What is Hong Kong Doing For the Silver Economy Market?
Hong Kong/Venture/Money

Hong Kong’s Budding Silver Economy Addressed in Recent Panel

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The Commerce & Economic Development Bureau in Hong Kong has taken a significant step towards addressing the needs of its growing elderly population by establishing the Advisory Panel on ‘Silver Economy’. The panel recently held its first meeting, aiming to initiate research on the development of this underrepresented consumer segment.

Algernon Yau, Secretary for Commerce & Economic Development, highlighted the emerging importance of the elderly demographic in the city's economy. He emphasized that products and services designed to enhance the quality of life for elderly residents are driving growth and creating business opportunities.

Sometimes used interchangeably with the term ‘silver market’, the phrase refers to the system of production, distribution and consumption of adapting goods and services for older and ageing people.

To unlock the full potential of the silver economy and meet the aspirations and needs of elderly individuals, Mr. Yau stressed the importance of promoting relevant products and services. This focus on the elderly market will guide the advisory panel's work.

During the inaugural meeting, the panel endorsed its terms of reference, reviewed statistics related to the silver economy, government policies, and existing measures. It also formulated research priorities to guide its future endeavours.

The Chief Executive had announced the establishment of the advisory panel in the previous year's Policy Address, reflecting the government's commitment to addressing the challenges and opportunities presented by Hong Kong’s growing elderly population.

The panel comprises members from relevant bureaus, statutory bodies, the business sector, and the social welfare sector. This diverse representation ensures a holistic approach to understanding the unique needs and potential of the elderly market in Hong Kong.

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