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Silver hair group: China’s new driver of the digital economy

(People's Daily Online)    09:54, October 12, 2019

(Photo/Xinhua)

The silver hair group in China is growing into a new driving force for the development of the national digital economy, Economic Information Daily reported on Oct. 11.

In 2018, Chinese people who are aged over 65 reached 166 million, thereby accounting for 11 percent of the national total, according to the National Bureau of Statistics. The number is also expected to rise for the years to come, laying a solid foundation for the booming silver hair economy.

“The older people in China are growing into a major group in terms of digital consumption, thanks to the popularity of smart phones and mobile payment systems,” quotes a report on Chinese people’s consumption during the past National Day holidays.

The report, which was recently released by the e-commerce giant Alibaba, reveals that the Chinese elderly came to love shopping online, ordering food and buying tourist products online. On top of that, they’re quite willing to spend on some high-end experiences and medical cosmetology.

He Xuping is one of the old-aged netizens in China. She is in her 60s, but more than 50 apps are downloaded to her mobile phone for the use of online chatting, shopping, payment, learning or wealth management.

Like He, an increasing number of old people are embracing the convenience of digital technology and moving to improve their life quality with more expenditures via digital devices. As is shown in the data released by China’s top Internet enterprises, the per capita expenditure among Chinese old people experiences a constant growth.

In a report on the development of China’s aging industry, the China National Committee on Ageing (CNCA) noted that expenditures stemming from the aging group in China will increase to 106 trillion yuan ($14.9 trillion) by 2050, contributing to one third of the national GDP.

By 2050, China’s aging industry will be worth almost 22 trillion yuan, according to the estimation of the National Social Science Fund of China.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Liang Jun)

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