Developing the silver economy

Dr. Tan Yueheng raised questions about Hong Kong's "silver economy", and Acting Secretary for Commerce and Economic Development Bernard Chan replied as follows: Hong Kong's growing elderly population has become a significant consumer group, with strong demand for elderly-oriented products and services such as medical and healthcare, leisure and recreation, and home and personal care. These not only improve the elderly's quality of life but also drive industrial growth.

Currently, various bureaux and departments have implemented multiple policies to keep the elderly healthy and active, laying the groundwork for the "silver economy" and providing references for the market. To tap into its potential, the Commerce and Economic Development Bureau will establish an Advisory Panel on Silver Economy this year, consisting of experts from various fields. It will conduct in-depth research on market demand, related industries and business activities, and put forward development recommendations within a year, with details to be announced soon.

In terms of regulation, Hong Kong's existing laws protect consumers including the elderly. The Trade Descriptions Ordinance prohibits unfair trade practices such as false descriptions and misleading omissions, applicable to both physical and online transactions.

As the main enforcement agency, the Customs and Excise Department combats unfair trade practices through law enforcement, compliance promotion, and public education. To protect the elderly, it monitors market trends targeting them, actively conducts publicity and education programs, including distributing leaflets in collaboration with the Police and District Councils, and promoting fair trading and consumer rights messages through District Fight Crime Committees to enhance the elderly's "smart consumption" awareness.

In addition, the Consumer Council carries out publicity and education for the elderly through various channels:

- Collaborating with social service organizations and elder academies to hold talks, providing consumption alerts and advice to enhance their understanding of rights and unfair practices.

- Launching the Educator Scheme for Senior Citizens since March 2021, offering consumer education training to soon-to-be retirees and retirees aged 50-64. Eligible participants who complete the training host talks for the elderly to share the latest consumer information and refer those with consumer issues to the Council's complaint hotline.

- Publishing articles on elderly-related product tests and service surveys in its CHOICE magazine, providing practical consumer information.