China’s aging population drives shift in consumer product focus
In Shanghai, recent supermarket trends reveal a growing focus on products for seniors, with more options for adult diapers and milk powders than for babies. This shift reflects China’s aging population, with nearly 297 million people aged 60 and above, or 21.1% of the population. The elderly, who are financially secure and health-conscious, are increasingly targeted by businesses. For instance, Trip.com’s “Old Friends Club” has seen significant success, while dairy companies like Yili are expanding their product lines for older consumers. The rise in senior-focused products and services is driven by the country's demographic shift, with the elderly population expected to reach over 30% by 2035. Companies in various sectors, including healthcare, are capitalizing on this "silver economy," which is projected to grow substantially in the coming years.