On the occasion of China’s Double Ninth Festival – a traditional event on the ninth day of the ninth lunar month – JD.com’s Consumption and Industry Development Research Institute has released its “2024 Silver-Haired Consumer Report.” The report highlights an increasing convergence between the spending habits of China’s older and younger generations.
The report, based on surveys of 500 older adults and 500 younger individuals, identifies similarities in consumer preferences across areas such as, fitness, travel, skincare, and lifestyle. It reveals that China’s older adults are rapidly becoming a key force in the online consumer market, exhibiting greater spending power and a growing appetite for a wide range of modern products and services.
Blurring the Boundaries
One key finding is the increasing digital proficiency among older adults. According to the report, 60.7% of older adults spend more than three hours a day online, engaging in activities such as online shopping, reading news, mobile payments, and video streaming. These activities have become an integral part of their daily lives, nearly matching the habits of younger generations.
Online shopping by seniors has seen remarkable growth. From January to September 2024, the number of transactions, active shoppers, and spending by this group on JD increased by 238%, 187%, and 105%, respectively, compared to the same period in 2019. Their purchases range from basic necessities to high-tech gadgets and home appliances, with JD.com being the top choice for 95.3% of older shoppers.
Data from the National Bureau of Statistics indicates that China’s population aged 60 and above reached 280 million in 2022, with over half being younger seniors aged 60-69. This demographic is generally well-educated, financially capable, and open to new experiences, leading to consumption habits increasingly similar to those of younger generations. The report notes that younger consumers’ spending trends are also influencing the lifestyles and consumption patterns of the elderly, further blurring the boundaries between the two groups.
Growing Appetite for Modern Shopping
Health and wellness have become major priorities for older adults, reflected in the rising demand for nutrition and fitness products. Sales of probiotics and health tonics increased more than tenfold and threefold, respectively, while fitness equipment like kettlebells and resistance bands more than doubled in sales. Additionally, sports gear for activities like badminton and pickleball saw an 80% increase in demand.
Fashion and beauty spending among seniors has also surged. Jewelry and beauty product sales have climbed, with sales of rings up by 307% and jade necklaces by 132%,. Anti-aging skincare products and personalized fashion items have seen a more than tenfold increase in sales.
Older consumers are not only embracing products designed for their age group but also cutting-edge technology. Sales of electric beds and shower chairs have grown by 152% and 202%, while smart locks and switches, like kitchen appliances, are becoming more common in senior households. Sales of smart bathroom cabinets, for instance, have risen by 277%.
Beyond essential purchases, seniors are driving demand for leisure activities such as photography, travel, and music. Sales of instant cameras jumped by 165%, while live-streaming equipment and digital cameras saw sales double. Pet care is another area where spending has surged, with prescription pet food sales rising by 332% and pet health products growing by over 100%.
(vivian.yang@jd.com)