Full Report (Chinese) Background
The Consumer Council ("the Council") conducted the “Consumer Survey on Silver Economy in Hong Kong” in mid-2024. The survey interviewed approximately 1,000 Hong Kong residents aged between 60 and 79, with an aim to identify Hong Kong elderly consumers’ spending patterns and behaviours in the city as well as in the Guangdong–Hong Kong–Macao Greater Bay Area (GBA).
Key Findings
Most elderly consumers in Hong Kong are financially independent that they can make their own consumption decisions. They remain rational and would carefully consider their needs before spending money. In addition, they live an active and vibrant life, often going out instead of just staying at home. Their concrete consumption patterns and attitudes are as follows:
- The average monthly expenditure (excluding the housing cost) was HK$7,785. “Retail and shopping”, “dining” and “leisure and entertainment” were the top three consumption categories.
- The top three considerations when shopping were “prices and offers” (79.8%), “quality of products/services” (67.1%) and “trader reputation” (46.4%).
- 87.4% of the respondents encountered different problems during local consumption, mostly related to “retail and shopping” (86.1%) and “dining” (82.6%).
- Most respondents took day trips to the GBA, on average 6.4 times in the past 18 months. “Dining” and “shopping” were the main purposes. The average expenditure per visit was HK$1,742.
- “Low prices of products/services” (84.9%) was the main reason for respondents to visit the GBA, followed by “high variety of traders or products/services to choose from” (56.3%).
Conclusion
Through the survey, the Council expected to raise public awareness of the market potential of silver economy and the demands of elderly consumers, as well as the challenges faced by the elderly during consumption activities, thus promoting a more age-friendly consumption environment.
