Officials announced measures in five areas: boosting “silver consumption”, developing the “silver industry”, promoting “quality assurance of silver products”, enhancing “silver financial and security arrangements” and unleashing “silver productivity”.
To get elderly people spending more, there’ll be a “Friends & Flavours” drive involving restaurants introducing suitable meal options, while the retail sector will be urged to offer discounts to older customers.
Secretary for Commerce and Economic Development Algernon Yau said he expects more than 100 restaurants to join “Friends & Flavours” campaign.
Measures will also be introduced to encourage “post-50s” to participate in training and rejoin the labour market, including new placement-tied courses which will be launched in the second quarter of the year.
“In 2024, the elderly spending of people aged 60 and above amounted to HK$342 billion. In 10 years’ time, it is predicted to grow to HK$496 billion, so that is the kind of magnitude of silver spending,” said Deputy Chief Secretary Warner Cheuk, who chairs the Working Group on Promoting Silver Economy.
“If we can achieve a five percent growth a year, and if we just take the first year in illustration, that would amount to HK$17 billion, which is quite substantial.”
Five different government bureaus will be responsible for promoting and collaborating with various industries to launch the new measures.
