Asia Pacific is the fastest ageing region in the world, and is set to be home to 59% of the global population aged 65+ years by 2040. Despite the expanding size and spending power of the 65+ demographic, it remains largely overlooked. To support businesses in capturing this fast-growing audience, Euromonitor introduces the Inclusivity-Empowerment-Indulgence framework, a strategic tool to identify opportunities tailored to the evolving values and needs of senior consumers in the region.
A trillion dollar opportunity in the rise of economically empowered seniors
Asia Pacific is ageing at an unprecedented pace.
By 2029, the region will be home to over 548 million people aged 65+, accounting for more than 65% of global senior population growth between 2024 and 2040
Source: Euromonitor’s Economies and Consumers data
This marks the rise of a financially empowered generation reshaping consumption dynamics. According to Euromonitor’s Economies and Consumers data, the average gross income of 65+ year-old consumers is projected to outpace that of the total population across major Asia Pacific markets during this period, with Hong Kong showing the widest disparity. This income growth signals a fundamental shift that seniors are no longer a passive or dependent group but an increasingly influential economic force, with the means and motivation to participate actively in the consumer market.
This growing financial clout is already translating into market opportunities. With regional retail sales reaching USD7.6 trillion in 2024, an optimistic scenario where products tailored to the 65+ segment account for 13% of total sales would yield nearly USD1 trillion, underscoring the vast, untapped potential of this ageing demographic.
Evolving spending priorities focus on wellness, enrichment and experience
The outdated view of seniors as conservative spenders is fading. Euromonitor International’s Voice of the Consumer: Lifestyles Survey 2024 shows that consumers aged 60+ are increasingly prioritising wellness, enrichment and lifestyle upgrades. Between 2019 and 2024, seniors showed a growing intention to increase spending on cultural events, new experiences and lifelong learning, reflecting a strong desire for social connection, cognitive engagement and emotional enrichment. At the same time, digital adoption is accelerating, especially in advanced Asia Pacific markets, as older consumers embrace technologies that support independence, convenience and connectivity.
Untapping potential through the Inclusivity-Empowerment-Indulgence framework
To move beyond generic age-friendly strategies, Euromonitor’s Inclusivity-Empowerment-Indulgence framework offers a blueprint for creating targeted, meaningful value for the 65+ demographic.
Inclusivity focuses on designing and marketing products that address the full spectrum of seniors’ physical and emotional needs. In Asia Pacific, where a caregiver culture and age-related health conditions are prevalent, there is growing demand for solutions that support both seniors and their caregivers. Brands like Uniqlo (front-open underwear for limited mobility) and Kao (odour-care detergent for managing incontinence) illustrate how practical but empathetic design can enhance seniors’ self-respect and quality of life.
Empowerment centres on enabling seniors to live independently through financial services, health solutions and mobility innovations. Despite being diligent savers, many seniors in Asia Pacific face barriers to broader financial inclusion. Ant Group’s financial literacy initiatives in China aim to close the digital gap. In health, solutions like Ajinomoto’s Stretch+ nutrition range support mobility, while Samsung’s AI-powered appliances and autonomous vehicles are extending independence at home and on the go.
Indulgence reflects growing demand for aspirational consumption. Seniors, who account for 40% of Social Class A in Asia Pacific, are seeking joy, beauty and experiences that enrich their lives. Categories like wellness, travel and beauty are flourishing. A compelling example is Ctrip’s “Old Friends Club”, which offers senior-friendly travel with curated experiences, dietary options and medical support, prioritising both comfort and enjoyment.
Ageing is not a problem to be solved, but a market to be served
While the senior market offers immense potential, it requires a nuanced approach. Brands must avoid ageist stereotypes and acknowledge the diversity within this demographic. As life expectancy and consumer expectations rise, the future lies not in stand-alone products but in integrated ecosystems, spanning age-friendly retail, smart homes, intergenerational finance and preventive healthcare. Companies that lead with empathy, foresight and authenticity will be best positioned to succeed in Asia Pacific’s longevity economy.
Read our report, Unlocking the Trillion-Dollar Opportunity: Tailored Strategies for Asia Pacific’s Ageing Population for more analysis on how businesses can effectively engage the senior consumer segment in Asia Pacific.