Chinas Aging Consumers
Yinzhou Xu, GuangdongUniversity of Business Studies
According to data provided by the fifth nationwide census
(2000) in China,
the population of age 60 or older is close to 130 million. Based on the United
Nations widely adopted standard, China has become an elderly nation,
i.e. the segment of age 60 and older has reached over 10% of the population, or the segment of age 65 and older has reached
over 7% of the population. While the population aging has brought unprecedented
socio-economic challenges to China,
it has also created a new consumer market segment the elderly consumer
market, and has generated a wave of research initiatives on this subject in China.
In addition to the population segment of age 60 and older,
there is also a considerably large number of hidden elderly population under
the specific circumstances in China.
Those are the retirees between age 50 and 60 living in the cities and towns. In
fact, about one fifth of billions of dollars worth of annual payout under the
current government pension and other welfare plan are for this type of
sub-senior population. Data collected from the fifth nationwide census
indicate there are 300 million people at age 50 years or older. This
demographic segment makes the elderly consumer market in China. The
rapidly developing elderly consumer market will profoundly influence the
current and future economy of China.