The Hong Kong Special Administrative Region government has unveiled 30 measures to promote the development of a silver economy in Hong Kong.

The measures focus on five major areas: Boosting consumption by elderly people; promoting the commercialization of gerontechnology products; promoting the quality assurance of silver products; enhancing financial and security arrangements among seniors; and unleashing labor productivity potential.

“The purpose of the working group is to provide strong leadership in coordinating efforts across different policy areas, while simultaneously fostering collaboration between the government, the private sector, and community organizations to enhance services for the elderly and drive economic development,” Chief Executive John Lee Ka-chiu said to the media ahead of the weekly Executive Council meeting on Tuesday morning.

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Lee said that Hong Kong has one of the world’s highest life expectancies and its elderly population continues to grow. “By 2043, people aged 65 or above are projected to make up more than one-third of the total population, meaning the silver market will account for a significant portion of the city’s consumer spending,” he said.

The silver economy refers to some segments of economic activities which are primarily geared towards satisfying elderly people's needs, solely based on the market forces of demand and supply created by this demographic change.

The chief executive announced in the 2024 Policy Address that a working group, chaired by the deputy chief secretary for administration, would be set up and commence work by the end of last year.

“Over the past six months, we have reviewed a number of suggestions and held consultations and in-depth discussions with the industry and stakeholders. The series of measures are rich and practical, involving cross-bureau and cross-departmental collaboration, and jointly promoted by various policy bureaus and institutions from different sectors,” said Cheuk Wing-hing, the deputy chief secretary for administration, who is chairman of the Working Group on Promoting the Silver Economy.

Cheuk said that the elderly make up a large proportion of Hong Kong's population and have certain economic strengths and purchasing power. “They are a huge consumer group that cannot be ignored, creating tremendous demand for products and services related to the silver economy,” he added.

With huge business opportunities in the silver economy, Cheuk said he believes the scale of the industrial chain created by this demographic shift will expand significantly through the joint efforts of government and all sectors of society, improving the quality of life of elderly people in the process.

According to the government’s estimates, the spending power of people aged 60 or above in Hong Kong amounted to HK$342 billion ($43.8 billion) in 2024, with the figure set to balloon to HK$496 billion in 2034.

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Alongside Cheuk, the working group included Secretary for Commerce and Economic Development Algernon Yau Ying-wah, Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim, Under Secretary for Labour and Welfare Ho Kai-ming, and Under Secretary for Innovation, Technology and Industry Lillian Cheong Man-lei.