An event called the World Aging Festival will be held at Marina Bay Sands in Singapore from May 6th to May 10th. Although it sounds a little strange, it points to a trend that retailers should pay close attention to. It will bring together experts from over 50 countries and feature over 100 speakers and exhibitors on the subject of some form of 'Aging Business' or 'Aging Industry', or as it is now commonly known. Includes conferences attended by “Silver Economy”.as a pop
As the population ages and begins to decline, there is a great deal of interest in providing goods and services to the elderly. But the buzz around opportunities opening up in the silver economy is dominated by things other than retail, including residential care facilities, home care services, independent living housing communities, and equipment for seniors. Retailers don't want to be left behind. Singapore is the perfect place for festivals. Although it does not have the highest proportion of elderly people in Asia, per capita household savings are by far the highest, double those of its closest rivals South Korea and Japan. This means that older people in Singapore have, and continue to have, greater ability and desire for goods and services for themselves and their loved ones. But there's another thing. Singaporeans, along with Hong Kongers and Japanese, have the highest life expectancies in Asia, but unlike the other two, Singaporeans are also enjoying a rapid increase in healthy life expectancy. This means retailers need to adapt their thinking. This means we need to move away from traditional aging products such as pharmaceuticals and adopt a mindset that is geared toward the lifestyle needs of older, but relatively affluent, and not yet active people. As such, advances in wearable technology, premium health and beauty products (including both cosmetics and supplements), activewear, food, fashion, and consumer electronics are increasingly having an impact. Product design also needs to be addressed. For example, retailers need packaging that doesn't have to be invaded by hammers or Olympic wrestlers. Janice Chia, managing director of Aging Asia, which organizes the Singapore conference, said the potential of Singapore's aging market is estimated to reach US$72 billion by next year. Retailers will want to slice it into big slices. China Another country where the average life expectancy is long and the proportion of people living in good health is rapidly increasing is China. Next year's potential aging market is estimated at $2.6 trillion. The population of China over the age of 60 is approximately 300 million. Approximately one in five Chinese people is over the age of 60, making China a “super-aged country” according to the World Bank's definition, and this situation is due to the long-standing one-child policy, which was finally abolished in 2016. partially derived from The silver economy has the potential to grow to: Expected to reach 10% of GDP in the next 10 years, the Chinese government is currently busy introducing strategies to address the needs of the elderly. One of his goals is to encourage public-private collaboration to develop consumer goods in categories such as clothing, wearable technology, transportation, food, medicine, and leisure goods. While the focus on goods is welcome, the Government also recognizes the fact that an aging population is increasing the proportion of consumer spending on services, including food and drink. Services are now estimated to account for up to 45% of China's household expenditures, and that proportion is increasing. This not only affects retailers, but also mall developers who need to adapt their tenant mix to the new reality. Fortunately, changes in age groups are gradual, so landlords have time to act. Real estate brokerage firm CBRE reports that restaurant tenants alone account for as much as 40% of rental activity. Japan, South Korea, and Others Japan and South Korea are also super aging, with 36 percent and 28 percent of their respective populations over the age of 60. In both countries, household savings rates are high and rising, allowing older people to continue spending. This is good news, especially for department stores, whose traditional target customers have become more established over the years. However, the situation is different in the developing countries of the region. This is where things start to matter in terms of mid-market retail opportunities for retailers. In countries such as Thailand, Vietnam, and India, both the “healthy” life expectancy and the absolute life expectancy are increasing, but per capita household savings are very low and there is not much money to rely on for retirement pensions. (For example, the International Labor Organization reports that although Vietnam is a socialist country, only about one in three Vietnamese over the age of 65 is eligible for an old-age pension, and that number is higher than that of men. ) The elderly consist of their own children and other family members. In Thailand and other developing countries in Asia, many older people still work primarily in agriculture, fishing, and basic services, and most often in the informal sector of the economy. This does not mean that discretionary income is plentiful, and in many cases people remain well below the poverty line. No more dragging your feet In more developed parts of the world, the situation regarding the quality of retail offered to older consumers is a reminder of the limping of retailers when responding to other trends in society. Masu. It seemed like a long time before fashion retailers realized that people were getting bigger and were able to offer plus-size, truly unflattering fashion for the “big” consumer. Or widen the aisles in the store. As the population ages, the risks are even higher. It's not just the product itself that's at issue, but also the packaging design mentioned above. The shopping experience is another, with the fact that many older shoppers, despite being digitally enabled, still prefer to shop in-store. That's why things like clear signage and convenient checkout are so important. When it comes to online shopping, the design interface is just as important (remember Taobao, which pioneered apps for seniors with larger fonts and more convenient payment options). In countries with healthy aging populations and high savings rates, such as Singapore and China, healthy aging is a big investment. Just as a big person doesn't want to wear tacky clothes, a healthy old person with plenty of money might want to buy more than 10 pills.