Staff Reporter
Published:
Photo from Magnific
Lack of funding incentives and talent shortages are key barriers to market entry.
More than 70% of local businesses have not yet offered products or services tailored to the silver economy, according to a Hong Kong General Chamber of Commerce (HKGCC) survey.
A lack of funding incentives was cited as the most common barrier to expanding offerings, identified by 46.2% of respondents.
This was followed by internal talent and expertise shortages (29.8%) and high operating costs with unclear returns on investment (27.9%), the report added.
Businesses also face challenges expanding across borders, with 50% citing restrictions or practical difficulties in capital and fund flows.
Other constraints included differences in regulatory, licensing, certification, or product-approval requirements (32.7%), as well as data privacy, transfer, or information-sharing requirements (31.7%).
Despite these challenges, the chamber said 71.1% identified sustainability, innovation, and consumption as key drivers of new business models.
The top growth areas cited were senior-focused consumption (26.9%), innovative technology for seniors (25%), and real estate and age-friendly built environments (23.1%).
"To confidently navigate the silver economy and translate untapped potential into active participation, businesses are looking for structural support," HKGCC CEO Patrick Yeung said.
The survey gathered 104 valid responses between 15 September and 2 October, comprising small and medium-sized enterprises and large enterprises across professional services, logistics, finance, and other sectors.
Join Hong Kong Business community
Also Read
Join Hong Kong Business community
Since you're here...
...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you design and create an advertising campaign, in print and digital, on this website and in print magazine.
We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.
Let us help you drive your business forward with a good partnership!