What does silver economy mean
What does silver economy mean? The national "14th Five-Year Plan" explicitly elevates actively responding to aging as a national strategy, proposing the development of silver economy, the development of aging-appropriate technologies and products, and the cultivation of new industries such as smart aging, which is what silver economy means.
What is the silver hair economy1The silver hair economy refers to the industry that specializes in consumer services for the elderly as society ages. The "silver economy" can be broadly divided into daily necessities economy, health care economy and service economy, including traditional aging industry, such as clothing, food, special commodities, transportation, health care, welfare facilities for the elderly, as well as the modern aging industry, such as recreation, tourism, housing, community services, aging education and other industries.
According to the National Bureau of Statistics, by the end of 2019, China's population aged 60 years and above was about 254 million. Such a large group of people holds a huge consumption potential: on the one hand, with the change in the concept of life and the improvement of living standards, the consumption structure and consumption needs of the elderly have changed significantly, generally presenting the trend of quality, diversification, personalization and convenience, and gradually moving from survival to enjoyment.
On the other hand, in the context of the country's vigorous development of the health industry, the "aging economy", "silver economy" is constantly being referred to, and is becoming a blue ocean in the eyes of many companies.
It can be said that the silver economy is the sunrise industry of China in the next few decades, with a bright future.
Reasons for the development of silver economy
First of all, the rise of the "silver economy" stems from the fact that in recent years, the state has intensively launched a number of aging policies, which have created space for the development of the "silver economy".
Under the background of favorable policies, the past inconspicuous industry is growing, and the past is not easy to enter the field gradually liberalized. The various demands of the "silver economy" will be further released, and the supply will be further improved.
Secondly, the widespread popularization of smartphones has activated the digital potential of the "silver economy", and more and more elderly people have started to try new shopping methods.
And under the influence of the epidemic home, the digitalization process of the silver-haired people is accelerating. According to data from an e-commerce company, during the epidemic, the number of online grocery orders from "post-60s" users quadrupled, and during the Spring Festival of 2020, users over the age of 40 in a fresh food e-commerce company increased by 237%.
Third, the post-80s and post-90s people are purchasing consumer goods to give back to the elderly, and to a certain extent, they are leading the "silver economy" to realize consumption upgrading.
Young consumers have always been the main growth group of online consumption, and data show that post-80s and post-90s consumers pay more attention to high-end medical checkups, high-quality fresh food, smart canes, customized tours, and other new consumer goods when purchasing applicable products for the elderly, and even drive the elderly to participate in new consumer projects such as medical beauty, outdoor sports, and pet consumption, which has accelerated the "silver-hair economy" in an objective way. This has objectively accelerated the process of upgrading the consumption of the "silver economy".
What is the silver hair economy2On November 24th, the Central Committee and the State Council issued an opinion on strengthening the work of the elderly in the new era. The opinion pointed out that we should actively cultivate the silver hair economy, the development of the old age industry. on November 25, the silver hair economy concept stock opening pull up, as of the close of business, Kangtai medicine, Hunan development, Yuexin health and many other stocks up.
Silver economy market size of 5.9 trillion yuan
According to the Chinese Academy of Social Sciences, the People's Republic of China Health Insurance jointly released the "Blue Book of Health Industry: China's large health industry development report," pointed out that, in 2050, the number of elderly people aged 60 years old and above in our country will reach 483 million, and total consumption of the elderly population 61.26 trillion yuan, which is 1.89 times and 8.73 times of 2020 respectively.
According to the research data of AiMedia Consulting, the market size of China's silver hair economy has continued to rise during 2016-2020. it has reached 5.4 trillion yuan in 2020, with an annual growth rate of 25.6%, and it is expected that the market size of China's silver hair economy will keep growing in 2021, reaching 5.9 trillion yuan.
Jiang Han, a senior researcher at Pangu Think Tank, told Securities Daily, "The role of the silver-haired economy for economic development and consumption growth is very obvious. Although the overall market space of the silver economy is vast, there are not many products and formats that can really meet the market demand, and the overall market is in a state of high market costs, but the quality of the finished product is not high. The introduction of relevant policies by the state has a positive and far-reaching impact on the aging group. For the future of the elderly home care or social care, have played a role in promoting."
Zhang Yi, CEO and chief analyst of AiMedia Consulting, told the "Securities Daily" reporter, "Standing on the wind of the policy, for the silver economy-related concept of listed companies is a great benefit, the introduction of this "Opinions" means that there will be more policy tilts for the silver economy track. Listed companies compared to the general company has a greater ability to raise funds and a wider brand influence, whether it is to promote the market value or performance growth, are beneficial."
95 listed companies bursting with vitality
According to data released by the Ministry of Industry and Information Technology, the market size of China's pension industry will exceed 20 trillion yuan in 2030. Currently, there are 95 A-share*** listed companies in the pension concept, involving a variety of industries such as medicine and biology, information technology, light manufacturing and so on.
However, due to the previous neglect and underinvestment in the silver economy-related industries, the relevant listed companies involved in the pension industry later, but it can be predicted that the market for the silver economy-related industries in the future demand is strong, the pension service will be a huge, fast-developing sunrise industry.
In the case of Yuexin Health, for example, while developing its brand of fashionable and healthy building materials, it has been steadily advancing its healthcare industry, promoting the provision of health management, medical services, rehabilitation, and nursing care for the elderly and the demented and disabled elderly who need professional care. The business layout of the integrated and systematic medical and nursing care services for the "energetic elderly" and "demented and disabled elderly in need of professional care" is being promoted.
In terms of medical rehabilitation supplies, Inco Medical, Xiangyu Medical and other companies to produce medical supplies and rehabilitation equipment for the elderly group, Inco Medical's electric smart wheelchair, walker and other products are widely used in the field of elderly care, Xiangyu Medical for pain rehabilitation, health care combination of intelligent rehabilitation equipment to increase the independent research and development of the sub-fields. Open Source Securities research report shows that the current total demand for rehabilitation equipment in China reached about 128.7 billion yuan, has a rehabilitation department of general hospitals accounted for less than 30%, the incremental market reached about 90.6 billion yuan, incremental space.
In addition, for the elderly group of long-term bed-ridden status quo, Howe Nursing deep cultivation of adult incontinence supplies, targeted at different customer groups to develop suitable products. The company is also actively exploring a new senior citizen service platform based on the Internet of Things (IoT).
Seize the opportunity also to fit the needs
Jiang Han told the "Securities Daily" reporter, "For the current concept of the silver economy of the listed companies, the most central should be to respond to the call of the policy, to enhance the competitiveness of their own market, so as to find their own strength in the depth of the market, Vertical market to find their own starting point for the layout of the industry. Only in this way is it possible to realize its own long-term stable development."
The silver economy as a potential . Economic growth point, contains a huge development value. However, the constraints due to the specificity of the service group should not be ignored. Jiang Han believes that although the level of China's old-age protection and services continue to improve, but the effective supply of aging-related services is insufficient, the quality and efficiency is not high, and the social participation is not sufficient, etc. are also the future of the silver economy is still to be resolved.
"While the wave of aging is coming, the wave of digitalization is also rising. And with the rapid development of information technology, when most people can enjoy the convenience of life brought about by scientific and technological innovation, a significant portion of the elderly face the embarrassment of the 'digital divide', the elderly during the epidemic could not show the health code into the station refused the news, is reflecting this point." Zhang Yi said.
In addition, despite the continuous extension of the elderly industry chain, there has not yet been a platform-level company focused on serving the elderly cultural consumption. In addition to the living goods and health care products for the middle-aged and elderly, the demand for recreational and socializing, education, and medical and health care for the elderly is also gradually increasing.
Driven by the policy dividend, the demand of the elderly group has been further stimulated, which requires the relevant enterprises to adapt to the actual development of the elderly group to provide more "customized" to cover all aspects of the life of the elderly group.
What does the silver economy mean3On November 24th, the opinions of the Central State Council on strengthening the work of the elderly in the new era (hereinafter referred to as the "Opinions") were officially released. It is worth mentioning that, as a programmatic document guiding the work on aging in the new era, the Opinions explicitly proposed to actively cultivate the silver hair economy. This is also following the national "14th Five-Year Plan" clearly will actively respond to aging as a national strategy, proposed the development of the silver economy, the development of aging technology and products, and cultivate the wisdom of the elderly and other new forms of business, from the national system level of the domestic development of recreational and leisure industry is another important support.
Preparation of special planning
According to the results of the seventh national census, as of November 1, 2020, China's elderly population of 264.02 million people aged 60 years and older, accounting for 18.7% of the total population, and the elderly population of 190.64 million people aged 65 years and older, accounting for 13.5% of the total population. It is expected that during the "14th Five-Year Plan" period, China's elderly population aged 60 and above will exceed 300 million, accounting for more than 20% of the total population, and China will enter a moderately aging society.
The rapid growth of the aging population has made people feel the strong impact of aging, but also let people see the potential opportunities of the silver hair economy. Ai Media Consulting previously released the "2021 China Silver Hair Economy Industry Research Report" shows that during 2016-2020, China's silver hair economy market size continued to rise, and in 2020 it has reached 5.4 trillion yuan, with an annual growth rate of 25.6%. It is predicted that by 2021, China's silver hair economy market size will reach 5.9 trillion yuan.
In the face of such a large market, how to actively cultivate the silver hair economy?
Specifically, the "Opinions" pointed out that the preparation of relevant special planning, improve the support policy system, and promote the development of the aging industry in an integrated manner. Encourage the use of resource endowment advantages, the development of comparative advantages of the characteristics of the aging industry. Coordinated use of existing funding channels to support the development of aging industry.
And the new policy on "actively cultivate the silver economy" emphasized the "strengthening of planning and guidance" content, but also industry insiders believe that China's recreation industry needs to face a difficult problem. Li Zhihong, director of the Policy Research Department of the China Association of the Elderly, said at the "2021 Wisdom Recreation Summit Forum" held in early September this year that the development of China's "silver economy" is relatively slow, which is constrained by the concept of consumption, lagging behind the payment system and the lack of planning and guidance. This is due to the combined effects of the constraints of consumer attitudes, lagging payment system, and the lack of planning and leading. To solve the top-level design of the planning leadership, the key is to three things: the development of statistical indicators of the aging industry system, the introduction of the aging industry guidance catalog, the preparation of a special plan for the development of the aging industry.
In the view of Yan Yuejin, research director of the E-House Research Institute Think Tank Center, as a programmatic document to guide the work of aging in the new era, the introduction of the "Opinions" has a positive significance in accelerating the establishment of a sound relevant policy system and institutional framework, and in promoting the high-quality development of the cause of aging, and is expected to promote the further development of the domestic silver-haired economy.
From the silver economy to the old industry
The Beijing Business News reporter learned that the current domestic consumption demand of the elderly is becoming more and more personalized, in addition to focusing on the spiritual needs of tourism, entertainment, network consumption, intelligent consumption, health consumption, etc. has become the new hotspot of consumption of the silver economy. In addition to home, clothing and other necessities of life, travel, health, life services and other content in the silver-haired people online shopping list in the proportion is also growing.
The development of elderly-friendly industries has also been listed as an important initiative to actively cultivate the silver-haired economy.
From the point of view of the development of specific initiatives for the elderly industry, the "Opinions" refers to the development of elderly goods and services catalog, quality standards, and promote the certification of elderly services. It also promotes the standardized development of food, medicine, and geriatrics industries that are closely related to the lives of the elderly, and improves the function and quality of traditional senior care products.
At the same time, to support the transformation of key technology achievements of elderly products, service innovation, and actively develop intelligent, assistive and rehabilitation therapy products suitable for the elderly. Encourage enterprises to set up counters and experience stores, and vigorously develop new modes and new forms of integration of pension-related industries. Commercial insurance organizations are encouraged to develop health insurance products for the elderly. The government is also cracking down on violations of intellectual property rights and the production and sale of counterfeit and shoddy goods.
Yan Yuejin pointed out that the above specific initiatives for the development of the elderly-friendly industry will directly help China's recreational industry to a higher level of industrial development. It said that daily consumption and health consumption are the two main categories of China's silver-haired consumer goods category, health consumption, for example, health-related consumption has become the most prominent demand of the elderly group, in the support of the new policy, is expected to gain more space for development.
"We need to see that population aging is an important trend of social development, but also the basic national conditions of China for a long period of time in the future. This is both a challenge and an opportunity." Yan Yuejin said that from the perspective of challenges, population aging will reduce the supply of labor, increase the burden of family pension and the pressure on the supply of basic public **** services. At the same time, population aging promotes the development of the silver hair economy.
A more important spiritual world
The data level can confirm that the silver-haired people can not be underestimated online spending power. According to the Jingdong Consumption and Industrial Development Research Institute released the "Rise of the silver hair economy - 2021 elderly users online consumption report" (hereinafter referred to as the "report") shows that the online market for senior applicable products is becoming more and more prosperous, and the number of online senior health service goods has increased by more than 10 times; the silver-haired people have become an important growth driver of the consumer market, the In the first three quarters of 2021, China's silver-haired people online shopping sales volume increased 4.8 times year-on-year.
In addition to physical products, the supply of products to improve the quality of life of the elderly in the spirit of the world also ushered in opportunities. In the case of elderly education, for example, the "Opinions" clear, elderly education into the lifelong education system, the education sector to take the lead in the study of the development of elderly education policy initiatives, to take the promotion of conditional schools to carry out education for the elderly, to support the social forces to organize the elderly university (school) and other ways to promote the expansion of the supply of resources for the elderly education. Universities and vocational colleges in a position to do so are encouraged to offer specialties and courses related to geriatric education, and to strengthen the construction of disciplines and specialties and the training of personnel. Textbooks on geriatric education are being prepared. Relying on the National Open University, the National University for the Elderly will be established, and a national platform for elderly education resources***sharing and public***service will be set up. Innovative mechanisms have been put in place to promote the opening up of universities for the elderly organized by departments, industrial enterprises and colleges and universities to the community. Play the role of community party organizations, guide the elderly to practice a positive view of aging.
In Yan Yuejin's view, along with the continuous improvement of the quality of life, as well as the continuous improvement of the domestic mechanism of social welfare protection and the pension financial system, the disposable income sources of the elderly groups are increasing, and the potential of the silver hair economy is infinite.