Thailand Eyes Economic Bonanza from Growing Elderly Population

A new report highlights a massive economic opportunity in catering to the needs of the country's rapidly expanding elderly population, identifying key sectors poised for significant growth and calling for policy shifts to harness their potential

 

Thailand is poised to tap into a colossal 3.5 trillion baht "silver economy" within the next decade, driven by the rapid expansion of its elderly population. 

 

A recent study by the Thailand Development Research Institute (TDRI), commissioned by the Office of the National Economic and Social Development Council (NESDC), outlines the vast economic and social value to be unlocked.

 

The United Nations has already designated 2001-2100 as the "century of the elderly," defining it by more than 10% of the global population being over 60. 

 

While this presents challenges like labour shortages and increased welfare burdens, it also offers significant opportunities for countries like Thailand.

 

Monthip Samphanthawong, Director of the Division of Human Resource and Social Development Strategy at NESDC, warned that Thailand will transition into a "super-aged society" in less than ten years. 

 

 



 

However, she stressed that this demographic shift simultaneously creates an "unprecedented opportunity" for developing the "silver economy," both in terms of goods and services tailored to older individuals and by enabling seniors to remain active participants in the workforce.

 

TDRI senior researcher Nonarit Bisonyabut presented findings indicating that in 2023, elderly consumer spending in Thailand reached a substantial 2.18 trillion baht, projected to soar to 3.5 trillion baht by 2033. 

 

Most of this expenditure is on household essentials and food. Furthermore, income from elderly employment is set to rise from 640 billion baht in 2024 to 880 billion baht by 2033, with an estimated 6.6 million seniors, or 37% of the total elderly population, expected to be working.
  

Despite these promising figures, issues such as low savings, debt, and premature withdrawal from the labour market remain significant barriers to maximising growth.

 

The study identified four key product and service sectors with high potential in the aging society:

Housing: This includes elderly community groups, dedicated housing and care centres for different age groups, and home renovation services based on Universal Design principles.

Food: Focusing on nutritional supplements, easy-to-chew foods, and specialised diets for those with Non-Communicable Diseases (NCDs).

Health: Encompassing elderly care services, medical products, healthcare innovations, and end-of-life planning.

Recreation: Such as knowledge-sharing platforms, activity groups, transportation services, and companionship. 
The report also highlights opportunities for seniors themselves to work in these areas, including developing community products, becoming caregivers (a field facing a significant shortage), generating online income from hobbies, or even becoming "Granfluencers" (elderly influencers).

 

Policy recommendations put forth by the TDRI aim to foster the expansion of these sectors. 

 

For food, clear standards, appropriate consumer information, and support for research and development are crucial.

 

In housing, businesses should be encouraged to develop tailored options for low-income or specific-needs elderly groups, utilising local materials and innovations.
  

Health promotion initiatives should begin pre-retirement, with support for Thai entrepreneurs in producing advanced healthcare products.

 

For services, enhanced access to financial products, insurance, and tourism infrastructure development are vital.

 

To support elderly employment in the formal sector, policies should encourage "second jobs/careers" by preparing individuals with new skills and mindsets for career transitions both before and after retirement. 

 

This includes pushing for legislation to facilitate suitable post-retirement employment and extending the retirement age in both public and private sectors. 

 

For the informal workforce, developing both hard and soft skills, improving access to funding for entrepreneurship, and facilitating community-based job matching are essential to overcome travel barriers.

 

Crucially, the report emphasises that the mechanism driving the silver economy must move away from a "silo" mentality, shifting from a welfare-oriented approach to one that actively fosters economic and social growth.

 

 



 

Conference participants also underscored key takeaways: building a robust silver economy starts with promoting good health from the "pre-aging" stage, ensuring a healthy elderly population capable of driving economic activity. 

 

Extending the retirement age should be based on "rights and choices." Furthermore, home improvements are key to "aging in place," with preparations ideally beginning at 40. 

 

The government could incentivise this by offering tax deductions to working-age children who facilitate access to relevant goods and services for their elderly relatives.

 

Finally, a "generational approach" is needed to build health literacy and raise awareness of new goods and services among younger generations, who are the actual consumers. 

 

This includes services like family companions, personal shoppers, and caregivers, with a view to promoting caregiving and care management as professional careers rather than solely as state-provided welfare.

(2025/07/06-00:00)