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Due to the state of society and economy in present time, Thailand has experienced a declining proportion of the working-age population meanwhile the proportion of elderly people increases every year. The latest information from the National Statistical Office or NSO, is as follows:
The proportion of Children (0-14 years old) is 15.80%.
The proportion of working-age people (15-59 years old) is 64.14%
The proportion of the elderly (60 years old or more) is 18.24%
What’s the significance of this information? Many people bring this gap to do business associated with the “Ageing Society” as follows:
According to the survey, the thing that the elderly worry about the most is their post-retirement financial status. The reason may be that they did not pay attention to saving money at an early age, so this is the opportunity for a business Advisor for Financial Planning after retirement to grow. The average age of Thai people tends to increase continuously which could cause financial risk after retirement to increase as well. As a result, many people have specialists in finance to decrease the risk.
Food products that are popular among the elderly are the group of healthy foods such as Clean Food, Organic-ingredient-made food, Vitamin and Supplement. Healthcare is important for the elderly since their health is not as healthy as before. Therefore, a healthy diet is a great choice to take care of themselves.
Although there are a lot of fitness trainers, a specialized trainer for the elderly is insufficient compared to the demand. The elderly need places, equipment and a training course which is suitable for themselves to take care of their health. If anyone can meet the needs of the elderly, they will definitely have a lot of customers.
The concept is a residential house or apartment with facilities and medical services for the elderly. This is a proper choice for an elderly person with a common disease or sickness and needs to see the doctors often. As a result, this business is very responsive to the needs of the elderly as it is like living at home in a familiar environment, and does not have to adjust much compared to hospitals. At present, the service is now available for both short-term and long-term rentals.
The viral tourism trend at the moment will meet the needs of the elderly because they can take a vacation while being healthy at the same time. The elderly will visit various places while allocating part of their time to do medical-related health promotion activities. For example, herbal massage/baking/compressed, health care, and hydrotherapy.
Delivery is a new business trend that seems irrelevant to the elderly. However, The convenience of ordering products through these services can be very convenient for the elderly. It may be not convenient for the elderly to go shopping by themselves due to the increase of age. Thus, if the service providers are increasingly targeting the elderly, business growth opportunities are still extremely open.
Nowadays, Thai people tend to live in a single family and have no kids. Therefore, some of the elderly feel lonely in their post-retirement because they have to live alone. Having pets is a way for elderly to relax and decrease loneliness. Therefore, there are many pet businesses. Especially if they are specially trained to care for the elderly, they can meet the needs of the market.
At present, entrepreneurs have turned to building home appliances or furniture to accommodate the physical needs of the elderly which is convenient for everyday life. Therefore, it is an interesting marketing response, including a bed that can be easily leveled, a pillow or chair for the elderly or the design of a room to support the use of the elderly. If any company can reinvent their rooms and homes, it will also expand their business.
The health insurance and life insurance businesses still have a lot of opportunities to grow. At present, Thai people are increasingly looking for the benefits of insurance, and the increasing number of elderly people are another factor for insurance companies to increase their policy sales because it can protect the health risks of the elderly. Also, Thai people have a relatively low rate of ownership of life insurance policies compared to the population. Therefore, the insurance business will likely grow from the remaining customer base.
Even though you’re getting older, you do not want to look as old as your age because everyone always wants to look young, so this is the opportunity of the beauty business for the elderly.many Nowadays, entrepreneurs are focusing on the elderly market, especially by combining herbs with medical technology to create new health products to help slow aging.
