China’s population is expected to age dramatically as birth rates drop and the labour force shrinks. Who will care for the elderly in a far greyer future – and what happens when carers, already on the older side, become seniors themselves?
The swelling ranks of the elderly are leading multinational and local companies to reconsider their longer-term growth opportunities in China, and they are changing products and marketing strategies to win them over.
Number of citizens aged over 60 in China is expected to expand by an average of 10 million per year over the next decade, adding to concerns over the state pension fund, elderly care facilities and medical services.
China’s labour resources may keep growing until at least 2040, and many retirees are still capable of working – if utilised, they could help offset pressure from an ageing population
The industry will more than double in size to 280 trillion yuan (US$40.4 trillion) by 2030, as the expansion of individual wealth and pension needs requires financial companies to upgrade their products and services, according to a report by McKinsey & Company.