China's Cui Chunyun takes dance classes at the Mama Sunset center in Beijing to stay in shape and delay going to a nursing home.
"People over 70 can still dance," said the 60-year-old retired accountant. "I want to exercise to stay healthy."
The center where Cui Chunyun is studying has 20 different facilities for thousands of people over 50. They are looking to expand to 200 facilities within the next three years.
Similarly, online learning service Nasdaq Quantasing is planning to hire more teachers in martial arts, medicine, video editing, and memory training for its senior classes. Quantasing’s revenue increased 24.7% year-over-year to $136 million, with subscribers up nearly 45% by the end of 2023.
China's aging population is fueling the growth of the "silver economy ." China will have 300 million retirees in the next 10 years. Trend-setting companies are already offering classes for middle-class seniors, including yoga, drumming and smartphone photography.
Singing class for seniors in Beijing, China in January 2024. Photo: Reuters
“Theeducation industry is turning to the gray-hair market,” said Qiu Peilin, director of Mama Sunset’s Beijing branch. Consulting firm Frost & Sullivan expects the senior classes market to grow at a compound annual growth rate of 34% to reach $16.8 billion by 2027.
Rachel He, director of market research firm Euromonitor, said China's elderly are a promising consumer group but will not be profitable.
The elderly are reluctant to spend money on themselves. The average monthly pension is $400-$800, but Nomura Asia-Pacific employment services company estimates that 160 million Chinese receive pensions of about $14 a month.
A class at Mama Sunset costs $6-8, while a 36-class package costs $275. At Quantasing, one- to three-month packages cost $1,980 to $275-513.
Ngoc Ngan (According to Reuters )
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