The consumer market for old people in China is growing and broadening, and its potential for future growth borders on the staggering.

More and more people are joining the ranks of the elderly, and they are living longer than their predecessors. For that reason, the market of elderly people is growing much faster than most people can realize.

According to the website of China Economic Information, a publication that handles messages from ministries and commissions under the State Council, the number of people over 60 years of age is estimated to reach 280 million by 2025 and 400 million by 2050.

This market is broad. We can readily identify many different types of goods and services that appeal specifically to the elderly:

Ü Residential and caring services - Many old people do not want to, and sometimes are not welcome to, live with their married children. If they can't afford to have their own flats, the only alternative is to live in special accommodations for the aged.

In the past, these accommodations were a kind of social welfare provided by the government. But in recent years, these social services have become privatized. Privately-run homes for the aged have sprung up in different parts of the country. While many senior citizens who were interviewed have shown an interest in using these facilities, there are a large number of vacancies.

Ü Health and medical aids - Old people tend to have more health problems than the general public, and they need help and advice in this respect more than any other age group. Besides medicine and medical equipment, they also need healthful food and exercise equipment to help maintain their health.

Health advice and exercise classes should also be welcome by health-conscious seniors.

Ü Products that satisfy spiritual and entertainment needs - Elderly people need spiritual sustenance and entertainment. The kind of entertainment they look for, however, must not only be interesting but also beneficial to mind and body. Toys and tourism are two of the fields that are worth exploring.

Ü Self-learning - Retired people have much time at their disposal. They feel bored sitting at home day in and day out, especially for those who used to be workaholics. To put their time to more constructive use, some elderly citizens in big cities are trying to enrol in self-interest classes or even academic courses, but there are just not enough spaces to satisfy the growing demand.

Ü Personal financial management - After retiring, old people no longer have a regular income or as much income as before. To subsist on their savings, they must learn how to manage their limited resources. They require professional advice to help them manage their assets and investments.

Ü Insurance - Old people need the protection of life and health insurance more than younger people do. However, insurance companies on the mainland offer very few insurance plans that specially cater to the need of senior citizens because of a lack of experience and confidence in this risky field and unawareness of the high potential of this market.

Much to be done

To tap into the huge seniors' market, both the government and the business sector have a lot more work to do.

Investors who want a share of this market have to find ways to stimulate seniors' desire to spend money on the kind of products they need and want. Commercials and advertisements can be designed toward old people, taking into account their tastes, spending habits and psychology.

To give old people access to more product information, efforts should also be made to help them get access to the Internet. Classes on computer usage, surfing and downloading and uploading methods of can be provided.

Technology and equipment for easier input of Chinese characters, such as handwriting and voice recognition, need to be developed. Since old people have a lot of free time but low mobility, shopping online could be very attractive to them.

As far as the government is concerned, it could formulate policies to create an environment that is conducive to the development of the consumer market of the older segment of the population. The Guangzhou municipal government provided a good example by deciding on May 21 to implement a preferential treatment scheme for its more than 800,000 citizens over 60. They will be issued senior citizen privilege cards which will enable them to enjoy reduced charges at public facilities and even banks and restaurants, as well as other privileges.
　　
　　
　　From ChinaDaily.com.cn