Singapore has the biggest silver economy potential
RHB identified significant investment prospects emerging from Singapore’s ageing population. The demographic shift is shaping opportunities in healthcare, senior care, cosmetics, travel, leisure, and long-term financial planning.
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According to RHB, the silver generation is driving the creation of innovative products and services aimed at enhancing the quality of life for both elderly individuals and younger generations preparing for their later years.
The Ageing Asia Alliance has noted Singapore as having the most substantial potential in the “silver economy.” This potential signifies the capacity of the aging population to either spend independently or receive support from their descendants.
RHB noted the potential for businesses to cater to these ‘silver spenders’ by introducing innovative solutions that align with their lifestyle aspirations and healthcare needs, resulting in significant growth prospects.
Investment opportunities arising from Singapore’s ageing population include telemedicine and health technology.
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“The use of mobile apps, wearable technology, and smart gadgets powered by the IoT is sought to create better healthcare options for the elderly. Therefore, there is room for businesses to create smart healthcare solutions that can help them live longer and better lives. These solutions could address issues such as disease management and monitoring, fall detection and medication compliance,” RHB stated.
Singapore’s HDB Smart Enabled Home initiative has also surfaced as a potential opportunity for businesses. This aims to enhance living in HDB residences through ‘Smart Living’ as part of Singapore’s Smart Nation Vision.
“More senior citizens want to age independently and respectably. There is a demand for innovative assisted living ideas that offer facilities connected with the community and enhanced nursing home models that move away from an institutionalised style of eldercare,” RHB said.
Singapore already hosts private assisted living service providers like St. Bernadette Lifestyle Village at Bukit Timah, Adam Road, and Sembawang.
These facilities accommodate eight seniors each, offering care by trained caregivers round the clock. The fees range from S$4,600 to S$5,800 monthly, depending on location and room type.
Red Crowns Senior Living is another local care provider catering to 130 elderly clients across 33 homes in Singapore.
Their operating model involves renting HDB flats and condominiums for use as assisted living facilities. Prices vary from S$2,900 to S$6,300 per month, depending on location and caregiving services.
Additionally, the ageing population has brought elderly nutrition to the forefront. RHB highlighted the need for food products tailored to seniors’ altered requirements in flavour, texture, nutrition, and ease of preparation.
“A Singaporean start-up called SilverConnect specialises in producing moulded pureed food for persons who have trouble swallowing. In addition to staples like ready-to-eat pureed fish, veggies, and chicken, its trademarked GentleFoods menu offers regional treats such as pureed pineapple tarts and ang ku kueh,” RHB said.
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