Key facts
- Japanese companies Yamashita and Welfan plan to open 100 stores in China by 2030.
- China's population aged 60 and older exceeded 323 million last year.
- By the end of 2024, China's population aged 65 and older reached 220 million.
- The silver economy is projected to represent 9% of China's GDP by 2035.
- Japan is already a super-aged society, offering experience in eldercare services.
- Innovations like AI-powered exoskeletons and smart home systems are being showcased for the elderly.
Two Japanese companies specializing in nursing care products, Yamashita and Welfan, are set to expand their operations into China, aiming to establish a network of 100 stores by 2030. This move is driven by China's rapidly growing elderly population, which has surpassed 323 million for those aged 60 and above and is projected to exceed 400 million around 2035. The 'silver economy' in China is becoming a significant economic force, with the population aged 65 and older reaching 220 million by the end of 2024, representing 15.6% of the total population. This demographic shift is expected to contribute 9% to China's GDP by 2035.
The China International Import Expo (CIIE) has highlighted innovations catering to the elderly, including AI-powered smart exoskeletons that assist with walking and smart home systems designed for comfort and safety. Companies like Panasonic are leveraging Japan's experience as an early aging society to offer solutions for China's market. Japan's population aged 65 and above was 29.1% in 2023, classifying it as a super-aged society, while China is approaching deep-aging society status with 13.5% of its population over 65 in the same year.
The silver economy, focused on meeting the needs of the elderly, presents substantial opportunities for both domestic and foreign businesses. The diverse and growing needs of China's aging population are driving demand for specialized products and services, from mobility aids to health monitoring devices and accessible housing.