now I read (it's
):
"China’s greying population ushers in a more prosperous era
China’s greying population is rapidly growing—241 million people over the age of 60 by the end of 2017, or 17.3% of China’s total population, according to the data from National Bureau of Statistics. Although this has put pressure on society, the country’s rapidly aging population brings massive market potential.
The 2018 edition of the Blue Book of China’s Graying Society was released by China Research Center on Aging on May 15.
According to the report, the happiness of China’s seniors has significantly increased. Also, the urban-rural gap in terms of seniors’ income and purchasing power has narrowed. Meanwhile, the aging population is more likely to pay attention to life quality and fashion trends.
Of all the elderly consumption preferences, online shopping is the most prominent one.
Due to the changes over time, China’s aging population has become a major part of the consumption structure. They have diversified demands, including health products, arts and crafts, and entertainment, which brings a great deal of new opportunities for businesses, according to the 2017 AliResearch’s Parents Mobile Internet Life Report.
With the popularity of smartphones and online shopping, elderly people aged 50-69 are fast learners whom are well trained by their children in mobile technologies. The report showed that elderly people prefer electronic products and home appliances, such as smartphones, digital cameras, and air conditioners.
On November 11th (also known as “Singles Day”) last year , over 500 million elderly people took part in the annual shopping festival, spending 5,000 yuan per person. During the New Year Festival shopping season in 2018, the elderly population was behind a more than 150% increase for fresh food goods on Jingdong, a Chinese e-commerce platform, as well as other shopping apps, according to China’s National Information Center.
Chinese companies are exploring ways to grow the elderly market.
In January 2018, Alibaba posted a recruitment ad for a high paying position ($55,000 to $79,000 annually) for research specialists who can understand elderly customer shopping habits.
Subsequently, on February 1, Taobao, China’s largest online shopping platform, which is owned by Alibaba Group Holding Ltd., rolled out a “family account” as part of its effort to win over elderly users. Parents can send product links to their children and ask them for advice before making a purchase. When it comes to pay for an item, the parents can ask their children for help to pay, too.
China’s National Committee on Aging (CNCA) estimates that China’s elderly population will spend some 3.3 trillion yuan in 2020 and 8.6 trillion yuan in 2030, which means that the elderly market in China has a promising future.
As China’s elderly population gets used to living a happier life in the internet era, the greying economy in China will only see even more growth."