‘Silver travelers’ will make up 50% of China’s domestic travel by 2040

Travel companies are adjusting their offerings to cater to the growing number of affluent older Chinese consumers , who are expected to significantly drive domestic tourism in the coming years. By avoiding steep hikes, adding healthcare professionals to their staff, and offering senior discounts, these companies hope to capitalize on the potential resurgence of Chinese tourism to pre-pandemic levels. With around 300 million people aged 50 to 60 set to retire in the next decade and silver travel predicted to make up 50% of domestic travel by 2040, there is a strong focus on quality lifestyle and personal development pursuits for this demographic. In recent years, China has been addressing the issues brought about by its rapidly aging population. The country is continuing to raise retirees' basic pensions, raising the minimum basic old-age benefits, and putting a proactive national policy into action. The fact that 300 million people in the 50–60 age range are anticipated to leave employment by 2033 emphasizes the significance of the "silver economy" and the urgency of such reforms. Separately, the nation’s older demographic also represents a growing opportunity for brands. In March 2023, Tmall's official livestreaming account presented a three-hour live shopping stream as usual. But instead of having younger models as hosts, three older women hosted the program. Meanwhile, in 2022, Tencent launched I Want to Grow Old Like This, a mini-documentary series that tells the tales of six senior influencers who pursued second careers later in life. Additionally, Tmall launched a pop-up program that same year to promote trendy items to customers of all ages by pairing senior content creators with Gen Z influencers. As of the 2021 census, there are more than 267 million people in the nation who are over 60. This group is projected to number more than 400 million by 2035, accounting for 30% of China's total population.

‘Silver travelers’ will make up 50% of China’s domestic travel by 2040

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Published August 20, 2024

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‘Silver travelers’ will make up 50% of China’s domestic travel by 2040