May 21, 1999
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| May 21, 1999 | atimes.com | |
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| China Aging population to create promising consumer market BEIJING - The aging of Chinese society means that consumer marketing aimed at senior citizens will be very promising in coming years. According to Xiong Bijun, a scholar on the aging issue, the market potential for the aged depends on the government's expenditure on social security benefits for the elderly, the population size of aged consumers and, naturally, their income. The China National Aging Society reveals that there are 120 million people above the age of 60 in the country, the world largest aged population, and that number is growing by 3.2 percent annually. It is expected to reach 130 million by the end of the year 2000. The society calculated that senior citizens in China could spend at least 300 billion yuan (about $36 billion) each year on consumer goods and various services. Xiong, from the Chinese Academy of Social Sciences, said that the Chinese government's expenditure on social security for the elderly is increasing rapidly. Last year, pension spending on retirees was approaching 200 billion yuan, and the figure is expected to increase by 20 percent annually. ''With the improvement of the welfare system, the senior citizens' income will keep on rising,'' said Xiong. However, he pointed out that the supply of commodities and services for the elderly cannot meet the increasing demand. Gu Jiantang, a researcher with the Population Institute of Beijing University, said that China should make preferential policies to support the industries for the elderly and improve community services for old people. At the same time, enterprises are encouraged to develop new products for the aged. (Asia Pulse/XIC) | |||||||||
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