Older consumers are increasingly being targeted by businesses in Singapore.

• The percentage of Singapore's population aged 65 and above has increased by 11.7% in the past decade, accounting for almost one-fifth of the population, according to the government's 2023 population report.
• As the senior population grows, Singapore businesses have more opportunities to offer products and services to them.
• Despite the increase in players in the aging market, there remains a demand for assisted living and senior housing, according to industry observers.

SINGAPORE — Singapore’s population is aging fast.

The population of citizens aged 65 and above has increased by 11.7% in the past decade, accounting for almost one-fifth of the population, according to the government's 2023 population report.

The proportion of citizens with a college degree is expected to increase at a faster rate than in the past decade, reaching approximately 1 in 4 citizens by 2030, according to the government.

As the senior population grows, Singapore businesses have more opportunities to offer products and services to them.

The silver economy in Singapore is thriving, with numerous companies seeking to capitalize on its growth.

Among 15 Asia-Pacific countries, Singapore has the greatest potential for an aging population, according to the Silver Economy Index 2020 by Aging Asia.

By 2025, the value of the silver economy in the city-state is predicted to reach $72.4 billion, as stated by Aging Asia, a social enterprise that focuses on the aging business.

Shift in seniors’ mindsets

The elderly population's attitude shift towards spending will impact the growing demand in the longevity economy, according to Kelvin Tan, head of applied aging studies at SUSS.

According to the gerontology expert, Singapore's baby boomer generation is more educated, has more savings, and is more knowledgeable about where to find lifestyle resources compared to the previous pioneer generation.

In 2023, Singapore's government introduced the term "pioneer generation" to describe seniors who are 74 years old and above.

Aging Asia founder Janice Chia stated that the baby boomer generation, aged 60 to 75, will continue to be the primary target market for silver businesses in the upcoming decade or two.

The success or failure of businesses in the silver market will depend on their distinct attitudes and behaviors, she stated.

She explained that compared to previous generations, they have given their children more and are more inclined to spend on themselves and new experiences.

In advanced economies like Singapore, consumers aged 65 and above experience the fastest rate of spending growth, according to a report by Singapore's Citibank, as reported by local media.

The growing awareness of the importance of maintaining good health among seniors presents business opportunities for companies that focus on their wellbeing, according to Tan.

As they continue to work and remain engaged in their communities, baby boomers have made health their top priority, the speaker noted.

The growth potential for health care and health services is expected to increase due to Citibank's prediction that consumers will spend more on treating and supporting the elderly.

Greater variety of eldercare products

The growth of the eldercare market is due to more companies expanding their product offerings and focusing on specialty areas, according to Vanessa Keng, co-founder of The Golden Concepts.

Keng stated that the increase in diversity is beneficial because it enhances the likelihood of elderly customers discovering solutions that cater to their specific requirements.

"An increasing number of seniors are buying our products for themselves or their partners," she stated.

Numerous businesses create products that enable seniors to live autonomously. These include devices such as magnifying nail clippers, zipper hooks, and bendable spoons, which assist older individuals in dressing and feeding themselves independently.

Keng stated that Golden Concepts has observed a substantial rise in customers purchasing early-stage mobility aids, including walking canes, walkers, and rollators, rather than late-stage aids like wheelchairs.

"The fact that people are using mobility aids early is a positive sign, indicating that they are able to maintain their independence and extend their mobile years," she stated.

The food industry is also recognizing the growing demand for food and supplements tailored to the elderly diet, resulting in the emergence of startups catering to this market.

A startup known as The Gentle Group has created a line of pureed food in the form of familiar shapes to aid those with swallowing difficulties.

Barley grains were used by Kosmode Health to create a starchless noodle suitable for older adults and individuals with diabetes, which contains protein and fiber.

Tan from SUSS stated that companies are creating more products to assist elderly individuals in maintaining "dignity and respect." These include walking canes that resemble hiking sticks and pants with built-in diapers, he added.

Being perceived as frail is a significant challenge for older individuals, according to him.

Using tech to help older patients

Older adults can benefit from health-care solutions provided by companies that utilize technology such as AI and smart home devices.

According to a report by Research and Markets, the global market for "senior technology" is predicted to triple over the next 7 years, reaching $82 billion by 2030.

Health tech companies in Singapore, such as Jaga-Me and Homage, are partnering with caregivers to assist older patients through mobile applications, targeting the growing number of seniors who require home care. According to the Ministry of Health in Singapore, approximately 100,000 seniors will require assistance with at least one daily living activity by 2030.

Other companies monitor patients’ wellbeing from afar.

Technology-driven Singaporean startups such as SmartPeep and SoundEye employ innovative methods to detect when seniors fall, prompting an alert for assistance when the patient is at risk.

An AI-powered application developed by Tetsuyu, a homegrown brand, enables care providers to monitor elderly patients' wounds and vital signs remotely using any internet device.

Tetsuyu's co-founder and director, Ng Li Lian, stated that there is a significant opportunity to expand their services, particularly in assisting seniors in living independently through the use of technologies such as home monitoring and social robots.

Some older adults embrace technology to connect with care providers, while others may struggle with its use due to lack of familiarity, according to Ng.

Some seniors may feel that their privacy is violated by health monitoring technology, she added.

"Seniors may require care providers to invest time in educating them about the advantages of health monitoring and gradually persuade them to embrace it," she stated.

Opportunities in senior housing

Despite the increase in players in the aging market, there remains a demand for assisted living and senior housing, according to Chia Hui Xiang, researcher at the National University of Singapore's Saw Swee Hock School of Public Health.

The health ministry and urban planning authority in Singapore are collaborating with industry partners and local media to launch a pilot project for private assisted living.

Few assisted living options in Singapore cater to the lower end segment, according to Chia.

In order to motivate the private sector to meet Singapore's expanding long-term care needs, the government must tackle obstacles such as high land prices, a shortage of long-term care workers, and unclear regulations, according to her.

"Additionally, it would greatly enhance the business environment," she stated.