Technology in run-up to twilight years enriches life
My 89-year-old grandaunt, who used to be a photojournalist in the War to Resist US Aggression and Aid Korea (1950-53), is keeping pace with the fast-changing times. She is now skilled at chatting on WeChat and online shopping. Calling her an elderly person might be technically correct but a colossal disservice to her spirit and joie de vivre.
She recently bought fitness equipment and air purifiers for use at home. She listens to music by connecting her high-end headset to her smartphone via the Bluetooth feature. The ubiquity of the internet and smartphones has blurred the boundary that used to separate the lifestyles of the young and the not-soyoung.
After retirement, more and more elderly consumers in China, especially those who are well-educated and live in major cities, are finding new passions, hobbies, tech-enabled lifestyles and choices in the run-up to their twilight years. And they appear happy to evolve past the roles of devoted grandparents and loving parents.
For example, they are willing to increase their investments in travel. In October, the Ministry of Public Security announced the removal of the upper age limit of 70 for driver’s license applications.
After the implementation of the new policy, a growing number of elderly travelers are learning driving and going on self-driving trips and independent journeys nationwide and posting pictures online.
Besides, elderly consumers are more willing to spend money on intelligent products, clothing and cosmetics to enrich their life quality and experiences.
“Elderly consumers in China have a strong demand for dietary supplements, household medical and healthcare devices and makeup products. They are increasingly pursuing high-quality products, and buying something inexpensive is no longer a priority for them,” said Fu Yifu, a senior researcher at the Suning Institute of Finance.
Yet, China lacks abundant supply of products and services that are particularly designed for the elderly group.
As elderly consumers increasingly hope to integrate themselves with the latest developments in society, make more friends, learn to entertain themselves and break free from loneliness, manufacturers, producers, service providers and technology firms will strive to bring more offerings for the elderly and provide them opportunities to enjoy a high-quality and comfortable life.
“Besides consumer goods for everyday use, the cultural consumption market for the elderly group is relatively monotonous in China. Those who work in films, dramas, music performances and art shows should include more perspectives on the elderly in their content from now on,” said Liu Jiehao, an analyst at consultancy iiMedia Research.
By 2030, the potential value of business opportunities that emerged from the elderly care market is expected to reach 13 trillion yuan ($2.03 trillion), according to a projection of the Chinese Academy of Social Sciences.