China Pushes ‘Silver Economy’ Drive as Spending Shifts to 60-Plus

China is intensifying efforts to turn its rapidly growing elderly population into a new engine of consumption, issuing at least 20 policy directives this year that call on companies to tailor products and services to people aged 60 and above. The push comes as consumer confidence among younger Chinese remains weak amid deflationary pressures and a property-sector downturn. Roughly 300 million Chinese are already over 60 and the cohort is projected to reach 400 million by 2035. Households headed by seniors have become a comparatively resilient spending force: research firm Euromonitor International estimates their consumer expenditure has risen 129 % between 2015 and 2025, outpacing the 79 % increase for the overall population. It expects outlays by the age group to more than triple between 2025 and 2040, lifting their share of national consumption to 34 % from the current 24 %. Companies are moving to capture the so-called silver economy. Jewellery maker Lao Feng Xiang recently launched AI-enabled glasses that magnify text, offer voice navigation and provide virtual companionship. Xiaomi has added senior-friendly functions to its smartphones and televisions, while insurance and healthcare conglomerate Ping An says it now offers hundreds of home-based elder-care benefits across 75 cities. Economists caution, however, that older consumers alone may not fully offset broader economic headwinds. Generous pensions of around 10,000 yuan a month for some former civil servants coexist with an average urban pension of about 3,000 yuan and rural benefits as low as 200 yuan, limiting aggregate spending power. Natixis Asia-Pacific chief economist Alicia Garcia Herrero warns that silver-age demand is unlikely to eliminate deflationary pressures in the world’s second-largest economy.