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China
Has Great Potential in Tapping Market for Senior Citizens
Xinhuanet China View
China
August 15, 2005
China has a new and untapped marketplace
waiting to be explored-its 140 million plus elderly population.
The
market for products targeted at the over-sixties crowd is "lagging
behind", according to Li Baoku, president of China's Gerontology
Development Foundation. Meanwhile, aging workers and employees are seeing
significant rises in their incomes and pensions, as 45% of people aged
60-65 are still working.
So far, the only elderly-tailored products in China are in the fields of
medicine and tonics.
However, China's demand for products for the
elderly is estimated to be at 600 billion yuan (around US $74 billion),
which evidently encompasses more than a few prescription pills. The supply
for products targeted at the elderly, however, is scarce-only 100
billion yuan's (US $12.3 billion) worth of products was churned out in
the last year.
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