Chinese Mainland’s “silver economy” is a vast, emerging market that is highly prized by many different business sectors as the aging population continues to rise. Nowhere is this more so than in Shanghai, the biggest city in the Yangtze River Delta region. Not only is Shanghai one of Chinese Mainland’s key commercial and financial centres, but its population is also ageing at the fastest rate in the country. Shanghai’s elderly have money to spend and are keen to try out new products and services. Because of this, they provide an important indicator of how the silver economy is likely to develop in the rest of the Yangtze River Delta region and in the Chinese Mainland as a whole. 

As people’s average life expectancy soars while birth rate drops, the number and proportion of older adults in Shanghai and across the country can be expected to keep rising in the coming decades, driving the continued growth of Chinese Mainland’s silver economy. Meanwhile, the strong demand of elderly consumers in Shanghai for up‑to‑date products and services for seniors has brought about boundless business opportunities for related companies. 

Aging drives growth of silver economy in Shanghai

At the end of 2023, the number of people in Shanghai aged over 60 stood at 5.68 million ‑ 37.4% of the city’s population [1].  In 2024, this proportion had risen to 37.6%, significantly higher than the national average of 20.1% [2]. This preponderance of elderly people has made Shanghai a leader in terms of the development of the silver economy. As the number of older adults continues to rise, their demand in various aspects is fast emerging. 

Against this backdrop, the city has taken a great deal of effort to cater for this rapidly growing market. It has improved its elderly care system and created a diverse range of products and services aimed at senior citizens in areas like health, medical needs, nursing and well‑being. Meeting the increasingly diverse and personalised demands of the city’s elderly consumers has not only lifted the quality of overall economic growth but also generated extra opportunities for businesses.

One notable feature of Shanghai’s elderly population is that the proportion of those aged 60‑70 is relatively high, accounting for about 20% of the city’s total population, while seniors over the age of 70 account for about 18%. This indicates that many of Shanghai’s seniors are people who have just retired – so‑called “young seniors”. They have more savings and steadier retirement incomes than older retirees, thanks to the rapid economic growth in Chinese Mainland in recent decades. They also enjoy better health due to better living conditions. 

These “young seniors” tend to be more modern in terms of spending and are ready to spend money on health, tourism and entertainment. They are highly receptive to new products and services and are ready to try the latest consumer experiences. All of these combined has boosted the vibrancy and diversification of the silver economy in Shanghai, and has driven the growth of businesses which offer a wide range of products and services aimed at meeting the demands of this emerging consumer group and taking full advantage of their spending potential. 

Active elders willing to spend

Further evidence of the strength of Shanghai’s silver market came in an interview conducted byHKTDC Researchwith theShanghai Elderly Care Service and Silver Industry Associationat the end of June 2025. According to a representative of theAssociation, the total income of Shanghai’s senior citizens is the highest in the country, and the average pension of the city’s workers is higher than the national average. The average pension enjoyed by people in Shanghai in 2024 was RMB5,671, significantly higher than the national average of RMB3,825 and the third highest in the country. 

What’s more, Shanghai’s workers have more savings, higher medical insurance coverage than those in most parts of the country, and other benefits like transportation subsidies. The majority of retired workers in the city have a permanent residence, with a large number living in properties they own. Therefore, retired workers in Shanghai have more savings to spend, which has given a direct boost to the development of the local silver economy. 

TheAssociationalso pointed out that the majority of seniors in Shanghai are quite healthy and are generally known as “active elders”. They have the highest spending power of any group of elderly people in the country, and tend to be demanding regarding the clothing, food, housing, transportation and health and wellness services they consume. Cultural tourism is a particular favourite of these active elders. Since most are in good health and have plenty of free time, they love to tour other regions in the Mainland and places around the world in order to experience different cultures. Developing high‑quality cultural tourism will be an important part of the growth of Shanghai’s silver economy in the future.

Shanghai’s seniors tend to be very interested in the latest tech products too, especially AI‑related products and services which could enhance their quality of life. Currently, however, most local and imported tech products in the Mainland market are aimed at young people and are not elderly‑friendly. With the number of elderly people continuing to rise, the demand for electronic and tech products designed for the silver market is likely to grow significantly – a trend that would be wise for businesses in this sector to pay attention to.  

Innovative policy support

Shanghai has introduced a series of policy measures aimed at promoting the growth of the silver economy and meeting the needs of its senior citizens. This includes the promulgation ofSeveral Policy Measures of Shanghai Municipality on Promoting the High-Quality Development of Silver Economy (Document No. 23 [2024] of the General Office of the Shanghai Municipal People's Government)  [4] in December 2024. These measures put an emphasis on expediting the development of industries in certain key sectors, as well as providing a greater diversity of senior care services, promoting the assistive device industry, developing the elderly‑friendly housing sector and optimising accessible transportation services. The city authorities will also launch enriched leisure and cultural activities for seniors, promote intelligent elderly care environments and products, advance the healthy development of old‑age finance and improve elderly health services. 

These policies not only offer policy support to the construction of related facilities but also encourage technology innovation and resources collaboration. As the society continues to age, these policies should help to provide further impetus to the growth of the silver market in various ways, including:  

• Offering innovative elderly care services:The new measures have prompted the establishment of new elderly care models such as residential care and “property + senior care”, providing a wider range of services to meet the demand of different elderly groups.  

• Promoting intelligent elderly care scenarios and products:Shanghai is working hard to empower the elderly care industry via technology, setting up smart senior homes and developing “technology + senior care” products to raise the efficiency and quality of elderly care services. 

• Developing the assistive device industry:Venues such as shopping malls and supermarkets are being encouraged to allocate spaces for the display, leasing and sale of assistive devices and products. Industrial parks dedicated to the R&D and manufacture of assistive devices are planned, while efforts will be made to improve the industry chain, promote the deep interdisciplinary integration of assistive devices, and create new formats for the senior care industry.  

• Enriching the cultural tourism sector:New policy measures will encourage industry players to design elderly-friendly tourism products and cultural activities as well as provide a greater diversity of services. 

• Advancing the healthy development of old-age finance:There will be supportive measures to set up a corporate annuity scheme and explore the possibility of creating a private pensions product information collection and dissemination platform. 

Meanwhile, as the average age of retirees drops and their financial capacity rises, a group of “new retirees” is emerging, made up of office workers, teachers and civil servants. This generation of retirees keeps updating and upgrading its consumer demand, stimulating further significant changes in the silver market. According to theShanghai New Silver Generation’s Consumption Habits Survey Reportreleased by theShanghai Consumer Councilin mid‑2025, this new generation have more spending power than their predecessors and a higher demand for quality [5]. Their consumption habits exhibit the following characteristics: 

• Pursuit of quality of life:New retirees in Shanghai want a greater quality of life after retirement. They are willing to pay a premium for high-quality products and prefer products with innovative and smart functions. 

• Core areas of consumption:Health and wellness, tourism and social activities, and interests and hobbies are the new retirees’ core areas of consumption. They attach great importance to health and wellness foods, fitness and exercise.

• Demand for smart products:There is strong demand among new retirees for elderly-friendly smart devices, such as health monitoring bracelets, home health care equipment, smart safety products and related services. They are also keen to use the latest tech products.

Shanghai’s seniors no longer focus on low cost and practicality as elders did in the past. Instead, they look for quality, functionality and experience. As their numbers grow and their spending patterns evolve, the silver economy in Shanghai is undergoing an upgrade. To support this, the national government has introduced a series of measures to help businesses keep up with the overall development of the silver market across the country.

Conclusion

Chinese Mainland’s silver market continues to expand. Its senior consumers have a strong demand for products ranging from smart wearables to home care equipment, as well as higher quality products and cultural tourism services, as they look to raise the quality of life in their retirement and improve their ability to lead an independent life. It is worth noting that their consumption characteristics differ significantly from those of young people. Apart from attaching greater importance to practicality and healthiness, they also look for products and services that are more elderly‑friendly. 

With Shanghai being a leader in the silver sector, its market development trends and innovations can offer other regions valuable experience and inspiration. In view of the unique demand and potential of the silver economy, industry players that make the effort to understand the market characteristics of Shanghai and offer the right innovative elderly‑friendly products and services can expect to gain a competitive edge in this fast‑growing market and become first movers in seizing opportunities in Chinese Mainland’s silver economy.  

[1] For more details, please refer to Several Policy Measures of Shanghai Municipality on Promoting the High‑Quality Development of Silver Economy (Document No. 23 [2024] of the General Office of the Shanghai Municipal People's Government) 

[2] For more details, please refer to Minstry of Civil Affaris of the People's Republic of China ‑ 2023 Notice on National Development of Silver Economy

[3] For more details, please refer to Shanghai Civil Affairs Bureau ‑Statistics on Shanghai's elderly population, elderly care services, and elderly care work in 2024 , Shanghai Municipal Health Commision ‑Statistics, Shanghai Municipal Statisics Bureau ‑Shanghai Statistical Yearbook

[4] For details, please refer to the General Office of the Shanghai Municipal People’s Government ‑on Issuing the Policy Measures for Promoting the High‑Quality Development of Shanghai’s Silver Economy, the General Office of the Shanghai Municipal People’s Government ‑ Explained at a Glance: Policy Measures to Promote the High-Quality Development of Shanghai’s Silver Economy

[5] For more details, please refer to Shanghai Consumer Council ‑ Shanghai New Silver Generation’s Consumption Habits Survey Report 

For more details, please refer to:

Chinese Mainland Silver Economy Opportunities - Consumer Survey Findings