Travel companies are adjusting their offerings to cater to the needs of a growing number of affluent older Chinese consumers, who are expected to drive domestic tourism in the coming years.
These companies are hoping to capitalize on the possibility of Chinese tourism recovering to pre-pandemic levels by avoiding steep price hikes, adding medical professionals to their staff and offering senior discounts.
With around 300 million people aged 50-60 years expected to retire in the next decade and silver travel expected to account for 50% of domestic travel by 2040, there is a strong focus on this age group's pursuit of a quality lifestyle and personal development.
In recent years, China has been addressing the challenges posed by its rapidly aging population by implementing proactive national policies, including continuing to raise basic pensions for retirees and minimum basic old-age benefits.
The fact that 300 million people aged 50-60 are expected to be unemployed by 2033 underscores the importance of the “silver economy” and the urgency of such reforms.
Apart from that, the country's ageing population also creates growth opportunities for brands.
In March 2023, Tmall's official livestreaming account aired a three-hour live shopping stream as usual, but instead of having a young model host the show, three older women hosted the show.
Meanwhile, Tencent launched “I Want to Grow Old Like This,” a mini-documentary series in 2022 that tells the stories of six senior influencers who pursued second careers later in life. Additionally, Tmall launched a pop-up program in the same year, pairing senior content creators with Gen Z influencers to promote trendy items to customers of all ages.
According to the 2021 census, there are more than 267 million people in China aged 60 or older. This group is projected to exceed 400 million by 2035, accounting for 30% of China's total population.
