HK social groups and businesses join forces to support 'silver economy'

Hong Kong social groups and businesses have joined forces to create a platform to support silver economy development, in response to the ageing population in the city.

Also known as 銀髮經濟發展聯盟, the alliance is set up by the Democratic Alliance for the Betterment and Progress of Hong Kong (DAB), along with representatives from various Hong Kong businesses, social organisations, a major bank, and a think tank, such as Bank of China (Hong Kong), WeChat Pay HK, and the Hong Kong Federation of Restaurants and Related Trades.

This comes as Hong Kong nears super-ageing, with the elderly becoming a major consumer force. Their spending is expected to grow from HK$342 billion in 2024 to HK$496 billion in 10 years, boosting sectors such as healthcare, technology, finance, and tourism and creating significant job opportunities, according to DAB. 

The alliance aims to connect various sectors to create a silver-friendly social environment, allowing seniors to embrace the concept of ageing with a positive mindset. 

During the alliance's establishment ceremony, deputy chief secretary for administration Cheuk Wing Hing, who heads a working group to promote the silver economy (促進銀髮經濟工作組), said the government has received positive feedback on the 30 measures introduced to harness the economic benefits of an ageing population.

The 30 measures have covered five areas, including boosting "silver consumption" (促進「銀色消費」), developing "silver industry" (發展「銀色產業」), promoting "quality assurance of silver products" (推廣「銀色品質保證」), enhancing "silver financial and security arrangements" (推廣「銀色財務及保障安排」), and unleashing "silver productivity" (釋放「銀色生產動力」).

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The development of the silver economy is not just related to the wellbeing of the elderly population but also about the sustainable development of the entire society, according to Cheuk. "The government needs active cooperation and action from all sectors of society to achieve the maximum benefits of the silver economy,” he added. 

The alliance is preparing to promote soft meals, encouraging the food industry to adopt the "Guideline of care food standard" (照護食標準指引). It is also collaborating with catering groups and social welfare organisations to host soft meal food exhibitions. This initiative not only makes it easier for seniors to enjoy delicious food but also stimulates spending among the elderly population, according to Cheuk. 

In terms of enhancing "silver financial and security arrangements", the alliance has met with the banking sector to discuss financial products for the elderly.

"I hope the working group can collaborate with the alliance to promote various initiatives that enhance the silver economy, creating a synergistic effect. I believe that under the leadership of the development alliance, all sectors will continue to introduce more measures benefiting the elderly, seizing the opportunities presented by the silver economy. This will drive overall economic development and improve the quality of life for seniors, increasing their sense of fulfillment and happiness," said Cheuk.

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