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Ageing baby boomers, boost to Singapore businesses

May 2013 | Servcorp

A recent report by Ageing Asia ranked Singapore third out of 15 Asia Pacific countries in terms of silver industry potential.

Based on the first ever Silver Economy Index, the findings reveal ageing baby boomers in Singapore fully expect a prosperous, dignified and independent life as they advance into their senior years.

Indeed, considering one in five Singaporeans will be aged 65 or over in 2030 (with the total number of seniors in the country reaching 900,000), it's little wonder that the advancing years of inhabitants present significant business opportunities for those tapped into the needs of the demographic.

With Singapore boasting the third highest GDP per capita in the world – and the Asia Pacific silver economy poised to top three trillion US dollars by 2017 – it's crucial for companies concentrating on the Singapore market to bear in mind the spending power of the silver industry.

Although baby boomers in Singapore are relatively old compared with the rest of the world, they are educated to a higher degree and increasingly affluent – which means they will expect better products and services to allow them to age independently and healthily.

Intrinsically, the market for discretionary items such as automobiles, high-end clothing, restaurants, hotels, and luxury goods is expected to flourish, along with the healthcare and insurance industries – and any business focusing on the Singapore market would be foolish to overlook the burgeoning spending power of the silver industry.

Although fears have been expressed in some quarters over the ageing population's strain on a country's resources (the so-called "silver tsunami"), experts have been quick to point out that there should be no crisis providing countries are well prepared – and that's welcome news for business owners throughout the Asia Pacific region.