HONG KONG/BEIJING — China's rapidly ageing population is fuelling a promising and fast-growing market for companies providing recreational classes and activities for the elderly middle class, from yoga to African drumming and smartphone photography.Women attend a singing class at Mama Sunset, a learning centre for middle-aged and senior people in Beijing, China on Jan 17, 2024.
"Education industries are transitioning to the silver economy," said Qiu Peilin, the Beijing head of Mama Sunset, an elderly learning business which has opened five centres in the Chinese capital since launching in April 2023. Mama Sunset, which offers 20 different classes to thousands of Chinese aged 50-plus, is in talks with domestic investors to expand to 200 franchised centres across the country in the next three years, when it wants to list on the Hong Kong exchange.Elderly people practice dance at Mama Sunset, a learning centre for middle-aged and senior people in Beijing, China, on Jan 15, 2024.
Quantasing's revenues grew 24.7 per cent year-on-year for the final quarter of last year to 980.5 million yuan, while its total registered users shot up 44.6 per cent year-on-year to 112.4 million yuan at the end of 2023.China's government is also getting involved, announcing in January tax incentives and financial support for products and services for the elderly. Premier Li Qiang pledged in March further efforts to develop"the silver economy", without elaborating.
Rachel He, research manager at Euromonitor, said China's elderly population was a promising consumer base but it was questionable whether it would match the significance of the market in Japan and South Korea in the near term.
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