As China’s population ages rapidly and economic uncertainties hit the middle class, “silver tourism” is gaining ground. More and more retirees, particularly those from wealthy coastal cities, are traveling both domestically and abroad. Many of these retirees have amassed considerable savings thanks to the country’s strong economic growth.
Older Chinese people often retire earlier than their Western counterparts – around 50 for women and 60 for men – and, with fewer family responsibilities, they have more free time.
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Travel companies are beginning to adapt their services to better meet the needs of this growing demographic. “We are seeing a notable rise in affluent, older Chinese consumers who are eager to invest in high-quality life experiences and personal enrichment,” Wee-Hoon Tan, senior vice president of product development and marketing for Viking Cruises China, told Reuters.
Tan described this shift as significant, noting that it represents a departure from the traditionally cautious spending habits of older Chinese individuals, who have historically been frugal. With around 300 million people in their 50s and 60s (roughly equivalent to the U.S. population) set to retire in the next decade, the National Committee on Aging projects that senior travel will make up 50% of domestic travel by 2040.
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In response, Switzerland-based Viking Cruises and the Shanghai University for the Third Age have teamed up to offer cultural and historical courses alongside cruise itineraries around coastal regions of Asia and European rivers. Viking ships are equipped with accessibility features such as barrier-free elevators, handrails, large-print remote controls and toiletries for older travelers, and offer a noodle bar for early breakfasts.
In addition, the Shanghai Railway Bureau has launched 10 long-distance tourist trains this year, specifically designed for travelers aged between 50 and 70. These trains, which travel along scenic routes such as the Huangshan Mountains and the Lishui Rice Terraces, are staffed with medical professionals to care for elderly passengers.
Traveler Tao Wen, who retired last year, said having access to medical services while traveling gave her “peace of mind.” She said companies need to recognize that older travelers’ spending patterns differ from those of younger ones, and put more emphasis on cost-effectiveness.
Hilton hotels in China have responded to this trend by offering discounts of up to 6% for guests aged 65 and over and by organising tea tastings and wellness activities.
Wendy Huang, senior vice president of Hilton Greater China, said the rise in older travelers is “clearly visible.”
According to China’s tourism academy, the number of active senior travelers is expected to exceed 100 million next year, and the domestic silver tourism market is projected to reach 1 trillion yuan (139.9 billion U.S. dollars) annually.
However, challenges such as a weak social safety net, insufficient pensions and inadequate care for the elderly outside of big cities could limit retirees’ ability to spend on travel. The slowing economy could have a bigger impact on this, as Herald van der Linde, head of Asian equity strategy at HSBC, noted, according to Reuters.
Despite these obstacles, van der Linde acknowledges that an ageing population and changing consumption patterns continue to take shape.
Jane Sun, director of Trip.com, China’s largest online travel agency, suggests that older travelers can take advantage of off-peak seasons to maximize hotel discounts. She advises travel partners to offer familiar amenities like green tea and slippers, which, while inexpensive, help older travelers feel more at home.
(With contributions from Reuters)
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