New Youth I.D.E.A.S. study offers insights into “How Young People Can Be Part of Hong Kong’s Silver Economy”
Summary:
- Youth I.D.E.A.S., a youth think tank established by the Youth Research Centre of The Hong Kong Federation of Youth Groups, today (8 July) released a new study titled “How Young People Can Be Part of Hong Kong’s Silver Economy.”
- The study was based on an online survey of 541 local youth aged 18 to 34, conducted between 11 April and 7 May, and in-depth interviews with 10 young people and 4 experts.
- The study revealed insights into youth perspectives on the silver economy and identified ways to encourage their participation in the growing market.
Key findings:
- Young respondents reported moderate familiarity with and interest in the silver economy, scoring 5.4 and 5.1 out of 10, respectively.
- Despite this lack of interest, young people are optimistic about the prospects, rating it 6.5 out of 10. Over 80% of them agreed that the silver economy “can better cater to the needs of the elderly” (87.1%) and “has economic potential” (83.1%), while 62.0% believed that it would create more employment options for young people.
- 53.0% said Hong Kong’s silver economy is still at an exploratory stage, and 21.3%, at a nascent stage. They cited “lack of public understanding” (55.5%) and “insufficient knowledge of market demands” (45.5%) as the main challenges.
- Regarding employment preferences, respondents were most interested in gerontechnology (28.8%) and leisure, culture and sports (24.8%). By contrast, 15.2% indicated no interest in working in any areas of the silver economy.
- Among the interviewees, some expressed reservations about the purchasing power of older consumers without supporting data, and therefore remained sceptical about how the silver economy would impact the overall economy and youth employment.
- Experts pointed out the need for the silver economy to evolve towards high-end, professional products and services, leveraging Hong Kong’s brand value. As the field becomes more digitised, young people can capitalise on emerging opportunities.
Recommendations:
- Keith Leung Wai-kei, a member of the Employment and the Economy Group, Youth IDEAS, suggested that the authorities establish a clear definition of the “silver population” and regularly release market data to drive investment, research and development of new products and services in the silver economy.
- Winnie Chiu Yat-nam, also a member of the Employment and the Economy Group, Youth IDEAS, said, “With the Hong Kong brand synonymous with premium products, the silver economy is well positioned to attract senior visitors from overseas.” She recommended setting up a platform to handle consumer complaints and strengthen public education.
- Kingston Liu Chi-leung, another member of the Employment and the Economy Group, Youth IDEAS, suggested cross-sector partnerships in finance, tourism and healthcare to attract more high-spending senior tourists. He also recommended showcasing the broader aspects of the silver economy beyond aged care to engage more sectors and industries.