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CONCLUSION

10. The current market for gerontechnology and elderly
care products in Hong Kong is relatively small
compared to other economies, but is expected to
grow substantially. The future elderly population in
Hong Kong will not only be more highly-educated,
but also wealthier. In 2016, only 25% of people aged
60 and over had attained at least upper secondary
or post-secondary education, compared to 51% for
those aged 50-59 and 67% for persons aged 40-49.
The latter two groups will shift into the 60 or above
age group in the next two decades. Future seniors
will have accumulated more assets, especially as
more women entered the job market and median
income also grew in the past years. As a result,
it is likely that future seniors will seek a higher
quality of living with more independence and
autonomy. All this signals greater elderly spending
and a significant silver market with many business
opportunities.

11. In 2015 for the Asia-Pacific region, the Ageing
Asia Silver Economy Index ranks Hong Kong
in second-place for the spending power of its
ageing population and their supporting children,
which includes household savings and GDP
per capita. Additionally, if Hong Kong’s market is
combined with that of Mainland China, then the
size of the market will be substantially larger. One
must also not forget that the market for elderly
products is comprised of both older persons and
the formal and informal caregivers that look after
them, which increases even more the size of the
gerontechnology market. Thus, the potential in this
market has yet to be fully realised and we must
act now to grasp these significant opportunities.

Executive Summary 11