Home appliance makers tap into silver economy

As China's silver economy is gaining growth momentum, top Chinese home appliance makers are ramping up efforts to launch products suitable for seniors — a demographic that has shown an increasing demand for diversified, easy-to-use and health-oriented household appliances.

Experts said that with functions such as intelligent voice interaction and health monitoring powered by artificial intelligence technology being increasingly integrated into home appliances, it will be more convenient for seniors to use these intelligent and innovative products, creating new consumption growth drivers.

Chinese home appliance giant Haier Group has developed AI-driven rehabilitation robots, which can provide personalized rehab plans based on the physical conditions of the elderly. The company has rolled out toilets designed for seniors who have mobility issues, as well as showers and bathrooms with constant temperature control systems and voice recognition functionality.

Hisense Group has launched televisions equipped with medical-level vision protection technology that is in accordance with the viewing habits and preferences of the elderly. Seniors can play games, engage in physical exercise, make purchases online and have video chats with their friends and family members via the intelligent TVs.

The company is also collaborating with top-tier hospitals across the nation to develop healthcare management platforms.

Sichuan Changhong Electronic Holding Group has developed a smart eldercare system, enabling interconnections of home appliances, medical devices and security systems, and its AI-powered TV sets can understand the needs of seniors and remind them of taking medications on time.

Eyeing the immense business opportunities from China's silver economy and a rapidly aging population, major home appliance makers are stepping up research and development and technological innovation of senior-friendly products to satisfy the diversified demands of the expanding demographic, said Jiang Feng, president of the China Household Electrical Appliances Association.

Jiang said traditional home appliance products are highly homogenized, while the niche market targeting seniors is still in its initial stages, which will create new sources of revenue for home appliance companies.

Beijing-based market consultancy All View Cloud said the scale of China's senior-friendly home appliance market will exceed 100 billion yuan ($14 billion) in 2025 and is expected to reach 1 trillion yuan in 2030.

According to the Ministry of Civil Affairs, the nation's elderly population is projected to grow by more than 10 million annually over the next decade. By 2035, the silver economy is expected to account for 9 percent of China's GDP.

China has released a guideline aimed at building up a solid services system for the elderly by 2029, as part of a broader push to better cope with the aging population and improve the quality of life for seniors.

According to the guideline, the central authorities encourage companies to develop and promote products for the elderly — either high-tech electrical appliances or tourism products — and enrich services for them, aiming for a prosperous silver economy.

China's silver economy is expected to grow from 7 trillion yuan in 2024 to 30 trillion yuan in 2035, said the China Research Center on Aging.

Liang Zhenpeng, an independent consumer electronics analyst, said that as smart air conditioners can automatically adjust room temperatures and AI TVs can broadcast personal health information, household appliances are becoming "emotional companions" for the elderly.

With the help of AI, senior-friendly home appliances are creating a safer, more comfortable and smarter home environment for silver-haired residents, Liang said, adding that these products should cater to the fundamental needs of the elderly, while home appliance makers need to further expand application scenarios, striking a balance between technological iteration and user education.

In order to meet the older generation's personalized needs and rising willingness and ability to spend on high-quality goods, he stressed the need to establish standards for senior-oriented home appliances and launch more intelligent home products, such as nursing and housekeeping robots for senior citizens.

Zhang Subing, chief expert at the China Electronics Standardization Institute, said more efforts should be made to strengthen technological innovation, improve product design and enhance after-sales support for the elderly, with a key focus on embedding AI and health-oriented functions into intelligent terminal devices.