China has the world’s largest elderly population. Per China´s latest census published in May this year, the country had more than 264 million people aged 60 or over in 2020 – making up 18.7% of the population.
The population of individuals 60 and older in China has nearly doubled between 2000 and 2020 — from 10 percent to 17.4 percent. Plus, this share is expected to increase to 24.8 percent by 2030 and 29.9 percent by 2040. https://jingdaily.com/luxury-brands-silver-yuan-china-seniors/
The now over 60-year-olds, who enjoy spending, are moving more and more into the focus of advertisers due to their high internet affinity. An individual account with WECHAT, DOUYIN or WEIBO moves the "Silver Agers" further into focus for international as well as national consumer goods companies in the Chinese market. Women in particular have an affinity for products and product groups, e.g. from the cosmetics industry, and mostly buy international brands and brands, which led to a significant increase in the shopping cart compared to 2020. The advancing digitization effortlessly connects the target group of silver agers with international brands and products and leads to ever larger market shares. The resulting marketing channels will also be booked with Silver KOLs, among others, and will lead to a new priority next to Generation Z, which have already recognized first by international brands and achieve outstanding sales in these segments with targeted marketing campaigns. Ahead of its time, the Italian luxury brand GUCCI should certainly be mentioned here, which with the last “Accidental Influencer” campaign for the “Gucci Tennis 1977” sneaker via WEIBO's channels received a very strong response from the target group of 61-87 years . A clear trend can be seen here, which other luxury brands are currently following and will follow. For the next few years, these brands will also set up more and more cross-age campaigns, but these will then become an increasingly important pillar in sales and scaling through the channels of the Silver Agers.
Source: https://jingdaily.com/luxury-brands-silver-yuan-china-seniors/
https://news.cgtn.com/news/2020-11-08/China-s-seniors-shake-up-online-retail-Vfuu85Adm8/index.html)
