'Silver economy' panel set up

The Commerce & Economic Development Bureau today established the Advisory Panel on Silver Economy and convened its first meeting with the aim of initiating research on the development of Hong Kong’s growing elderly population as a consumer segment.

Chairing the panel, Secretary for Commerce & Economic Development Algernon Yau said the elderly demographic was emerging as an important part of the city’s economy.

He highlighted that many products and services designed to enhance the quality of life enjoyed by elderly residents are spurring growth and business opportunities.

Mr Yau added that promoting such products and services can help to foster the development of the so-called silver economy and unleash business potential in the elderly market, whilst also catering to the aspirations and needs of elderly people. He said this would be the advisory panel’s focus.

At today’s meeting, the panel endorsed its terms of reference, reviewed statistics relating to the silver economy and existing government policies and measures, and formulated research priorities.

The Chief Executive announced the panel’s establishment in last year’s Policy Address.

Members are from relevant bureaus, statutory bodies, the business sector and the social welfare sector.