The Senior Market in China is Growthing
Nearly 15 percent of China’s population – more than 200 million people – is now 60 or older, according to the China Research Center on Aging. Old people are among the happiest people in China. Besides old hobbies like swimming, dancing and playing badminton in the park, elderly Chinese people have developed a passion for online shopping.
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It turns out that old Chinese are getting used to use internet in their daily life. They use their smartphones to pay living expenses such as water, electricity, and gas. The number of elderly people who use their mobile phones to pay bills has increased by 108 percent, as shown in the data from Alipay.
By the way, compared with 2017, Suning.com witnessed a 31
Although seniors do not fully understand smartphone technology they are frequently supported by adult children. This leads them to buy smartphones to meet their needs for current technologies.
Elder Chinese people now are more about getting news primarily from the web than from other sources. Its number averaged a score of 22.5, but still lower than the total amount of those who get news from friends (26.5), print publications (26), or radio and TV (25.5).
Government is willing to sponsor projects that help elderly people expand their social circles and increase internet access. Large numbers of tech-savvy older people create a new market for online retailers.
Elder People Doing Online Shopping
Old Chinese people who use the internet have a profoundly different outlook on the world. They invest in education about health and lifestyle issues, and buying goods online has become the new favorite for China’s elder generation, with 92 percent preferring to shop online with their smartphone. Chinese seniors favor intelligent products, cosmetics, clothes, and health products, Beijing Morning Post reported recently.
The number of elderly consumers on online shopping sites Taobao and Tmall has increased 1.6 times over the last three years, according to a data report on consumption of Chinese consumers over 50 years old, recently released by China’s largest e-commerce conglomerate Alibaba.
China’s senior consumers demonstrate a preference for intelligent devices, cosmetics, and sports-related products. Statistics from the report shows that 60% of senior consumers on Taobao and Tmall buy healthcare products regularly like six times a year.
This year, elderly consumers spent 4.4 times as much money on medical cosmetics compared with last year, with a preference for anti-aging and anti-wrinkle products, as shown in data from AliHealth, a health and medical platform under Alibaba.
Seniors in China also prefer purchasing health products online compared with their younger counterparts. Koubei, Alibaba’s platform for local life services, suggests that the per capita expenditure of Beijing’s elderly on services including pedicure, massage, and sauna is 11 percent higher than the city’s average.
What Payment Method They Choose?
The elderly people are now 2.5 times more likely to use offline biometric payment methods like a fingerprint or facial recognition according to statistics published by Alipay, a third-party mobile and online payment platform in China or Wechat Pay.
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