CHASING THE SILVER DOLLAR

The Straits Times 3 May

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.

GETTING READY FOR THE SILVER INDUSTRY

Meet Joscelyn Tan (2nd from left) and her friends. They are the first batch of students doing a 3-year diploma course in Gerontological Management Studies at Temasek Polytechnic.

With the rise in the number of older adults in countries across the globe, institutions of higher learning, from the University of Pittsburg in the USA to Monash University in Australia, from Keele University in the UK to National Chung Cheng University in Taiwan, are now seeing a parallel increase in student enrolment for courses on gerontology and other age-related programmes.

This is a clear indication that young people are becoming aware of the employment / entrepreneurial opportunities that are opening up in the emerging silver industry.

Click here to get an idea of the courses available for those interested in working with older people. Nothing like getting some paper qualifications to lend credibility to your name if your interest lies in this area of work or, as in my case, community service.

If your daughter (or son) has just completed her A-levels and has yet to decide on what course to take up at tertiary level, you might want to direct her to the field of gerontology and geriatrics.