Silver Shift: How China’s Older Consumers Are Becoming Reliable Spenders

Older households in China often have more savings, and fewer mortgages so they are spending more than the younger generation. (Qilai Shen / Bloomberg)

Key Points

• Chinese households headed by individuals aged 60 and over increased their consumer spending by 129% from 2015 to 2025.
• The population aged 60 and above in mainland China reached nearly 297 million in 2024, representing 21.1% of the total population.
• Older Chinese consumers are increasingly demanding higher-quality food, wellness goods, health services, travel, and smart technology.

When China’s economy stutters, one major consumer class keeps spending: the country’s older households. In mainland China, the population aged 60 and above reached nearly 297 million in 2024—some 21.1% of the total—and those 65 and above numbered roughly 216.8 million, or 15.4%.

That demographic tidal wave is giving rise to what many analysts call the “silver economy”—and it may be one of the few durable growth engines for consumption in China today.

Younger Chinese consumers are holding back. Property anxiety, weak wage growth, job insecurity and the shadow of zero-Covid have challenged consumer confidence.

Against that backdrop, older households are showing comparatively greater resilience. Total consumer spending by Chinese households headed by people aged 60 and over increased 129% from 2015 to 2025—outpacing the 79% rise for the overall population, according to data from research firm Euromonitor International.

“This suggests that mature consumers are not only growing in number but also increasing their spending at a significant pace,” said Jana Rude, Euromonitor’s senior global insight manager for consumers.

From an investor lens, that matters. These older households often have more savings, fewer mortgages and shorter time-horizons. Many still draw defined-benefit or generous public pensions, a rare anchor of income stability in a credit-stressed economy. As Beijing pivots policy toward boosting domestic demand, the older cohort may be a “safe” growth bet.

The older consumer isn’t simply buying the basics. According to sector reports, seniors in China are increasingly demanding higher-quality food, wellness goods, health services, travel, and “smart” technology tailored to their needs. For example, a 78-year-old Beijing retiree said she spent more than 8,000 ($1,100) on a health course and over 1,200 yuan ($169) on branded shoes—despite the broader consumption lull.

“I’ve saved all my working life, my mortgage is paid off, so when I see something that improves how I live, I’ll spend on it,” said 67-year-old retiree Li Mei.

Her friend, 72-year-old Zhang Hua, echoed similar sentiments. “At my age, I don’t buy apartments. I spend on experiences—travel with friends, classes, health checkups. It’s about enjoyment now.”

These stories reflect a shift: rather than being purely thrift-driven, many older Chinese are spending on lifestyle upgrades, health and technology.

On the product and service side, companies are responding: heritage jewelry firms are branding themselves as “silver-tech” players; smartphone makers are adding senior-friendly features; financial services are designing retirement-wealth-management products for the 65+ cohort.

For investors, this shift suggests new sectors beyond fast-moving consumer goods—think premium services, medtech for aging, travel and leisure for senior travelers, and smart-home ecosystems configured for “active‐aging.”

The backdrop is broadly supportive. The Chinese government has flagged aging as a strategic economic opportunity under its “silver economy” agenda, encouraging companies to innovate in elderly-oriented goods and services. With the 65+ share of the population already at 15% and rising, the sheer scale of this cohort is reshaping the economy’s center of gravity.

That means companies and investors thinking ahead are reallocating: older consumers are less sensitive to real estate swings (they’re past homebuying), less exposed to youth unemployment, and more likely to prioritize longevity, health and lifestyle. In short, a segment with a higher propensity to spend than one might expect given China’s broader consumer malaise.

That said, this isn’t a golden ticket. Older households still spend less per capita than younger cohorts on many categories. Moreover, there is substantial income variation between urban vs. rural seniors, and between those in coastal megacities and those in hinterland counties. The trend is uneven.

Sectors targeting seniors also face execution risks: product‐market fit must consider ergonomics, usability and service intensity. The higher margin parts of the “silver economy” may require deeper operational capabilities than standard consumer goods rollouts.

For investors considering how to play the trend, think about tilting toward companies with clear senior-consumer strategies—value services, health-tech, travel, premium food & drink, smart-home systems for aging in place. Lean away from the generalist “all‐Chinese consumer” narrative—many firms still rely on young households who are delaying big purchases.

Treat the 65+ cohort as a structural, multi‐year tailwind, not a short‐term gimmick. A segment that grows both in numbers and in spending is rare. Monitor policy: Beijing’s push into elderly care, insurance, smart health and household services is only going to strengthen. Companies aligning early may capture competitive advantage.

In an economy where consumption growth is largely flattish, the “silver shift” is one of the few bright spots. For market watchers seeking anchor points in China’s transition, the 65-plus consumer may offer that anchor.

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