A golden opportunity in a silver Singapore

If Singapore plays its cards right, its ageing population can actually be an asset it can tap.

- Euston Quah and Eugene Or

As Singapore transitions into a “super-aged” society, businesses are gearing up to cater to this growing demographic that has its unique needs and also the money to spend on them.

There are many pieces on the board. A key one is the role of the Government in enabling the care of the elderly and encouraging the private sector to play its part. It must also ensure that the seniors keep interacting with younger Singaporeans as different generations have much to offer each other. This forms an important part of the bigger picture, bringing Singaporeans of all ages closer together. There are, of course, new opportunities for businesses.

To get some idea of the scale at which this could be a game changer, look at the way businesses have catered to children and imagine if they started doing the same for the elderly. This means creating goods and services aimed specifically at the demographic.

Innovations targeting seniors have already hit the market. Take elderly nutrition. There are now pureed mooncakes for individuals with swallowing problems. It won't be long before F&B establishments start to offer more elderly-friendly food choices and menus, the way they have kids menus today.

Likewise, the elderly will need people to care for them. This would mean training specialised caretakers, not general ones.

And as they seek to stay in shape, the elderly might need gym instructors trained to work with older people, not general fitness trainers.

Businesses know that Singapore's senior citizens have relatively high spending power on account of our Central Provident Fund system. Singapore is also densely populated and urbanised, making it easier for businesses to reach consumers.