Hong Kong’s HK$500b silver economy by 2034 offers ‘blue ocean’ prospects: Paul Chan

Financial Secretary Paul Chan Mo-po projected the Hong Kong silver economy to reach HK$500 billion (US$63.8 billion) by 2034, highlighting an emerging "blue ocean" market for the aging population. Chan emphasized the elderly care sector's potential to flourish through technological integration and cross-border exploration. The city's aging demographic posed both obstacles and opportunities, with individuals aged 60 and above expected to increase their spending by 47% from around HK$340 billion in 2024 to nearly HK$500 billion by 2034.

Chan underscored the significance of AI-driven applications in elderly care, such as medical diagnosis and daily living assistance, as well as the role of robots in alleviating caregiver burdens. The city's advantages, including its world-class research capabilities, funding concentration, and burgeoning start-ups, positioned Hong Kong as a potential leader in gerontechnology.

The Greater Bay Area further expanded opportunities by fostering new demands for care service referrals and cross-boundary support. The Senior Citizen Home Safety Association (SCHSA) and the government's initiatives in promoting senior-friendly technology reinforced the city's commitment to nurturing an environment conducive to technological advancements in elderly care.

Despite challenges related to cost, privacy concerns, and localization processes, the potential for replicating successful models across the region was seen as a promising prospect for enhancing the quality of life for senior citizens in Hong Kong and beyond.