Monday, May 3, 2010


Good news for businesses chasing the silver dollar. According to a recent survey by Mastercard, by 2015 spending by consumers aged 65 and above is expected to hit US$1.5 trillion annually within the Asia-Pacific region. The figure for Singapore alone is projected to hit US$10.8b.

Statistics showing Asia has the fastest growing ageing population. Click on the image to enlarge.

Companies here are wasting no time in coming up with products and services targeted at this silver market, with banks and insurance companies leading the way. Restaurants are offering discounts for senior diners, and gyms are enticing seniors to join with a 50% off on membership. One enterprising hair salon has come up with S$10 hair-cuts for seniors as well as discounts on pedicures and manicures.

The health & wellness industry, and the travel industry are no longer the only ones wooing the silver-haired consumer. Companies dealing in anti-ageing products and equipment for home nursing care are now raking in huge profits. Housing developers know there is a growing demand for housing that incorporates features catering to the specific needs of older residents.

Indeed, almost any product and service today can be customized or re-packaged to target the silver consumer. So if you have money to invest, or are looking at starting your own business, you might want to give the silver industry some serious thought.

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