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

The race to invest in Vietnam – How FDI is changing Vietnam’s economy and society

Vietnam’s economy has been among the fastest growing in Southeast Asia. Today, it is a key destination for Foreign Direct Investment (FDI) in the region. In 2016, FDI climbed to USD24.4 billion, a 9 per cent growth compared to 2015. This is despite Vietnam suffering an epic drought in 2016 and a third of its vast population of 93 million people living in poverty. Vietnam has won a reputation as a cheaper manufacturing hub compared to China. Could FDI propel Vietnam to become Asia’s next Tiger economy? A growing economy With a USD200 billion Gross Domestic Product (GDP), Vietnam’s economy is tracking well since the start of deep economic reforms – known as Doi Moi – in 1986. Since 1990, its GDP per capita growth has been one of the fastest among emerging economies, at an average 6.4 per cent (yearly) growth in the 2000s. Vietnam has improved provision of basic services. In 2014, the part of the population living below poverty line fell to 13.5 per cent – down from approxim...

Spire speaks on Omni-channel strategies for Indonesian retailers

Spire was honored to participate in the Samsung Top Achiever Retailer (STAR) event held on 22 August, in Jakarta. Albertus Edy Rianto, Senior Manager, Spire Indonesia, shared his insights on the significance of Omni – channel strategies for mobile phone retailers. Albertus discussed offline-to-online strategy, where multiple channels merge to help target customers across various channel platforms. He elaborated that more than 80% of Indonesian mobile phone retail sales in 2020 will still occur at physical outlets. However, 71% of Indonesians browse online for a while prior to shopping at a physical store. Factors that influence customers include better delivery conditions, storefront apps for better sales and even packaging. As customers become more tech-savvy and demanding, more consideration will be given to innovative payment processes and browsing more than one channel to make a purchase. As far as online purchases are concerned, 25% of customers still feel ...

Shanghai catches the eye of global healthcare service providers

Shanghai is set to become the next hub for quality healthcare services as new hospitals collaborate with established industry players. Will Chinese medical tourists check in at home for medical treatment? Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared his insights in the Asian version of Japan’s Nikkei newspaper. Home to a population of 23 million – where 53% of the population is middle class and above – the city of Shanghai continues to lure more foreign investors in the healthcare segment for the affluent. Raffles Medical Group, Singapore’s premium private healthcare provider, has set foot in Shanghai with its first overseas hospital, part of a wider trend of premium healthcare service providers setting up shop in the city. Perera highlighted that the growth in healthcare services has been fuelled by the government’s policy shift to allow more foreign ownership of hospitals. The intent behind this is perhaps to retain some of the 60,000 me...

Spire enters merger agreement with Yamada Business Consulting, one of Japan’s largest consulting firms

The Spire Research and Consulting Group is proud to announce its merger with Yamada Business Consulting Co., Ltd. or YBC – one of the five largest management consulting firms in Japan and a publicly listed firm on JASDAQ, the second board of the Tokyo Stock Exchange. YBC is part of the Yamada Consulting group, which has over 1,200 staff across 12 offices in Japan. With this merger, YBC will use Spire as its global brand outside of Japan. On 15 April 2016, YBC acquired an 80 per cent stake in Spire Research and Consulting Pte Ltd, the Singapore parent company for the Spire Research and Consulting group of companies. Leon Perera, the co-founder of Spire, will continue to serve as the CEO of the group, retaining a 20 per cent stake. Equiteq has been the exclusive financial adviser to Spire in the completion of this transaction. The merger makes Spire part of a much larger and publicly listed corporate group, which is expected to create better access to new consultin...

Africa – the rising star in fashion?

Africa’s fashion industry is emerging as a serious global competitor and one that is known for its daring use of bright hues. Sub-Saharan Africa’s apparel and footwear market is now worth an estimated USD 31 billion. Singer Beyonce recently wore the Maki Oh label from Nigeria. African design houses are not limited to fashion but make luxurious accessories and jewelry. The rising fashion industry is good news for African economies. Textile factories are growing in number and capacity. However, the industry has been calling on African governments to invest more in training, finance and credit schemes as well as improved transportation infrastructure. This is necessary to help the industry attract the investment it needs to be competitive. Can Africa become a global fashion powerhouse? https://www.spireresearch.com/newsroom/spirethoughts/africa-the-rising-star-in-fashion/

The Knowledge to Decide

Search This Blog