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As mentioned, the trend of Thailand’s aging society is increasing, which poses many challenges to the Thai economy. However, the expansion in the number of elderly people means that the growth of the elderly economy and businesses related to the elderly, or the Silver Economy, is also higher.
According to Krungsri’s research, the trend of business growth in Thailand with the elderly economy or Silver Economy spread across a wide range of businesses. The business groups that are worth watching are as follows:
Of course, the more people age, the more health care is required. Health business is therefore a strong business for the elderly society.
Businesses that facilitate access to healthcare services through websites and applications such as Mor Dee, Chiiwii, and ZeekDoc. The elderly can see doctors for consultation and treatment through these platforms, also known as Telemedicine.
For the elderly who do not have a caregiver but need a caregiver in daily life, platforms that provide caregivers on-demand such as Health at Home, SAIJAI), and Tankoon meet the elderly need, or services that take the elderly to the hospital such as Joy Ride to meet the need of the elderly who are inconvenient to see a doctor alone.
It is likely to be more popular among elderly customers both at home and abroad such as Healthticket, a website that includes health tourism packages in which the customer can book spas, health check-up programs, and hospitals.
Next is the lodging business for the elderly which is growing more. There are 2 types of common accommodations as follows.
It targets middle-income elderly who need recuperation นพ short-term care and professional care for 24 hours a day with monthly expenses ranging from 10,000-30,000 baht such as Lalisa Sansiri Home Care and Asia Nursing Home. Although the number of Nursing Home businesses has grown significantly, the price is relatively high, resulting in the occupancy rate of Nursing Homes being lower than other types of residences.
It is suitable for the elderly who are looking for long-term residence. Residents have to pay rent in advance to acquire Long-term residential ownership, for life, or buy outright. This business focuses on the high-purchasing power and self-help elderly but needs convenience and community. Prices start from 1.5 million baht such as Supalai Wellness Valley. Wellness City, Mee Suk Villa, and NAYA Residence.
Since most of the elderly residences are concentrated in Bangkok, the suburbs, and the major provinces, this is an opportunity to invest in projects to accommodate the elderly in other provinces
Older people are at the age when they have to pay more attention to food, so they often buy healthy foods as well as various supplements. According to The 1 Insight, the best sellers of the high-income elderly are imported fruits, organic vegetables, and natural flavored yogurt. Interesting and growing food products in the elderly society include:
It is important to pay attention to the taste, appearance, and scent of food that will stimulate the desire to eat according to age, as well as the design of packaging that is easy to understand.
According to The 1 Insight, elderly people with high purchasing power prefer to buy lifestyle products that are health-conscious, such as sneakers or pillows that are good for health, as well as anti-aging skin care products that are willing to pay for happiness and health.
Products and services designed to solve problems faced by the elderly in their daily lives will have a good opportunity to grow, such as chairs with one arm which will make it easier to move people in and out of the room,
Or a taxi for the elderly, provided by trained first-aid and patient care, helps the elderly to be more confident about safety when they want to go on business trips alone.
Home businesses such as home decoration, pet raising, vegetables and gardening, and media and entertainment. Business opportunities also arise for outdoor activities such as post-retirement tourism or other community activities to help the elderly live a better life after retirement.
The advancement of technology and innovation has resulted in the development of tools and equipment that facilitate the elderly’s daily lives.
For example, hearing aids that can adjust sound quality through applications, smart walking sticks, electric massage chairs, robots that are like personal assistants of the elderly, and digital devices for measuring health, Smart Watch which helps track health information.
For the elderly in need of specialized treatment and care, such as Virtual Reality (VR) glasses create a virtual world that stimulates memory and reduces the repetitive behavior of patients with dementia, or a Wristband, or QR code that stores information for the elderly with memory problems and the risk of being lost.
Visual-controlled intelligent electric wheelchair for the elderly or patients with paralysis, the application evaluates wounds through photographs by AI technology and provides first-aid guidelines that benefit diabetics.
The financial business has huge opportunities in the Silver Economy, as many Thai seniors still face problems in terms of income adequacy and access to financial services.
Financial institutions can play a role in offering products such as high-interest deposit accounts and flexibility in the withdrawal of professional loans and income generation.
Or healthcare loans, and credit cards that promote or reward health spending. These products will help the elderly access better health services from prevention, screening to care.
References from
krungsri / thecitizen.plus
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