China's major consumption trends in 2023
Silver economy on the rise
The silver economy has emerged as an industry-tailored for the growing elderly demographic in China, and their purchasing power has outpaced that of younger generations, especially in fashion, the CCTV News reported.
For instance, data shows that online sales of summer wear for those aged 56 and above have surged tenfold year-on-year, while accessory sales such as pearl earrings and pendants have soared over 150 percent.
According to the 2023 Silver Economy Report by QuestMobile, as of September 2023, the user base of the senior population has reached 325 million, marking a 7.6 percent year-on-year increase. Their online presence has risen to 26.5 percent, up by 1.3 percentage points from the previous year.
The online consumption ability and willingness of the senior population are also increasing. In September, the percentage of seniors capable of spending over a thousand yuan increased by 1.6 percent from the same period last year, and the willingness for mid-to-high-end consumption increased by 2.4 percent from the previous year.
Further, as seniors' awareness of online payment security rises, their engagement in mobile payments has accelerated. Over 150 million seniors conducted digital transactions through payment settlement apps in September 2023.
