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China is one of the fastest ageing countries on the planet. It faces huge challenges as a result. But there are also business opportunities for the wise. This presentation outlines the market potential, why ageing China is different from other 'ageing' societies and deserves a different approach to business opportunities arising. Also some tips on how to market to the ageing consumer in China.
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Profit from the Power of the 50+ Market
(excerpt)
Kim Walker
9 April, 2014
Beijing
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WHY China?
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2010 - 2020
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6% -2%
44%
0 - 14 15 - 59 60+
+44%
Source: Silver, United Nations World Population Prospects
fastest growing segment
China’s population
ageing China
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12.4
16.9
23.8
2010 2020 2030
Source: Silver, United Nations World Population Prospects
China % population 60 years +
24%
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© Silver Group Source: Silver, United Nations World Population Prospects
oldies rising
12.4
23.8
30.7
37.5
21.9
28.9
18.6
25.9
0
10
20
30
40
2010 2020 2030
China
N. America
Europe
Japan
% pop 60+
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China is bigger
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49%
6%
30%
15%
China
N. America
Europe
Japan
345,613,000 people 60+
Source: Silver, United Nations World Population Prospects
60+ in 2030 = 708,316,000
getting old before getting rich
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Per capita GDP 2012
Source: World Bank
China $6,091
USA $51,749
different spending priorities
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-30 -20 -10 0 10 20
Alcohol + tobacco Clothing
Communications Education
Food and drinks Healthcare
Hotels Household goods
Housing Leisure
Misc Transport
Percentage change of expenditure of 60+ relative to 20-59 (2010)
Source: Euromonitor
the government is taking action
• Average retirement age around 60. Education disparity negates raising of retirement age to keep older workers in the workforce
• Urbanization likely to increase the density of older people in rural areas - Elderly Rights Law – July 2013
• $208 billion stimulus to pensions and basic healthcare - 2009
• ‘health reform program’ - a foundation for universal health care access by 2020
• Listed senior housing as ‘encouraged’ in its 2011 catalogue for guiding foreign investment
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China Times Feb 6, 2014
‘age-silo’ market opportunities
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“China's domestic efforts are helping drop the price of solar at an astonishing pace -- something that everyone in the solar industry wants. But it's also making it extraordinarily difficult for American solar
manufacturers to compete”.
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The Guardian 2011
China became the biggest solar market in 2013
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0 to $11 billion in 10 years
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• produced in bulk • utility pricing • often low-tech
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AGE GENDER
WEALTH
LIFESTYLE
SEXUALITY
EDUCATION
ETHNICITY
INCOME
ageing body ageing mind
ageing senses
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physiological ageing
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China 4 – 2 - 1
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Market to older consumers via their adult children
main users of functional milk in China = 50 years and older
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0 ~ 50
51 ~ 65
Mengniu HuanQing
OUR SERVICES Workshops
• Insightful, interactive, fun and actionable workshops that help teams understand the opportunities and challenges of older customers
• Sessions ranging from ½ day introductions to 2-day immersion and ideation programmes
Age-Friendly audit • Using unique tools to evaluate your entire customer journey through the prism of
ageing.
• Enables businesses to identify and remove the barriers between them and their older customers
Research and strategy • Applying research, insights and ideas to devise unique strategies that create a
sustainable competitive edge with the ageing consumer
Speaking • Kim Walker is one of the few global authorities on this subject. A TED speaker and co-
author of a definitive book on the subject, his lively delivery entertains and informs. His internationally awarded keynotes cover a range of related topics.
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SOME OF OUR CLIENTS
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