Businesses should implement age-friendly policies to take a lead in the silver economy, according to research that shows proactive measures aimed at senior consumers can boost their willingness to spend by as much as 146 percent.

The survey, conducted by the Hong Kong Polytechnic University (PolyU) between December last year and this month, interviewed 3,000 Hong Kong residents aged 50 and above about their spending habits and perceptions of age-friendly services.

The result of the survey, announced at a news conference on Monday, revealed that food and dining make up the largest portion of senior spending at 37 percent of monthly expenses, followed by housing costs at 20 percent.

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Despite their significant purchasing power, only a quarter of older consumers who took part in the survey said they were satisfied with senior-friendly measures provided by local businesses, indicating a clear gap between consumer expectations and what is currently available.

The study identified four critical areas where improvements could significantly influence senior consumers’ spending habits, namely the physical environment, staff and personnel, marketing and information, and products and services.

Among them, friendly service attitudes had the most significant impact, boosting spending willingness by nearly 40 percent. When all four factors were optimized in a simulated retail environment, the combined effect led to a 146 percent surge in spending willingness, according to the survey.

At the news conference, Under Secretary for Labour and Welfare Ho Kai-ming highlighted that Hong Kong now has over two million residents aged 60 and above, and stressed the urgent need to adapt to an aging society. Failing to meet seniors' needs could lead to broader social and economic challenges, warned Ho.

Bai Xue, director of the PolyU Research Center for Gerontology and Family Studies, said that age-friendly policies are not just a moral obligation but a strategic economic opportunity.

"By creating a more inclusive environment, we can unlock the potential of Hong Kong’s silver economy while improving quality of life for older adults," she said.

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To integrate the concept of age-friendliness into everyday life, the center has launched the three-and-a-half year Jockey Club Age-friendly Co-creation Project, which is funded by The Hong Kong Jockey Club Charities Trust.

Spanning from Aug 1 last year to Jan 31, 2028, the project offers free tailored training for retailers, shopping malls and the catering sector to gain a deeper understanding of ageing adults' needs, helping them learn to integrate age-friendly concepts into daily operationsand develop measures that are more convenient for older people.

The project also includes the Jockey Club Age-friendly City Partnership Scheme, which gives recognition to companies and organizations that adopt age-friendly practices or offer products and services catering to the needs of senior people.

Contact the writer at stacyshi@chinadailyhk.com