Hong Kong’s HK$500b silver economy by 2034 offers ‘blue ocean’ prospects: Paul Chan

Hong Kong’s Silver Economy is set to become a HK$500 billion (US$63.8 billion) market by 2034, the city’s finance chief has said, urging the elderly care industry to deploy technology and explore cross-border opportunities.Financial Secretary Paul Chan Mo-po said on Monday that Hong Kong’s ageing population presented both a challenge and a “promising blue ocean” market opportunity for the city, which could serve as a model for other regions.In a speech at an event to mark the 30th anniversary of the Senior Citizen Home Safety Association (SCHSA), Chan noted that expenditure by individuals aged 60 and above in Hong Kong could grow by 47 per cent from around HK$340 billion in 2024 to nearly HK$500 billion by 2034.“The growth of the Silver Economy is not merely about increasing products and services, but also about offering better lifestyle choices for seniors with different capabilities and needs,” Chan said.