Core Insights - The aging population is rapidly increasing, leading to significant societal changes and challenges in understanding their needs and behaviors [2][4][9] - There is a growing disparity within the elderly demographic, influenced by various historical, social, and economic factors, resulting in a complex consumer market [15][16][22] Demographic Changes - The median age in developed economies has risen from 30 to 43 years over the past 50 years, with projections indicating it will reach 47 years by 2075 [4] - Global life expectancy has increased from 62 to 75 years in the last 50 years, with developed economies seeing an increase from 72 to 82 years [6] - By the end of 2024, China's elderly population (aged 60 and above) is expected to reach 310 million, accounting for 22% of the total population [9] Aging Characteristics - The transition from a "young majority" to an "aging majority" is occurring, with China experiencing this shift at a faster pace compared to other countries [9] - The elderly population in China is characterized by significant internal diversity, influenced by varying life experiences and socio-economic backgrounds [15][16] Consumer Behavior - The elderly population holds substantial wealth, with 60% of their savings indicating a high propensity for precautionary savings [23] - The consumption patterns of the elderly are not uniform; they vary significantly based on resources, capabilities, and life experiences [28][35] - A large portion of elderly consumers remains underserved, with many unable to participate in the mainstream consumer market due to financial constraints and digital barriers [55][58] Market Opportunities - The elderly consumer market is complex and multifaceted, presenting both opportunities and challenges for businesses targeting this demographic [27][60] - Understanding the diverse needs and preferences of the elderly can lead to more effective marketing strategies and product offerings [22][27] Digital Engagement - There is a notable digital divide among the elderly, with approximately 52% of this demographic being active internet users, while the rest remain disconnected [67][69] - The COVID-19 pandemic has accelerated digital adoption among the elderly, with many learning to use smartphones and online services for essential tasks [71][72]