Hong Kong’s Secretary for Commerce and Economic Development Algernon Yau Ying-wah (second left) chairs the Advisory Panel on Silver Economy’s first meeting in the city on Feb 20, 2024. (PHOTO / HKSAR GOVT)

The Commerce and Economic Development Bureau of Hong Kong on Tuesday established a panel with the aim of initiating research on the development of the city’s growing elderly population as a consumer segment.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah chairs the Advisory Panel on Silver Economy, with members from the relevant bureaus, statutory bodies, the business sector and the social welfare sector, the government said in a statement.

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The panel convened its first meeting the same day, with Yau presiding it over.

Many products and services catered for the elderly enhance their quality of life and spur industry growth and business opportunities.

Algernon Yau, Secretary for Commerce and Economic Development, HKSAR

“The growing elderly population in Hong Kong is emerging as an important consumer group,”said the secretary.

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

“Through promoting economic activities related to products and services for the elderly, we can foster the development of the 'silver economy', unleash the business potential of the elderly market, and better meet the aspirations and needs of the elderly,” said Yau.

The panel will focus on how to facilitate the market development for products and services catering for the elderly population, “which would add impetus to the development of the relevant sectors”, he added.

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At Tuesday’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.

This Feb 20, 2024 photo shows participants of the first meeting of the newly-established Advisory Panel on Silver Economy in Hong Kong. (PHOTO / HKSAR GOVT)

In his Policy Address last year, Chief Executive John Lee Ka-chiu announced the establishment of a panel comprising experts from different fields to research the business potential of the "silver economy" and offer recommendations for development in one year's time.