Industry Overview - The Chinese elderly consumer market reached 14.4 trillion yuan in 2023, with significant growth potential as products and services for this demographic remain underdeveloped [2] - The aging population in China is rapidly increasing, with the elderly population expected to reach 650 million by 2028, accounting for 46.3% of the total population [21] - Elderly households have higher assets and lower liabilities, indicating substantial consumption potential [22][23] Consumer Behavior and Preferences - Quality is the most important factor for elderly consumers when purchasing daily necessities, with 91.9% prioritizing product quality [39] - For healthcare services, 81.9% of elderly consumers prioritize service quality, while 45-64-year-olds are more concerned about personalization and coverage [45] - In the health supplement market, 65.8% of elderly consumers prioritize product quality, while only 27.3% consider price as a key factor [52] Key Market Segments Health Supplements - The health supplement market faces challenges with consumer trust, as 47% of elderly consumers are concerned about product quality and safety [72] - Traditional Chinese medicine-based supplements hold a significant market share, with 45% of elderly consumers purchasing them [74] Elderly Milk Powder - Elderly milk powder is a growing segment, with sales increasing by 13% on Taobao in 2023 [63] - Market penetration remains low, with only 30.2% of elderly consumers having purchased milk powder, indicating significant room for growth [68] Tourism - Elderly tourism is a strong market, with over 60% of elderly consumers traveling three or more times annually [81] - The lack of suitable products and high costs are the main barriers to elderly tourism, with 32% of consumers citing these issues [86] Alcohol (Baijiu) - Baijiu is a strong social product, with elderly consumers accounting for over 30% of the market [79] - The industry is shifting towards online sales and healthier products, with 61% of consumers showing a preference for online purchases [79] Cosmetics and Skincare - The elderly skincare market is growing, with a 1,550% increase in the elderly skincare index on Douyin from January 2023 to January 2024 [63] - Elderly consumers have complex skincare needs, with a focus on anti-aging, hydration, and sun protection [77] Market Trends and Opportunities - The elderly population is increasingly embracing digital platforms, with 32.5% of Chinese internet users aged 50 and above in 2023 [9] - Content e-commerce platforms are gaining traction among elderly consumers, accounting for 25.3% of product acquisition channels [9] - Live streaming and elderly KOLs are becoming influential, with 48% of 45-54-year-olds acknowledging the impact of hosts on their purchasing decisions [9]
2023年中国中老年市场白皮书:中老年服务及产品“人-货-场”三维解析-银发经济,耀眼的黄金赛道
灼识投资咨询(上海)·2024-10-23 08:03