Many older Chinese are looking beyond traditional care homes, worried about abandonment and quality issues
A visitor looks at a showroom in Yan Garden, a high-end senior-focused community that opened in 2015 by insurance company Taikang Insurance Group in Beijing, Nov. 5, 2024. Every Wednesday, retiree Zhang Zhili travels an hour by bus to an education center, drawn by the pulsing rhythms of the African drum she plays there in a classroom filled with fellow retirees whose hands move in unison, every beat lifting her spirits.
That's fueling growth in services and products aimed at older adults in what Beijing calls the silver economy, which is projected to balloon from about 7 trillion yuan currently to approximately 30 trillion yuan in 2035, raising its share in the economy from about 6% to roughly 10%, Hu Zuquan, a researcher at the State Information Center, a public institution affiliated with China's main planning agency, told state media.
In January, Beijing issued new guidelines calling for expanding home care services and meal deliveries and more clothing, food and tech products tailored for older adults. They include enriching their lives through education. Liu expects to break even in another year and is prepared for the wait. She believes in the market's future, given that the generation born in the 1960s and later values quality of life and health more than their parents did.Turning a profit is proving challenging for some silver economy businesses.
Wu's business employs 70 workers who visit homes as caregivers, rehabilitation therapists and psychotherapists. The industry is competitive and it has a high turnover rate given the difficulties of working alone in clients’ homes. Wu hopes to break even in five years, and is delighted about the government's efforts to grow the silver economy.Various companies are looking to grab a slice of this government-backed market. Property developers like Vanke Co.
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