By 2020, Asia Pacific’s ageing market is projected to reach US$3.3 trillion, according to the 3rd Asia Pacific Silver Economy Business Opportunities Report that was launched during the opening of the 6th Ageing Asia Innovation Forum, Singapore on 14 April 2015. Aimed to provide market observations of Asia Pacific’s silver economy, the Report uses household savings forecast for 2020 and the total market potential for the region’s ageing population for the projection. The Report also sees Singapore emerged first in the Ageing Asia Silver Economy Index. Hong Kong SAR and Australia are in the second and third placing respectively.
The Ageing Asia Silver Economy Index (the Index) – a ranking of countries in Asia Pacific by market potential for the ageing population, focuses on the capacity to spend of each country’s ageing population or supported by their children. Household savings and GDP per capita are one of the key factors used to derive the Index. 15 regional countries have been selected to be part of the analysis on the region’s silver economy business opportunities – Australia, China, Hong Kong SAR, India, Indonesia, Japan, Republic of Korea, Malaysia, Myanmar, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.
The report also features a market survey with 108 industry leaders from the region to explore the outlook of the ageing market. 52% have indicated that the ageing market economy boom is expected to occur from 2020 – 2025. The biggest economic opportunity would be the middle-income and high net worth market segment, i.e. the baby boomers markets.
The survey also projected the following products and services that would appeal to baby boomers market:
- Elderly housing – from an integrated retirement home with recreational, wellness and medical programmes to luxury resort style living
- Wellness and healthcare programmes, products and services to support active ageing and ageing-in-place
- Home care and geriatric care services
- Robotics and assistive daily living technologies to support ageing-in-place
In celebration of Singapore’s 50th Birthday this year, Ageing Asia will be launching the Art for Seniors - SG50 Art for Community Programme. Any organisation or individual can apply for up to S$500 to organise an arts related activity that will benefit older adults in Singapore. This programme is also open to international organisations or individuals. Ageing Asia will be committing up to S$5,000 in total towards this project regardless of sales of the report.
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