Hong Kong is developing a vibrant and sustainable silver economy to meet the needs of its older population and serve as a catalyst for further innovation, job creation, and inclusive growth, Secretary for Commerce and Economic Development Algernon Yau Ying-wah said Thursday.
In a speech at the BOC Life 11th Golden Age Expo and Summit Grand Opening, Yau said the National 15th Five-Year Plan highlights the importance of actively responding to population aging by developing the silver economy, enriching the supply of age-friendly products and elderly services, and strengthening the financial and policy support for elderly care.
“These strategic directions provide important guidance for Hong Kong as we continue to develop a vibrant and sustainable silver economy,” Yau said.
By 2043, people aged 65 or above are projected to make up more than one-third of the Hong Kong Special Administrative Region's total population.
According to HKSAR government 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.
“The silver economy encompasses all economic activities that meet the needs of our older population,” Yua said. “It is a dynamic and growing market, driven by the needs, aspirations, and considerable purchasing power of our older generation.”
He said the HKSAR government established a high-level Working Group on Promoting Silver Economy, which has rolled out 30 measures with fruitful results across five key areas, including boosting "silver consumption", developing the "silver industry", promoting "quality assurance of silver products", enhancing "silver financial and security arrangements", and unleashing "silver productivity".
On boosting “silver consumption”, Yau said the Commerce and Economic Development Bureau has worked closely with the industry to provide a wider range of products and services to improve the daily life of elderly people.
“Now, there are more dining options for seniors with swallowing difficulties in several major chain restaurants and food companies,” he said.
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Yau said more suppliers of silver products are capitalizing on e-commerce marketing while the Hong Kong Consumer Council launched the "Smart Seniors" Consumer eHub in January, providing a one-stop, elder-friendly information platform that helps seniors better protect their consumer rights.
He said the bureau also encouraged the industry to leverage Hong Kong's strengths in testing technology and professional certification to ensure the delivery of high-quality silver products and services.
“There is now a Guangdong-Hong Kong-Macao Greater Bay Area Standard for care food helping the industry improve the quality of soft meals and expand sales in the GBA,” he added.
