“Silver” Industry in Asia
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Despite many years of experience with the ageing of their population, Western governments and businesses are still apprehensive about the impending wave of baby boomers transitioning to retirement.
By comparison, with few exceptions, Asian governments and businesses operating in Asia are invariablymuch less prepared for the ageing populations. Hence the popular reference to the Silver Tsunami is even more relevant in the Asian context. In fact, demographic research shows that Asian countries like Japan, South Korea, Singapore and China are and will face some of the most severe challenges in addressing the needs of their senior populations in the next decades.
We have conducted in-depth research into the key trends, needs and preferences of the ageing population in Asia. Though the current generation of seniors, those who are say 70 and above, have needs and preferences that are different from the mainstream, these differences tend to be incremental and often difficult to provide for economically. However, the waves of baby boomers of Asia are more affluent, well-educated, and seasoned travellers. They have substantially higher expectations of most aspects of their retirements, they can afford to pay for what they want, and the market size is definitley much more attractive.
Whilst the size, growth and spending power of the Asian senior market have attracted the attention of businesses and investors, most find it difficult to assess the market, and develop feasible business plans to capture these opportunities. Often the key reason is that satisfying the needs and preferences of baby-boomer seniors require distinctively different products and services, and customised business strategies. Incremental tinkering or mere extensions of existing products and services are seldom feasible for this emerging market.
Our “Silver” Industry in Asia services include:
- Facilitating exploration and assessment of “Silver” market opportunities for companies that are just beginning to think about this emerging market as a growth opportunity
- Conducting “silver” market analysis of key trends, demand for product and services and buying behaviours, for those wanting to be well-informed about the market, and the strategic options available to them
- Creating business plans for “silver” market, including business concepts, customer offering, sales and market, regulation, financial plans, and execution plan
- Program management for launching “silver” ventures
- Collaborating on senior living / retirement village investment to address a major uncontested market space in Asian countries – the unmet needs for high-quality living by ageing baby-boomers