By 2035, China's population aged 60 and above is projected to rise to 30% of the total population, reaching 400 million. This means that nearly one in three people in China will be part of the silver demographic by then. Against this backdrop, BA Capital launched a demand trend study focusing on the 50–65-year-old silver-haired demographic living in top-tier cities.
The research was conducted along two parallel tracks: industrial landscape visits and interviews with over 100 companies, and consumer research, including 1,000 quantitative surveys and field interviews with more than 10 consumers. Through a year of comprehensive research, BA Capital accumulated nearly 800,000 words of research notes, culminating in the report Emerging Consumption Power in the New Era—Consumer Demand and Trend of the Active Silver Generation.
Key Findings:
Compared to traditional silver-haired groups, the 50-59-year-old active silver demographic enjoys financial stability, ample leisure time, high life satisfaction, and strong digital engagement. Their perspectives on money, relationships with children, and retirement concepts are undergoing significant generational shifts.
The consumption philosophy of the active silver generation is characterized by self-rewarding consumption (a high proportion of spending on cultural and entertainment activities) and rational consumption (advocating moderate spending and seeking value for money). They also share four core common needs: enriching retirement life, maintaining health, upgrading food quality, and maintaining an elegant and presentable appearance. In the long term, the development of the silver economy will benefit from four structural opportunities: Continued expansion of the silver population; Full release of consumption power; Rising internet penetration; Increased health awareness among children and filial purchases in single-child families.
Industry opportunities include: Health and wellness consumption, such as health foods and beverages, nutraceuticals (functional foods with medicinal properties), and community-based wellness services; Lifestyle and entertainment consumption that enriches retirement life, such as mid-to-high-end tourism; Offline retail models benefiting from aging trends, such as community-based fresh food stores offering high-quality, value-for-money products and discount retail formats covering a wide range of categories; Essential yet underpenetrated medical devices, such as hearing aids and wheelchairs.
The study is just one aspect of BA Capital's exploration and practice in the silver economy. We believe that improvements in government policies, elderly care and medical infrastructure, as well as innovations in supply-side products and business models, will encourage the silve people to consume more confidently and willingly. We will continue to share new insights and practical experiences in consumer behavior among the silver demographic.