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Silver economy turns smarter as seniors seek trendier lifestyles

People’s Daily / Khmer Times No Comments Share:
Closeup of old people`s hands using mobile phone. Rawpixelimages | Dreamstime.com

As the elderly across the world are seeking trendier lifestyles, the silver economy is gearing up to offer more smart and intelligent services.

It’s not something new that the seniors are popping up on Internet – a place used to be considered a world of the young generation.

According to a joint survey conducted by Google and market research company Ipsos, 59 percent of the US citizens above 67 logged on social media networks at least once a day.

The Ministry of Internal Affairs and Communications of Japan also said in its report that the seniors are growing as a powerful consumer group of high-tech and smart products.

The world was home to only 900 million people above the age of 60 in 2015, according to UN data. However, the figure is expected to rise to 2.1 billion by 2050, or one in five people.

By 2050, people aged 50 years and over will account for 33.5 percent of the world’s total population, up from 17.8 percent in 2000, and the silver economy market will grow to $15 trillion in 2020, said Merrill Lynch.

Elderly Asian Indian woman uses a laptop computer at home. Seniors are powerful consumer group. Paul Maguire | Dreamstime.com

At present, intelligentised products have already become a highlight of the silver economy. For instance, the medical robots at the University of California Hospital, San Francisco walk 185 kilometers per day to deliver medicine and food to the patients. In addition, they can also change bedsheets and clean medical waste.

In Japan, over 70,000 nursing robots are currently taking care of the elderly at their homes. In addition, a large number of smart appliances are flocking into the market, such as positioning devices that track Alzheimer’s patients and wearable devices that detect the risks of seniors falling off.

Such technologies can energise the market as they improve the life quality for the elderly. The senior group is not outdated. They are in need of not only more smart products, but intelligent social management.

In China, Li Jiancheng, 76, knows what seniors need when they fall ill.

He has designed an electric care bed, specially designed for elders who have lost the ability to look after themselves.

It can help a patient to urinate, wash and have meals, a relief for both patient and carer.

“I did not design this bed for money. I just wanted to produce an affordable product that can make life easier for old people,” Li said.

Since the launch of a competition, aimed at products for elderly care, in June, more than 1,400 competitors have submitted over 700 designs.

The products include wheelchairs with umbrellas, equipment to help the elderly stand up, and a robot that can talk, deliver meals and play entertainment shows.

A woman surnamed Yang is interested in a walking stick equipped with an oxygen inhaler.

“My grandpa is over 90 years old. He has a lung problem but loves doing sports, I hope the product can soon enter mass production,” she said.

An aging China has hastened the rise of a “silver economy.” The Ministry of Civil Affairs says the number of elderly citizens aged 60 and above topped 230 million in 2016, 16.7 percent of China’s population.

A report from the China Association of Mayors estimates the figure will hit 480 million by 2050. That means one in every four senior citizens in the world will be Chinese.

However, services catering to their needs are severely lacking behind what is needed, and market potential is huge.

“The number of seniors suffering from senile and chronic diseases is increasing, posing strong need for rehabilitation assistance devices, health care products and smart geriatric nursing services,” said Zhu Kuanhai with the provincial department of civil affairs in Hunan.

“The consumption power of China’s mature service industry is estimated to rise from 4 trillion yuan (0.6 trillion U.S. dollars) now to 106 trillion in 2050, accounting for 33 percent of the total GDP,” Zhu added.

As the whole world is going digital, more seniors have resumed learning new skills — especially online payment.

Alipay, the mobile payment service of e-commerce powerhouse Alibaba, say the number of its users aged above 55 has reached over 10 million.

It says that online payments, online transfers and offline payments using the app are among the most popular of its services used by the elderly.

Those who have difficulties mastering these skills often choose to go back to school.

China has around 60,000 elderly education institutions with more than 7 million students, according to the China Association of Universities for the Aged.

Competition to enter the schools is fierce, sometimes even higher than with extra-curricular tutorial classes for high school students. In some universities, elderly people even queue overnight for a chance to register for a class.

China is moving fast to meet the surging demand of senior citizens.

According to China’s development plan for elderly education (2016-2020), every city should have at least one university for the elderly, 50 percent of the towns must set up such schools, while 30 percent of villages should have elderly learning centers by 2020.

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