Silver lining of an aging population (3)

Mom and pop shop

China's elderly are strongly embracing the digital era. The internet is not only an important source of information for them, but also a vital tool for networking, entertainment and shopping.

According to a report on China's urban consumption last year by Sequoia Capital China, the "proportion of urban elderly groups connected to the internet is already very high, and the degree of dependence on the internet is even more than younger people."

Of the elderly people surveyed, 66 percent said they spend more than a quarter of their free time on mobile internet. Of the elderly who have mobile internet, half of them use e-commerce apps such as Taobao, JD and Pinduoduo.

A year ago, Zhang Manhua, 69, from Dandong, Liaoning province, learned from her daughter how to shop online.

Since then, she shops online at least four to five times a month. All the family's daily necessities such as rice, flour, cooking oil and pots are also bought online.

"Copy the product link, open Taobao, click on the coupon, then complete the purchase. Then all you need to do is wait for the delivery," she says, explaining to a friend how to use discount coupons online.

"It can be delivered to your home. You can also shop around for the best price and quality. If you're not satisfied with the product, you can return it for a full refund," she added.

According to a report on online consumption trends last year conducted by JD's research team, middle-aged and elderly people provided "significant opportunities" due to the penetration of the internet.

A growing number of older people are using mobile phones to buy home-delivered meals, medicines and supermarket items. Last year, online sales of furniture, household necessities, kitchenware, home textiles and other products popular with the elderly increased more than tenfold.

The report pointed out that with the increase in elderly people's income, the requirements for enjoying high-quality later years are on the rise.

Guidance needed

China National Committee on Aging statistics show that the elderly will constitute more than one fourth of China's total population by 2035 and one third by 2050.

The committee also predicted that China's elderly consumption market will reach 3.79 trillion yuan this year.

China's "aging industry" has huge market potential and development prospects, and is expected to become a new driver of growth.

In September, the Ministry of Civil Affairs issued a guideline on expanding the supply of old-age care services and promoting the uptake of such services.

The market in China for old-age care will prosper, however, the services need to be tailored to elderly people's needs and also be within their capacity to pay.

The guideline also pointed out that expanding old-age care services is crucial to the well-being of hundreds of millions of elderly people and their families.

Wang said the elderly consumer market is a prosperous one, but added that services for older people needed to be improved.

In Japan, which has a higher proportion of elderly people than China, aging is not regarded as a problem because of the positive economic impact of elderly consumption.

Wang suggested developing more products and services suited to the elderly, especially high-quality ones, such as home care services for disabled older people.