a burgeoning "silver economy" prevailing in cities across China, the Chinese elderly are sophisticated in consumption with multiple choices in service categories such as optimized health care, diverse leisure and social activities as well as hospitable mental and physical fitness building, injecting vitality into their twilight lives.

With growing care for the elderly, the "silver economy" in flourishing in China with expansive categories of aging services and explosive growth of pent-up market demand.

In Yingkou City of northeast China's Liaoning Province, well-known for distinctive kites flying in various shapes and sizes, the decorative patterns of vivid octopuses and cartoon images like the Calabash Brothers, are luring participation of not only kids but also a considerable number of senior citizens.

These elderly enthusiasts have given up the obsolete method of making kites themselves out of pale papers; instead, they are opting for more unique ones in stalls as a form of rivalry among other fashionable fellows, which has already been a dispensable market for the kite business.

"We fly kites of varied prices, and we get new and better kites every year. Amateurs can play kites for 30 yuan (4.37 U.S. dollars), 50 yuan, or 80 yuan, or even 100 yuan. This is our hobby," said Zhao Chuanyu, a local citizen.

Similar youthful vigor can be felt in another square in Yingkou, where a group of roller skaters aged above 65 are having an early spring training session. The new cool for the elderly group has brought a peak sales season for nearby stores selling roller skating equipment.

"The fresh skaters don't need to buy expensive equipment. They can upgrade their equipment after they've improved their skills. Some 1,000 yuan (145.53 U.S. dollars) would be enough for us elderly skaters to invest in speed skating clothes, helmets, glasses, and others. We can skate as an exercise without spending too much money," said Mao Gui, a local skater.

The Chinese "fashionable elderly" are also immersing in many cultural events to enrich their spiritual perspective.

In Cixi City of east China's Zhejiang Province, an ancient stringed instrument called the guqin has become a new favorite among the local seniors.

"I want to find a guqin with a pleasing timbre. Both the timbre and your musicality are essential to playing a good tune. A big enlightenment of sentimentality would result from our ability to play a beautiful and elegant tone," said Shi Jianying, a local citizen.

In addition, more and more industries and brands are putting premium on the elderly group, ranging from the elderly-oriented toy stores to entertainment centers, along with mushrooming forms and modes to satisfy the spiritual demand of the elderly.

Calculated at pricing evaluation in 2010, the total consumption of the elderly population is expected to reach 12-15.5 trillion yuan (about 1.9-2.46 trillion U.S. dollars) in 2030, accounting for 8.3-10.8 percent of the country's GDP, said the report issued by the China Research Center on Aging.

By 2050, the total elderly consumption is estimated to soar to 40-69 trillion yuan, making up 12.2-20.7 percent of the country's GDP, it said.

China has 264 million aging people aged 60 and above, accounting for 18.7 percent of its 1.4 billion population, according to the seventh population census conducted in 2020.


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