Aging demographic unleashing consumption potential

Older consumers are now more inclined toward activities and platforms that were once primarily associated with the younger generation, such as online shopping, livestreaming and smart gadgets, Liu said.

According to a survey conducted by the People's Bank of China last year — the country's central bank — residents aged 56 to 64 hold more assets compared to other age brackets, positioning them as a key demographic in the silver economy market.

The survey also revealed that there was a notable shift in consumer behavior and preferences for the aging population between 2014 and 2020, with older adults increasing their investments in social engagement, healthcare and retirement financial services.

On the other hand, the younger generation is also actively engaging with the silver economy, with online shopping becoming a means for many young people to fulfill their filial piety duties. Moreover, the presence of young individuals in elderly canteens and travel groups is becoming more prevalent, Liu added.

Going forward, China needs to weave an even stronger social safety net for senior citizens to steer clear of their concerns about eldercare and medical services, thus making them feel more secure about their financial situation and more willing to spend, said Cai Fang, chief expert of the National High-end Think Tank of the Chinese Academy of Social Sciences.

"We must ensure that the elderly are treated as a normal consumer group, rather than a marginalized segment, in order to sustain China's consumption expansion and unlock its inherent growth capacity," Cai said.