Latest news with #WarnerCheuk
South China Morning Post
2 days ago
- Business
- South China Morning Post
Hong Kong ‘silver economy' moves to boost spending by ‘5% annually over 3 years'
Elderly Hongkongers are expected to spend 5 per cent more annually over the next three years under wide-ranging 'silver economy' measures to spur consumption, a senior official has said when asked about a lack of targets for the policy. Deputy Chief Secretary Warner Cheuk Wing-hing, who is leading a new task force dedicated to tapping the silver economy, also said on Saturday that the government would conduct a study to analyse the spending habits and demands of various age groups among the elderly. Cheuk said that Hong Kong had plenty of room to boost senior residents' consumption and that many countries had already attached great importance to the silver economy. 'We think the product categories in the silver market currently are not diversified enough. The elderly have financial, purchasing and consumption powers,' Cheuk, who chairs the Working Group on Promoting Silver Economy, told a radio programme. 'There is no need to worry about whether there are enough customers if good products are available for them.'
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong has no time to lose in harnessing the ‘silver economy'
For decades Hong Kong has put religious faith in a free economy that adapts quickly to change. Hence the concept that the market leads, and the government facilitates. Arguably the biggest change over the years is demographic, in the form of an ageing population. Fifty years ago about one in 12 Hongkongers was over 65. Now the ratio is more than one in five, predicted to become one in three by 2043. Advertisement That is one change we have not adapted to. The need to do so is increasingly urgent. The government stepped in when Chief Executive John Lee Ka-chiu announced in his policy address last October the setting up of a working group to promote the 'silver economy'. The group, headed by Deputy Chief Secretary Warner Cheuk Wing-hing, reported back on Tuesday with proposals to tap into what is now the city's multibillion dollar sector. Cheuk outlined key areas including boosting consumption by the over-65s, developing industries tied to the silver economy, enhancing financial arrangements for the demographic and unleashing the productivity of older residents. Analysts say the plan requires concrete measures to increase elderly participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance. These are practical issues, not a wish list. The demographic reality is that, proportionately, there will be ever fewer people to support ever more elderly, both physically and financially. They are also a force for consumption and productivity that Hong Kong must harness. It offers rich rewards if our economy still has the capacity to adapt to change, which is key to its resilience. It is time for the government to show the way as well as smooth the path ahead. Advertisement As the elderly have become healthier, wealthier and better educated, they have created a huge demand for products and services in medical and healthcare, leisure and recreation, and home and personal care. Spending by the over-60s was put at HK$342 billion in 2024, or about 11 per cent of the city's gross domestic product.
HKFP
5 days ago
- Business
- HKFP
Hong Kong gov't unveils measures to tap into elderly's purchasing power, push ‘silver economy'
Hong Kong authorities have announced a slew of measures to leverage the purchasing power of the city's senior citizens, including spending incentives, insurance products, and re-employment schemes. On Tuesday, the Working Group on Promoting Silver Economy, chaired by Deputy Chief Secretary Warner Cheuk, unveiled 30 measures to boost spending among senior citizens, develop elderly-focused products, enhance financial security, and encourage re-employment. Cheuk said at a press conference on Tuesday that people aged 60 and above spent about HK$342 billion last year, accounting for about 11 per cent of the city's Gross Domestic Product (GDP). 'The elderly account for a large proportion of Hong Kong's population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy-related products and services,' he said. Cheuk said the new measures would 'inject vitality into the local economy and promote overall economic development, as well as [spur] the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.' However, the government would not set performance goals for the measures, as they would be outsourced, and their results would be 'rather beyond the control of the administration,' the deputy chief secretary said. He added that it would be 'quite substantial' if the elderly's annual spending could increase by 5 per cent per annum, amounting to a rise of HK$17 billion in the first year. Discounts, insurance, jobs To drive consumption, the retail sector will provide elderly discounts, the catering sector and food manufacturers will offer meals suitable for the elderly, while the Trade Development Council will supply 'silver products' aimed at the needs of senior citizens. The working group also announced measures to promote quality assurance for elderly-focused products through quality standards and accreditation schemes, including elderly-accessible building designs. It also announced financial security arrangements, including cross-boundary elderly care insurance products, strengthened financial planning, and anti-scam education for the elderly. To unleash 'silver productivity,' the government will assist senior citizens to re-enter the workforce through retraining programmes and job fairs. The Labour and Welfare Bureau will also review existing schemes such as the Re-employment Allowance Pilot Scheme and the Employment Programme for the Elderly and Middle-aged 'to further explore measures to encourage the employment of persons aged 60 or above.' The formation of the government working group was listed as one of the policies in Chief Executive John Lee's 2024 Policy Address, in which he cited the 'growing demand for products and services catering to the elderly' due to the rapid expansion of the silver market.
South China Morning Post
5 days ago
- Business
- South China Morning Post
What experts say Hong Kong gets right and wrong in plan to tap ‘silver economy'
Hong Kong's plan to tap the multibillion-dollar 'silver economy' and bolster elderly residents' spending power requires measures that will increase their participation in the workforce and give them more income, such as a flexible retirement age and better medical insurance, analysts have said. Advertisement The government on Tuesday announced 30 measures aimed at reaping the economic rewards of the ageing population. Deputy Chief Secretary for Administration Warner Cheuk Wing-hing outlined five key areas his new working group would tackle: boosting consumption, developing industries tied to the silver economy, promoting quality assurance of 'silver products', enhancing financial arrangements for the demographic and unleashing the productivity of older residents. Elderly women play cards in To Kwa Wan. According to authorities, the spending by people aged 60 and above reached about HK$342 billion in 2024. Photo: Sam Tsang 'As the population ages, the elderly are becoming healthier and wealthier,' Paul Yip Siu-fai, a professor at the department of social work and social administration at the University of Hong Kong, said. 'Providing more preferential offers to them will help drive the silver economy. 'This should be done, but it remains to be seen whether the measures are enough. More needed to be done to spur the overall growth of the market surrounding the needs of the elderly, he added. Advertisement The number of people aged 65 and above in Hong Kong is expected to increase from 1.64 million in 2023 to 2.67 million in 2043, accounting for about 35 per cent of the population, according to official projections.
RTHK
6 days ago
- Business
- RTHK
Govt unveils 30 measures to promote 'silver economy'
Govt unveils 30 measures to promote 'silver economy' Officials say measures will be introduced to encourage "post-50s" to participate in training and rejoin the labour market. Photo: RTHK The government on Tuesday unveiled a total of 30 new measures to promote the "silver economy" and tap into the "favourable financial conditions and purchasing power" of the city's elderly population. 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.
