Is Asia’s silver market still young?

Ageing populations remain a key trend in most East Asian countries. Many age-friendly and accessible products are available on the market. What new frontiers are yet to be explored in Asia’s silver market? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his views in The Business Times – Top Stories on how marketers should tackle Asia’s silver market.

According to the Asia-Pacific Silver Economy Business Opportunities Report 2013, the projected household savings of over-60’s senior citizens is set to reach USD974 billion in Japan, USD37 billion in Singapore and USD148 billion in South Korea by 2017. At the same time, senior citizens in their mid-60’s and younger – otherwise known as baby boomers – are often healthier, wealthier and better educated. They also tend to have diverse tastes and aspirations which marketers can tap into.

Perera opined that it is crucial to develop standards in elderly nutrition, eldercare and living conditions in homes and the wider community, especially in adherence to the Silver Industry Standards Committee (SISC), to help stimulate growth in this sector. As companies address these standards by developing age-appropriate products and services, they will both contribute to the economy as well as address the unmet needs of older people.

An example of an industry that is full of service providers who are ready to cash in on this sector is the travel industry. Perera discussed the gradual rise in spending and higher frequency of travel purchases amongst senior citizens, in comparison to other age groups. According to Chan Brothers Travel, bookings by seniors have increased 10% yearly; illustrating the great potential of Singapore’s fast-ageing population.

At the same time, virtual retirement villages are also mushrooming in Singapore, such as Asia’s first – Aspire 55. These providers offer an activity hub – also known as a well-being innovation lab – which provide social, care and health services. The only constraint is that members continue to live in their own homes instead.

Many marketers are still ambivalent about jumping into the silver market as it is viewed to be of low economic value. But this will change over time as marketers bow to the inevitable.

https://www.spireresearch.com/newsroom/media/is-asias-silver-market-still-young/

Comments

Spire appointed Official Research Partner to the BMW Malaysian Open once more

The BMW Malaysian Open has carved a place in the tennis world’s calendar of key events. This year, it was held from 14 to 20 April 2014 at the Royal Selangor Golf Club in Kuala Lumpur, Malaysia. Spire was honored to be appointed as the Official Research Partner of the BMW Malaysian Open for the third consecutive year. In collaboration with the Women’s Tennis Association (WTA) Tour and the Lawn Tennis Association of Malaysia (LTAM), Spire was excited to be a partner to this global sporting event. It witnessed world-class players in action, including Karolina Pliskova, Hsieh Su Wei and Venus Williams. As the Official Research Partner, the Spire Malaysia team contributed its research expertise in developing fact-based insights from spectators, so as to aid the organizers in improving the event for the coming years. The Spire team was thrilled to be a part of this exciting tournament once again. https://www.spireresearch.com/newsroom/events/spire-appointed-official-research-...

China leads e-commerce growth through smartphones

400 million Chinese consumers make online purchases and China’s e-commerce market is set to reach USD1.57 trillion by 2018, making it the world’s largest. As smartphone penetration continues to surge in Asia, online retail is evolving. Will mobile commerce become the dominant mode for online purchases in Asia? Japnit Singh, Senior Director at Spire Research and Consulting, shared his insights in China Daily – Asia Weekly. China’s e-commerce retail sales in 2015 increased by 42.1% to reach USD672 billion. This is equivalent to over 40% of global e-commerce retail sales. As the online retail experience continues to evolve, more purchases are made using smartphones. Growth factors responsible for this e-commerce boom include the rise in demand for imported products due to rising incomes, new online platforms and initiatives by the government. Cross-border consumer e-commerce added up to about USD40 billion (in 2015) – more than 6% of China’s consumer e-commerce in total. ...

How will policies affect the construction industry?

- Mr. Japnit Singh, Senior Director, Singapore and India, Spire Research and Consulting India, as the world’s seventh largest country by area and second biggest by population, is one of the most dynamically growing, but largely untapped construction equipment markets. From 2013 to 2020, it is estimated to grow six times to a size of USD20 billion to USD25 billion. The Planning Commission, Government of India, jointly with the Indian construction industry has set up Construction Industry Development Council (CIDC) to take up activities for the development of the Indian construction industry. The Council, for the first time in the country, provides the impetus and organizational infrastructure to raise quality levels across the industry. This helps to secure wider appreciation of the interests of construction business by the government, industry and peer groups in society. CIDC is a change agent to accelerate a process of self-reform that should enable the industry...

Korea needs to focus on developing service robots

The Korean robotics industry grew by 60% a year between 2005 and 2011. Korea has a strong position in industrial robots. Now, the government’s focus should now be on developing service robots to sustain growth. Spire Research and Consulting shared its insights, published on the Business Korea news portal. Korea’s industrial robot sector is larger than any country’s, except for Japan, China and the U.S. However, the service robot sector is emerging as a new growth hotbed, thanks to the accelerated use of artificial intelligence. However, Korea does not have any companies that specialize in the development of service robots. It will take time to further develop Korea’s service robotics technology which is where the government and Korean enterprises need to step in and focus so as to claim early global leadership. https://www.spireresearch.com/newsroom/media/korea-needs-to-focus-on-developing-service-robots/

The Trump Presidency: One year on

One year since President Trump took office, what has been the impact for businesses in Asia? Leon Perera, CEO of Spire Research and Consulting, shared his thoughts in The Business Times – Views from the Top section on 27 November 2017 on the impact on global economy. Thus far, Donald Trump’s Presidency has not been bad for the American stock market and the US dollar. However, the expected infrastructure spending and tax cuts, which drove stock market exuberance in 2016, are still far from being realized and could well be at risk. Perera opined that President Trump’s withdrawal from the Trans-Pacific Partnership (TPP) has caused a strain in global trade relations and has raised the risk of trade frictions. President Trump has also overseen a decline in US influence in the Middle East and Asia. However, the basic fundamentals of the US economy remain strong thanks to its world-class universities, innovative companies, confident consumers, a strong start-up sector as well ...

The Knowledge to Decide

Search This Blog