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Lifestyles of the Over 55s - China - December 2013

“It can not be stressed enough how important the over-55s will become to China’s economy in the future. There is an urgent need for companies marketing products and services to start taking notice of the over-55s as a consumer market, not just in themselves, but also the younger generations of consumers who care for them.”

– Matthew Crabbe, Director of Research, Asia-Pacific

In this report, we answer the key questions:

  • How significant a consumer segment are the over-55s to China’s domestic consumer economy, and how will that change?
  • What are the major financial considerations that Chinese consumers have regarding getting older, and how are they preparing for changes in their lifestyles as they age?
  • How important is financial security preparedness for older age, and what effect does this have on current consuming patterns?
  • Keeping healthy and active is important to China’s over-55s, but how much are they spending on staying healthy, and what are their spending priorities beyond health and financial security?
  • What are over-55 people spending more or less on?
  • What can companies do to successfully market to older Chinese people?

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Table of contents

  1. Introduction

      • Definition
        • Report structure
          • Methodology
            • Abbreviations
            • Executive Summary

                • The Consumer: China’s over-55s’ varied lifestyles and outlooks
                  • Figure 1: China – Over-55s consumer segments, September 2013
                • Key issue: Planning for retirement
                    • Figure 2: Activities planned for the next 12 months, September 2013
                  • Key issue: Financial security and spending priorities of the over-55s
                      • Figure 3: Statements about current financial situation, September 2013
                    • Key issue: Leisure priorities of the over-55s
                        • Figure 4: Holiday planning for the next 12 months, September 2013
                      • Key issue: Marketing to the over-55s
                          • Figure 5: Attitudes towards shopping and buying products – trying new things, September 2013
                        • What we think
                        • The Consumer – China’s over-55s’ varied Lifestyles and Outlooks

                          • Key points
                            • Who are China’s over-55s?
                              • Adults turning 80 in 2015
                                • Adults turning 70 in 2015
                                  • Adults turning 60 in 2015
                                    • The tradition of filial piety
                                      • China’s over-55s are a varied group of consumers
                                        • Figure 6: China – Over-55s consumer segments, September 2013
                                        • Figure 7: China – Over-55s consumer segments, by gender, age group and monthly household income, September 2013
                                        • Figure 8: China – Over-55s consumer segments, by city, September 2013
                                      • The elderly population is growing
                                        • Figure 9: Decline in birth rate and increase in gender imbalance over 20 years, 1992-2001
                                        • Figure 10: The population of the over-60s in China, 2000, 2005, 2010 and 2015
                                    • Key Issue – Planning for Retirement

                                      • Key points
                                        • Reasons for retirement
                                          • Figure 11: People who are planning to retire, September 2013
                                          • Figure 12: Reasons for taking retirement, September 2013
                                          • Figure 13: Reasons for planning to retire, September 2013
                                        • Plans for an active retirement
                                          • Figure 14: Activities planned for the next 12 months, September 2013
                                        • Plans for an active retirement by demographic groups
                                          • Figure 15: Activities planned for the next 12 months, by age group, September 2013
                                          • Figure 16: Activities planned for the next 12 months, by monthly household income, September 2013
                                        • What does it mean?
                                        • Key Issue – Financial Security and Spending Priorities of the Over-55s

                                          • Key points
                                            • Most 55+-year-olds have discretionary money to spend
                                              • Figure 17: Statements about current financial situation, September 2013
                                              • Figure 18: Statements about current financial situation, by age group, September 2013
                                              • Figure 19: Statements about current financial situation, by monthly household income, September 2013
                                              • Figure 20: Statements about current financial situation, by areas of spending where people are spending more, September 2013
                                              • Figure 21: Statements about current financial situation, by areas of spending where people are spending about the same, September 2013
                                              • Figure 22: Statements about current financial situation, by areas of spending where people are spending less, September 2013
                                              • Figure 23: Statements about current financial situation, by areas of discretionary spending, September 2013
                                            • What 55+-year-olds are spending more or about the same on
                                              • Figure 24: Areas where people have spent more or about the same over the past 12 months, September 2013
                                              • Figure 25: Areas where people have spent more over the past 12 months, by gender, September 2013
                                              • Figure 26: Areas where people have spent about the same over the past 12 months, by gender, September 2013
                                              • Figure 27: Areas where people have spent more over the past 12 months, by monthly household income, September 2013
                                              • Figure 28: Areas where people have spent about the same over the past 12 months, by monthly household income, September 2013
                                            • What 55+-year-olds are spending less on
                                              • Figure 29: Areas where people have spent less or not at all over the past 12 months, September 2013
                                              • Figure 30: Areas where people have spent less over the past 12 months, by monthly household income, September 2013
                                            • Discretionary spending by 55+-year-olds
                                              • Figure 31: Concerns for the future, October 2012
                                              • Figure 32: Discretionary spending on non-essential products and activities, September 2013
                                            • Discretionary spending by demographic groups
                                              • Figure 33: Discretionary spending on non-essential products and activities, by gender, September 2013
                                              • Figure 34: Discretionary spending on non-essential products and activities, by age group, September 2013
                                              • Figure 35: Discretionary spending on non-essential products and activities, by monthly household income, September 2013
                                            • Discretionary spending by category
                                              • Figure 36: Discretionary spending on non-essential products and activities, by areas where people are spending more (A), September 2013
                                              • Figure 37: Discretionary spending on non-essential products and activities, by areas where people are spending more (B), September 2013
                                            • What does it mean?
                                            • Key Issue – Leisure Priorities of the Over-55s

                                              • Key points
                                                • The leisure time of the over-55s
                                                    • Figure 38: Frequency of spending leisure time, by type of leisure activity, October 2012
                                                    • Figure 39: Frequency of spending leisure time by type of leisure activity in the home, by age group, October 2012
                                                  • The strong growth of domestic travel creating new potential
                                                    • Figure 40: China – Volume of passenger traffic, by location of origin and purpose, 2007-12
                                                  • Lower tier cities seeing bigger growth in airport passenger volume
                                                    • Figure 41: China – top 21 airports, by share of total airport passenger volume and volume growth, 2012
                                                  • Domestic leisure travel tops consumers’ reasons for flying
                                                    • Figure 42: Reason for flying, June 2013
                                                  • The over-55s are getting the travel bug
                                                    • Figure 43: Holiday planning for the next 12 months, September 2013
                                                  • The elderly Chinese seeking fun in the sun
                                                    • What China’s over-55s plan to do with their leisure time
                                                      • Figure 44: Activities planned for the next 12 months, September 2013
                                                    • Travel habits of 55+-year-olds by demographic group
                                                      • Figure 45: Holiday planning for the next 12 months, by demographics, September 2013
                                                    • Changes in leisure and holiday spending habits
                                                      • Figure 46: Changes in leisure and holiday spending habits over the past 12 months, September 2013
                                                      • Figure 47: Changes in leisure and holiday spending habits over the past 12 months, by gender and age group, September 2013
                                                      • Figure 48: Changes in leisure and holiday spending habits over the past 12 months, by monthly household income, September 2013
                                                    • Discretionary leisure and holiday spending habits
                                                      • Figure 49: Discretionary spending on leisure activities, September 2013
                                                    • Trends in discretionary leisure and holiday spending habits
                                                      • Figure 50: Discretionary spending on leisure activities, by areas where people are spending more, September 2013
                                                      • Figure 51: Discretionary spending on leisure activities, by areas where people are spending about the same, September 2013
                                                      • Figure 52: Discretionary spending on leisure activities, by areas where people are spending less, September 2013
                                                    • What does it mean?
                                                    • Key Issue – Marketing to the Over-55s

                                                      • Key points
                                                        • Openness to new things among the over-55s
                                                          • Figure 53: Attitudes towards shopping and buying products – trying new things, September 2013
                                                          • Figure 54: Attitudes towards shopping and buying products – trying new things, by consumer segments, September 2013
                                                        • Price sensitivity among the over-55s
                                                          • Figure 55: Attitudes towards shopping and buying products – price sensitivity, September 2013
                                                          • Figure 56: Attitudes towards shopping and buying products – price sensitivity, by consumer segments, September 2013
                                                        • Needs fulfilment among the over-55s
                                                          • Figure 57: Attitudes towards shopping and buying products – needs fulfilment, September 2013
                                                          • Figure 58: Attitudes towards shopping and buying products – needs fulfilment, by consumer segments, September 2013
                                                        • What products are aimed at elderly Chinese?
                                                          • Shifting attitudes in advertising to China’s elderly
                                                            • Online shopping among the over-55s
                                                              • Figure 59: Attitudes towards shopping and buying products – online purchasing, September 2013
                                                              • Figure 60: Attitudes towards shopping and buying products – online purchasing, by consumer segments, September 2013
                                                            • Elderly Chinese online
                                                              • Getting on with retirement
                                                                • What does it mean?
                                                                • Appendix – Reasons for Taking Retirement

                                                                    • Figure 61: Reasons for taking retirement, September 2013
                                                                    • Figure 62: Reasons for taking retirement, by most popular activities planned for the next 12 months, September 2013
                                                                    • Figure 63: Reasons for taking retirement, by next most popular activities planned for the next 12 months, September 2013
                                                                    • Figure 64: Reasons for taking retirement, by other activities planned for the next 12 months, September 2013
                                                                • Appendix – Planning for Retirement

                                                                    • Figure 65: People who are planning to retire, September 2013
                                                                    • Figure 66: Reasons for planning to retire, September 2013
                                                                • Appendix – Planning Retirement Activities

                                                                    • Figure 67: Activities planned for the next 12 months, September 2013
                                                                    • Figure 68: Most popular activities planned for the next 12 months, by demographics, September 2013
                                                                    • Figure 69: Next most popular activities planned for the next 12 months, by demographics, September 2013
                                                                    • Figure 70: Other activities planned for the next 12 months, by demographics, September 2013
                                                                • Appendix – Holiday Plans in the Next 12 Months

                                                                    • Figure 71: Holiday panning for the next 12 months, September 2013
                                                                    • Figure 72: Most popular holiday panning for the next 12 months, by demographics, September 2013
                                                                    • Figure 73: Next most popular holiday panning for the next 12 months, by demographics, September 2013
                                                                • Appendix – Level of Financial Security

                                                                    • Figure 74: Statements about current financial situation, September 2013
                                                                    • Figure 75: Most popular statements about current financial situation, by demographics, September 2013
                                                                    • Figure 76: Next most popular statements about current financial situation, by demographics, September 2013
                                                                • Appendix – Changes in Spending Habits over the Past 12 Months

                                                                    • Figure 77: Changes in spending habits over the past 12 months, September 2013
                                                                    • Figure 78: Changes in spending habits over the past 12 months – Food and non-alcoholic beverages for the home, by demographics, September 2013
                                                                    • Figure 79: Changes in spending habits over the past 12 months – Food and non-alcoholic beverages outside of the home, by demographics, September 2013
                                                                    • Figure 80: Changes in spending habits over the past 12 months – Alcoholic drinks and tobacco, by demographics, September 2013
                                                                    • Figure 81: Changes in spending habits over the past 12 months – Personal care, by demographics, September 2013
                                                                    • Figure 82: Changes in spending habits over the past 12 months – Medical/health care, by demographics, September 2013
                                                                    • Figure 83: Changes in spending habits over the past 12 months – Fashion, by demographics, September 2013
                                                                    • Figure 84: Changes in spending habits over the past 12 months – Electronic equipment, by demographics, September 2013
                                                                    • Figure 85: Changes in spending habits over the past 12 months – Mobile phone, by demographics, September 2013
                                                                    • Figure 86: Changes in spending habits over the past 12 months – Entertainment/leisure, by demographics, September 2013
                                                                    • Figure 87: Changes in spending habits over the past 12 months – Household care products, by demographics, September 2013
                                                                    • Figure 88: Changes in spending habits over the past 12 months – Transport, by demographics, September 2013
                                                                    • Figure 89: Changes in spending habits over the past 12 months – Housing, by demographics, September 2013
                                                                    • Figure 90: Changes in spending habits over the past 12 months – Holidays, by demographics, September 2013
                                                                    • Figure 91: Changes in spending habits over the past 12 months – Baby care products, by demographics, September 2013
                                                                • Appendix – Discretionary Spending Habits

                                                                    • Figure 92: Discretionary spending on non-essential products and activities, September 2013
                                                                    • Figure 93: Most popular discretionary spending on non-essential products and activities, by demographics, September 2013
                                                                    • Figure 94: Next most popular discretionary spending on non-essential products and activities, by demographics, September 2013
                                                                    • Figure 95: Other discretionary spending on non-essential products and activities, by demographics, September 2013
                                                                • Appendix – Attitudes Towards Shopping and Buying Products

                                                                    • Figure 96: Attitudes towards shopping and buying products, September 2013
                                                                    • Figure 97: Agreement with the statement ‘It’s best to stick to shops you’ve been to rather than going to the new ones’, by demographics, September 2013
                                                                    • Figure 98: Agreement with the statement ‘It is better to stick to the products you use rather than trying new ones’, by demographics, September 2013
                                                                    • Figure 99: Agreement with the statement ‘It’s good to experience something new rather than sticking to same things’, by demographics, September 2013
                                                                    • Figure 100: Agreement with the statement ‘It is worth paying a bit more for products that are of higher quality’, by demographics, September 2013
                                                                    • Figure 101: Agreement with the statement ‘It is worth waiting until products go on sale to buy’, by demographics, September 2013
                                                                    • Figure 102: Agreement with the statement ‘Advertising tends to be aimed at younger people’, by demographics, September 2013
                                                                    • Figure 103: Agreement with the statement ‘There is a lack of products designed for people of my age’, by demographics, September 2013
                                                                    • Figure 104: Agreement with the statement ‘It is easier to shop online than in-store’, by demographics, September 2013
                                                                    • Figure 105: Agreement with the statement ‘Online shopping is just a trend’, by demographics, September 2013
                                                                    • Figure 106: Agreement with the statement ‘The process of online shopping is too complicated’, by demographics, September 2013
                                                                    • Figure 107: Agreement with the statement ‘Online security is the biggest concern that puts me off online shopping’, by demographics, September 2013
                                                                • Appendix – Further Analysis

                                                                    • Figure 108: Target groups, September 2013
                                                                    • Figure 109: Target groups, by demographics, September 2013

                                                                Companies Covered

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                                                                Lifestyles of the Over 55s - China - December 2013

                                                                £3,195.84 (Excl.Tax)