Thailand is preparing to capitalise on a booming 3.5 trillion baht “silver economy” within the next decade, driven by the rapid growth of its ageing population.
A recent study by the Thailand Development Research Institute (TDRI), commissioned by the Office of the National Economic and Social Development Council (NESDC), highlights the immense potential of this emerging economic segment.
The United Nations has dubbed the period from 2001 to 2100 the “century of the elderly,” marked by more than 10% of the global population now aged over 60.
While this trend brings challenges such as labour shortages and increasing pressure on welfare systems, it also presents valuable economic opportunities, particularly for countries like Thailand.
Monthip Samphanthawong, Director of the Division of Human Resource and Social Development Strategy at NESDC, warned that Thailand will enter the ranks of “super-aged” societies within the next ten years.
However, she noted that this demographic shift also offers an “unprecedented opportunity” to build a thriving silver economy.
This includes not only developing products and services tailored to seniors but also encouraging older individuals to remain active in the workforce.
According to TDRI senior researcher Nonarit Bisonyabut, elderly consumer spending in Thailand reached 2.18 trillion baht in 2023 and is projected to climb to 3.5 trillion baht by 2033.
Most of this expenditure goes towards household essentials and food. Employment income among the elderly is also expected to increase, from 640 billion baht in 2024 to 880 billion baht in 2033, with an estimated 6.6 million seniors (around 37% of the elderly population) remaining employed.
Despite the optimistic outlook, the study points to ongoing challenges such as low savings rates, rising personal debt, and early retirement as obstacles to fully realising the silver economy’s potential.
The research identifies four high-potential sectors in an ageing society:
– Housing: Including senior communities, age-specific care facilities, and home renovations based on Universal Design principles.
– Food: Focusing on nutritional supplements, soft-texture foods, and dietary plans tailored for those with Non-Communicable Diseases (NCDs).
– Health: Encompassing elderly care services, medical devices, healthcare innovations, and end-of-life planning.
– Recreation: Ranging from hobby groups and transport solutions to companionship and knowledge-sharing platforms.
The report also highlights opportunities for older adults to actively contribute to these sectors, whether by producing community goods, becoming caregivers (a profession currently in short supply), generating income through online hobbies, or working as “Granfluencers” (elderly influencers).
To support the development of these industries, TDRI has issued a set of policy recommendations. In the food sector, it calls for clear standards, transparent consumer information, and research and development support.
For housing, the think tank urges incentives for businesses to create affordable, customised solutions for low-income or special-needs elderly populations, using local materials and innovation.
Health promotion efforts should begin before retirement, while also supporting local entrepreneurs in developing advanced medical technologies. Expanding access to financial products, insurance, and tourism infrastructure is seen as crucial for the service sector.
To encourage elderly participation in the formal labour market, the report recommends policies to promote “second careers,” helping workers reskill and transition into new roles both pre- and post-retirement.
This includes pushing for laws that facilitate post-retirement employment and extending retirement age limits in both public and private sectors.
For those in the informal sector, efforts should focus on skill development, easier access to entrepreneurship funding, and improved job-matching systems to reduce transport and mobility barriers.
Crucially, the study stresses the need to move beyond a siloed, welfare-based approach to elderly care, calling for a shift toward integrated policies that foster economic and social growth across generations.
Participants at the policy forum echoed these sentiments, underlining that a robust silver economy begins with early investment in health and well-being, even before individuals reach retirement age.
They also advocated for framing retirement age extensions around rights and personal choice, rather than blanket mandates.
The concept of “aging in place”, seniors remaining in their own homes safely and comfortably, was also underscored, with experts suggesting that home modifications should begin as early as age 40.
Tax incentives for working-age children who help their ageing parents access relevant products and services could play a key role in making this happen.
Finally, the report recommends a generational approach to boosting health literacy and awareness among younger people, who are not only future caregivers but also potential consumers and innovators in the silver economy.
This includes promoting caregiving, personal shopping, and companion services as professional careers—elevating them beyond the scope of state-provided welfare.
