Ensure that all elderly people can benefit from the development of the silver economy

The global population is aging, with those aged 60 and above projected to represent 20% of all people by 2025. Socioeconomic progress means many enter old age healthier, wealthier, and better educated than previous generations.

Older adults are now one of the fastest-growing consumer groups globally, wielding significant purchasing power and specific demands. This creates major opportunities across multiple industries. The “silver economy”—the market for goods and services aimed at those over 50—is currently valued at around $15 trillion and is expected to grow exponentially as the aging population increases.

Beyond economic value, the silver economy also contributes to social development. By designing solutions that address the challenges of aging, businesses can improve the quality of life for older people while generating profit. China has the world’s largest aging population, with 216.8 million people aged 65 or above—a number expected to reach 400 million by 2050. As a result, China’s silver economy is forecast to triple from $750 billion in 2020 to $2.1 trillion by 2030, and potentially reach $4.2 trillion by 2035, accounting for 10% of GDP.

The recent Guidelines on Developing the Silver Economy to Improve Elderly Well-being is China’s first policy framework focused on this sector.

China’s experience will offer valuable insights for emerging economies on managing aging populations while tapping into the opportunities of demographic change.

It is important to avoid reducing older people to mere consumers. The UN emphasizes the right of older persons to participate fully in society and urges governments to foster inclusive, age-friendly environments.

Seniors contribute significantly through paid work, volunteering, and caregiving. Continued engagement supports both personal well-being and societal growth. Policies should therefore support elderly employment and self-employment, helping them stay active and supplement their income.

The public sector also has a key role. Lifelong inequalities in education, income, and health often worsen in old age. If innovation targets only the wealthiest seniors, gaps will widen. Social protections and public services must be designed to include all older individuals.

Special attention should be paid to older women, who typically have fewer financial resources, greater health needs, and higher risks of insecurity due to unpaid care work and informal employment. Policies must address these gender disparities.

When policies intentionally tackle inequality, the silver economy can benefit businesses, older adults, and society as a whole.