How Hong Kong's ageing population is reshaping society and its economy
Five months ago, the 66-year-old picked up airsoft shooting, an activity that demands quick reflexes and hand-eye coordination. It also gives him a chance to make new friends.
'Many experts say if you try something different and new, it will help a lot as it stimulates the brain, is good for your body and mind, and we won't regress,' said Lam, who is determined that his lifestyle will not be defined by his age.
'If you fall behind, it'll be bad, so I want to be more useful. I want to learn new things. After we retire, we still have another life, a new life to enjoy.'
Hong Kong became a super aged society last year - a milestone marked by one in five residents being aged 65 or older.
By 2043, this is projected to double to almost 40 per cent of the population, or one in three persons.
SILVER POWER
Lam said he believes that many seniors are not living up to their full potential.
'They have good health, they can work, they're still mobile. When they have good health, they should do more to stay active rather than sit idle,' he said.
'Here in Hong Kong, you see a lot of old people in the park playing chess. But there's a crowd of people doing nothing but just watching them play chess. I feel that's a waste of time.'
While the demographic shift presents serious challenges including increased healthcare costs, observers said it also opens up unexpected opportunities.
People aged 60 and above spent about HK$342 billion (US$43.8 billion) last year, accounting for 11 per cent of the city's gross domestic product, said officials.
By 2046, that figure is projected to more than double to HK$700 billion as the silver generation becomes an even greater economic force, according to one estimate.
Hong Kong is keen to tap into this silver economy - but challenges remain.
Despite the growing senior population, Hong Kong's employment rate for those 65 and older remains low - just 13.6 per cent, compared to other regional economies such as Singapore, which is at 31.7 per cent.
BETTER JOB MATCHING
To unlock the full potential of the elderly market, boosting their employment rate is essential, said observers.
'Most of them demand for a more flexible contract, more flexible work arrangement, like working part time, working just a few hours per day and also accommodating to that lifestyle,' said Dicky Chow, head of healthcare and social innovation at think-tank Our Hong Kong Foundation.
'So we do believe that this kind of flexible work arrangement has to be put in place to improve the employment rate of elderly, to tap into their potential and boost their silver economy.'
He emphasised the importance of better job matching by first understanding the skills older adults possess, and then aligning those skills with suitable job opportunities — not just restricting them to low-skilled roles.
Another key challenge lies in the lack of targeted efforts by businesses to tap the growing potential of the elderly consumer market.
'A lot of times, you can understand that the business owners are very much wanting to be focused on direct returns,' said Jasmine Lee, managing partner at EY Hong Kong and Macau.
'So they've been very good at creating products and earning money from the millennials or the Z generation, from the younger people.'
However, she noted that companies need to take a closer look at the preferences of people in Hong Kong, especially older citizens.
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