Hong Kong ‘silver economy' moves to boost spending by ‘5% annually over 3 years'
Elderly Hongkongers are expected to spend 5 per cent more annually over the next three years under wide-ranging 'silver economy' measures to spur consumption, a senior official has said when asked about a lack of targets for the policy.
Deputy Chief Secretary Warner Cheuk Wing-hing, who is leading a new task force dedicated to tapping the silver economy, also said on Saturday that the government would conduct a study to analyse the spending habits and demands of various age groups among the elderly.
Cheuk said that Hong Kong had plenty of room to boost senior residents' consumption and that many countries had already attached great importance to the silver economy.
'We think the product categories in the silver market currently are not diversified enough. The elderly have financial, purchasing and consumption powers,' Cheuk, who chairs the Working Group on Promoting Silver Economy, told a radio programme.
'There is no need to worry about whether there are enough customers if good products are available for them.'
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