Singapore’s Channel News Asia reported on November 1 that the “silver economy” – which refers to the economy related to the elderly – in Singapore is a market worth 72.4 billion USD by 2025, according to the Report. Asia-Pacific Silver Economic Business Opportunity 2020 issued by Aging Asia Business Consulting Company.
This report also points to Singapore as the top potential market for silver economy. The assessment takes into account factors such as the size of the aging population, per capita household savings and life expectancy.
The economic opportunities for older adults range from health services to older homes or villages and neighborhoods.
In potential areas, soft, puree and delicious foods that meet the nutritional and health needs of the elderly are very promising. Healthcare is also a visible opportunity.
Digital services and infrastructure are also areas that businesses want to capture. This includes the development of assistive living solutions, health and fitness technology, and elderly-oriented communications.
An architectural firm suggested that nursing homes need to innovate in a way that cares about the experiences of the elderly – a cozy living environment that makes them feel more comfortable than large buildings like hospitals.
The proposed design is a house with 4 people living together, sharing a living room but still being private and can decorate the interior to their liking.
Outside of Singapore, the Asia-Pacific’s elderly-targeted silver economy is forecast to be worth $4.6 trillion by 2025.
According to newsnpr.org