Silver economy to boost well-being of elderly

For He Jia, a doctoral dentist from West China Hospital of Sichuan University, helping the country’s 310 million seniors aged 60 and above enjoy a healthy and happy life has been a dream for years.

“As a doctor, I know they need better care from society,” he said.

He set up Beijing Hongsong Online Technology Co Ltd in 2020 with a mission to “create a wonderful retirement life” for the elderly.

Hongsong founder and CEO Li Qiao said one reason he set up the company was to let his mother enjoy a higher quality retirement with more social interactions.

The State Council Information Office revealed during a news conference in Beijing on Oct 10 that by end-2024, the number of Chinese seniors aged 60 and above had reached 310 million, accounting for 22 percent of the total population, among whom those aged 65 and above had hit 220 million, showing that the country is now a moderately aged society.

“A new way has to be found to help the Chinese elderly,” said He, noting that currently, Hongsong provides four core businesses — Hongsong APP, senior-friendly interest-based learning, senior culture and tourism, and senior consumer products — to its clients.

Huang Yuzhi, a 90-year-old military veteran living in Guangzhou, Guangdong province, began taking piano lessons at Hongsong at the age of 88.

In 2023, she signed up for Hongsong courses recommended by her family and joined a seven-day introductory course with tutor Xiao Jiang. In just a few days, she learned to play four simple songs.

In November that year, Huang joined a Yangtze River cultural and tourism activity organized by Hongsong, accompanied by her four relatives. They explored the Three Gorges and participated in a tutor-student musical performance, which she said was a “highlight” in her senior years.

Even at 90, she dabbled with artificial intelligence-generated poetry and sought advice on making nourishing soups via Hongsong, striving to make her retired life a “second youth”.

The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China urged in October in the recommendations for formulating the 15th Five-Year Plan (2026-30) to actively develop eldercare services and industries, as well as promote the silver economy.

Lingering issues

Jiang Peng, product manager of Hongsong, said he thought the eldercare services and industries can be bolstered through hardware (infrastructure and legal systems) and software (services).

Liu Zhenguo, vice-minister of civil affairs, said a senior-friendly social environment is improving nationwide in terms of social participation, safeguarding the elderly’s legitimate rights and interests, and building a senior-friendly society.

Professor Li Chao from China University of Political Science and Law said during the 14th Five-Year Plan (2021-25) period, the country has formed a comprehensive legal framework for the elderly, covering such key areas as senior services and social security.

Jiang said that while most elderly can enjoy happy golden years, problems facing them are still lingering — such as daily chaos in caring for grandchildren and cooking, difficulty in seeking medical treatment, and fraudsters targeting seniors and their savings.

“With scientific and technological advancement in our country, more tools such as robots can help seniors with their daily chaos, and give them more free time,” Jiang said.

The 11th China International Silver Industry Exhibition opened on Thursday in Guangzhou, Guangdong province, to gather over 550 world-renowned brands spanning the entire silver economy industrial chain, serving as a pivotal hub connecting the elderly’s needs with the industrial solutions.

A report from CIC Consulting said China’s smart eldercare market hit some 11 trillion yuan ($1.54 trillion) by the end of 2024.

Hongsong is participating in SIC in Guangzhou with a core objective to explore “how to define a new paradigm of high-quality eldercare” by transforming seniors’ genuine needs into tangible scenarios, He said.

He said its interactive booths allow seniors to find like-minded peers in a traditional cultural atmosphere, while a comprehensive range of four core services can allow visitors to see that eldercare is not just about basic security, but can also evolve into a new lifestyle that is enjoyable and meaningful.

“Every family has elderly members, and everyone will grow old. Only when the whole of society joins hands to protect seniors can they truly have a sense of security, support, happiness and safety in their old age,” said Jiang.

He Jia said while hardware for the elderly is improving nationwide, Hongsong is concentrating on the software side — offering better services to bolster their physical and mental health.

“The consumption ability and lifestyle of the silver-haired are undergoing a profound transformation currently,” He said, adding that “entertainment and tourism are now regarded with the greatest growth potential and long-term commercial value in the silver economy”.

Data from the China National Committee on Aging show that the number of elderly tourists in China accounts for over 20 percent of the total, driving the silver tourism market to reach a scale of 1 trillion yuan.

“The silver-haired have higher requirements for safety, comfort, service experience and mental satisfaction when traveling,” He said.

Hao Yuling, a 66-year-old Beijing retiree, said she still thinks of an unforgettable 10-day group trip in September 2003 to five European countries organized by Hongsong.

From the Netherlands, she and her fellow travelers traveled to Germany and France — where they visited the Eiffel Tower, Notre Dame, the Louvre Museum and the Paris Opera House — and ended their trip after touring Belgium and Luxembourg.

“It was unforgettable, with nongroup shopping, and enjoyable accompaniment by Hongsong staff members. More importantly, I made new friends with my travel mates, making my life richer,” she added.

Hongsong’s Chief Operating Officer Qiu Hui said they are also thinking of better ways to help the elderly through targeted education.

Qiu said Hongsong aims to create a “silver-haired entertainment technology platform”, especially focused on those retirees who have ample time and consumption needs for entertainment, education, consumption and tourism.

Qiu said Hongsong has drawn over 1 million paid users during the past five years.

At present, Hongsong has developed courses in over 30 interest categories and hundreds of learning areas, including music, electric wind pipe, calligraphy and traditional Chinese painting, with the total number of clicks on courses surpassing 200 million, Qiu said.

Chen Jianling, vice-president of the Beijing Silver Industry Association, said: “Currently, there are over 4,000 eldercare technology enterprises in Beijing, and Hongsong, as a representative firm, has pioneered a new path in meeting the mental and cultural needs of retirees and promoting the high-quality development of the silver economy.”

The future

Statistics showed that by 2030, the market size of China’s elderly education sector could reach 1.2 trillion yuan.

A report by the institute on ageing of Fudan University noted that by 2035, the size of the silver economy will reach 19 trillion yuan, accounting for 28 percent of the total consumption and nearly 10 percent of the GDP.

“The silver economy has vast potential for development,” said Qiu, adding that a market size for study tours alone can run up to 2 trillion yuan.

“Hongsong will pioneer a new path in bolstering a healthy and happy life for the elderly,” said Li Qiao, noting that they have set up research and development centers in Beijing; Chongqing; Chengdu, Sichuan province; Hangzhou, Zhejiang province; and Wuhan, Hubei province, to enhance the work.

He said Hongsong aimed to leverage the three-day exhibition in Guangzhou to showcase its innovative achievements in the fields of elderly friendly entertainment and smart companionship, conveying the concepts of “technology for the good” and “the benevolent economy for the elderly”.

Peng Huamao, a professor at Beijing Normal University and a business partner with Hongsong, said now that the society is sitting on an intersection of population aging and the digital age, “how to better utilize digitalization and make it a powerful tool to enhance the happiness of the silver-haired is what we need to do.”