Martial Arts: "Accelerating Aging Clock in China... Focus on the Silver Industry"

[Asia Economy Reporter Suyeon Woo] As the elderly population in China rapidly increases, there is a call for Korean companies to actively enter the Chinese silver industry market to secure a leading position.

According to the "Current Status and Implications of China's Elderly Population" published on the 7th by the Shanghai branch of the Korea International Trade Association, the population aged 65 and over in China was 190.64 million in 2020, accounting for 13.5% of the total population. It is also expected that by 2025, the population aged 60 and over will exceed 300 million, accelerating the transition into an aging society.

Population Growth Trend of Chinese Residents Aged 60 and Above from 2010 to 2020 (Unit: Ten Thousand)
(Data Source: National Bureau of Statistics, Ministry of Public Security, Korea International Trade Association)

Recently in China, along with the sharp increase in the elderly population, new characteristics have been observed. First, the number of elderly living alone is increasing. As of 2020, among 120 million elderly people living separately from their children, more than 25 million were living alone. Attention should also be paid to the increase in income among the elderly in China. In 2017, the elderly population with a monthly income exceeding 10,000 yuan was 16 million, but it is predicted to increase to 22 million by 2022.

Third, mobile usage among the elderly has increased. Especially with the rise in internet usage time due to COVID-19, as of May last year, the average daily internet usage time of the elderly in China was 64.8 minutes, which is 16.2 minutes longer than that of the age group over 40. Lastly, the population of migratory elderly who move residences according to weather and seasons is increasing. In Hainan, located in the southernmost part of China and known as a representative resort area, 56% of visitors before the COVID-19 outbreak were aged 60 and over.

Accordingly, the report identified the silver leisure industry and elderly care service industry as promising future industries. The elderly have more free time compared to younger generations, enjoy off-season travel, and the scale of travel consumption is also increasing. The elderly care service market size is expected to reach 450 billion yuan in 2021 from 286 billion yuan in 2018. Thanks to recent advancements in smart technology, the unmanned elderly care service market is rapidly expanding, enabling more effective and efficient service provision than before.

Shim Jun-seok, head of the Shanghai branch of the Korea International Trade Association, said, "The increase in the elderly population is expected to bring new changes in consumption structure in China, and there will be many opportunities for Korean companies to enter the silver industry products and services sector." He added, "However, in the case of medical devices and health supplements, certification and approval procedures for export to China are more complicated and take longer than other items, so thorough preparation is necessary."

This content was produced with the assistance of AI translation services.