Spire speaks to US firms about Southeast Asia’s Silver market

Spire was honored to participate in a webinar organized by the US Commerce Department as well as Muziyi Advisory, the organizers of the ELDEX event. Leon Perera, Chief Executive Officer of Spire Research and Consulting group, shared his insights on the growing “silver” market opportunities in Southeast Asia.

Leon shared that the number of persons aged 65 and above is projected to double by 2035 across several ASEAN countries, with Indonesia expected to have the largest elderly population of around 30 million, double its current elderly population. The fastest ageing markets in the region are Singapore and Thailand followed by Malaysia, Vietnam, Indonesia and Philippines.

The Asia-Pacific region is the world’s third largest region in terms of “silver” product and service revenue, but the fastest growing one. With an annual growth rate of 15 per cent, Asia is ranked among the top three nursing care markets in the world.

Improving the social security system, enhancing the perception towards the elderly in the job market and providing sustainable and affordable healthcare are some of the goals that ASEAN countries need to work towards to develop investment in the silver industry.

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