Warner Cheuk urges businesses to tap Hong Kong's silver economy growth
Deputy Chief Secretary Warner Cheuk urged businesses to seize opportunities in Hong Kong's silver economy, noting elderly consumption spending is forecast to rise 45 per cent to HK$496 billion by 2034. He highlighted that the population aged 65 or above could reach 2.74 million by 2046, and recent e
Deputy Chief Secretary for Administration Warner Cheuk Wing-hing has called on businesses to tap the growing potential of Hong Kong's silver economy, as the purchasing power of elderly residents continues to rise.
Speaking at a public event, Cheuk said the territory's population aged 65 or above is projected to reach 2.74 million by 2046. While an ageing population presents challenges for healthcare expenditure and retirement security, he said it also creates significant market opportunities.
“It is estimated that the consumption spending of individuals aged 60 or above in Hong Kong will grow from HK$342 billion in 2024 by 45 per cent to HK$496 billion by 2034, reflecting the continuous growth in purchasing power among the elderly,” Cheuk said.
To help businesses capture this market potential, the government has actively promoted silver-demographic consumption, he added. Authorities have encouraged the business sector to integrate elderly-focused features and promotions into major commercial exhibitions.
Three exhibitions held in August — the Food Expo, the Beauty & Wellness Expo and the Home Delights Expo — incorporated these elements and collectively drew more than 500,000 visitors, Cheuk noted.