China’s rapidly growing “silver economy” is poised to dominate the domestic travel industry by 2040, with an increasing number of affluent retirees set to become a significant driving force behind the nation’s tourism sector. Travel companies and brands are actively adapting their services to cater to this expanding demographic, aiming to capture the rising demand for high-quality lifestyle experiences among older Chinese consumers.
In response to this trend, travel companies are implementing strategies such as avoiding steep price increases, incorporating healthcare professionals into their staff, and offering senior discounts. These measures are designed to attract the silver generation, which is expected to account for 50% of domestic travel by 2040, as China’s tourism industry works to regain its pre-pandemic momentum.
The demographic shift is staggering. Over the next decade, approximately 300 million people aged 50 to 60 are set to retire, underscoring the growing importance of the “silver economy.” The Chinese government has been proactive in addressing the challenges posed by an aging population, increasing basic pensions, raising minimum old-age benefits, and implementing national policies to support retirees.
The significance of these reforms is highlighted by the anticipated retirement of 300 million individuals within the next decade, emphasizing the urgency of adapting to the needs and preferences of this aging population.
This older demographic also presents a lucrative opportunity for brands seeking to engage with this influential consumer base. For instance, in March 2023, Tmall’s official livestreaming account featured a three-hour live shopping event hosted by three older women, a departure from the typical younger models. Similarly, in 2022, Tencent launched a mini-documentary series titled I Want to Grow Old Like This, showcasing the stories of six senior influencers who embarked on second careers later in life. Tmall also launched a pop-up program that year, pairing senior content creators with Gen Z influencers to promote trendy products to a diverse audience.
According to the 2021 census, China has more than 267 million people aged over 60, a figure expected to exceed 400 million by 2035, representing 30% of the country’s total population. This surge in the elderly population highlights the vast potential for the “silver economy” to shape China’s domestic travel and consumer markets in the coming decades.
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