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 ultimate precious cargo – Human organs

The transportation of human organs – especially a donor’s heart – is usually done by packing it in ice inside a cooler box and getting it to the hospital as quickly as possible. Transporters have to race against time. The heart is only viable and capable of being transplanted between 4 and 6 hours after death. But a lot can go wrong during such journeys – traffic jams, bad weather or mechanical difficulties can cause delays. In addition, a heart can be damaged if it is warmed up at the end of surgery; meaning it cannot be “tested” until the transplant operation is complete. The introduction of a new heart-preservation system is set to change all that. Manufactured by Transmedics Inc. in Massachusetts, it is specifically designed to pump oxygenated donor blood and keep the heart in “a warm, beating and functioning physiological state outside of the body”. Moreover, the heart can be monitored to keep beating for up to 12 hours. Should trials of this new system be successf...

Germany: The Eurozone’s economic powerhouse

Germany is the fourth largest global economy today. Its exports amounted to EUR107 billion in March 2015 – an all-time high since the 1950’s. Despite being the only European nation with a strong manufacturing base and rising employment rate, will Germany succeed to drive Eurozone’s stagnant economy? And what lessons does Germany’s economic success hold for the rest of the world? Germany’s resurgence With the second lowest unemployment rate in the European Union (EU) at 5.3 per cent, Germany’s economy has survived many setbacks. The economic success dates back to the Industrial Revolution due to the early adoption of coal production and rail transportation. Moreover, the fall of the Berlin Wall – the reunification of West and East Germany – and the expansion of the EU created huge market opportunities for Germany. Often regarded as the ‘Sick man of Europe’, Germany had almost lost hope of returning to rapid economic growth, undergoing recessions in 2003 and a dismal 1.2 p...

Spire shares business advice to start-ups on Indonesian market entry

On 17 July, Spire participated as a market advisor at the National University of Singapore (NUS) Market Validation Program in Jakarta, Indonesia. Jeffrey Bahar, Deputy Chief Executive Officer, Spire Research and Consulting Group held sessions with Singaporean companies planning to expand their business into Indonesia. Jeffrey pointed out the utility of high-tech approaches for start-ups entering Indonesia, such as online advertising, usage of the Internet of things (IoT), data analytics and even Artificial Intelligence (AI). These approaches enable starts-ups to bypass mature importer-principal relationships that may be hard to overcome through conventional means. He also shared with individual companies his thoughts on developing customized strategies for Indonesian market entry. Get more information : https://www.spireresearch.com/newsroom/events/spire-shares-business-advice-to-start-ups-on-indonesian-market-entry/

Spire talks about key trends in Asia’s Franchise Industry

Spire was honored to participate at the 26th International Franchise and Exhibition , Malaysia, 2019. The event was held on 6th April in Kuala Lumpur. Jeffrey Bahar, Deputy Chief Executive Officer of the Spire Research and Consulting group, shared insights on key trends in franchise industries in the Asia. Bahar discussed key trends in three sectors suitable for franchising, namely pre-school education, facilities management and laundry services. Global cleaning services are expected to reach USD74 billion at 6 per cent CAGR (compound annual growth rate), accounting for 5 per cent of the global facilities management market by 2022. With urbanization, construction and smart cities as some of the growth drivers and by using robotics, IoT(Internet of things) and analytics, cleaning services would see improved performance. In 2015, USD260 billion was spent on private education in the Asia- Pacific, with Singapore being the highest spender in the region at USD700 million. A...

Deploying Industry 4.0 technology to mitigate climate change

A report highlights that by 2050, Arctic temperatures are expected to rise by 3 to 5°C, leading to a rise in sea levels and threatening the homes of four million people. Solutions using Artificial Intelligence could incorporate data from smart meters and Internet of things (IOT) sensors to predict a city’s energy demand so as to help optimize energy production. Carbon emissions could be significantly reduced through the use of 3D printing and raw material water reduction. How can advanced technology like AI, IoT and 3D printing help tackle climate change? Read more : https://www.spireresearch.com/newsroom/spirethoughts/deploying-industry-4-0-technology-to-mitigate-climate-change/

The Knowledge to Decide

Search This Blog