Innovate pension products, improve the consumption environment, and stimulate consumption potential



The growth rate of the elderly consumer market is accelerating, the trend of consumption upgrading is obvious, and more attention is paid to improving the quality of life

"When my pension comes in every month, I deposit about half of it in the bank, and the rest is mainly for daily living expenses." Ruan Mei, who lives in Hunan Province, is a retired employee of an enterprise. The stable pension every month makes Ruan Mei feel very satisfied.

In addition to daily living expenses, Ruan also likes to travel with her family: "In normal times, my family and I drive around the city and camp outdoors for picnics. I also take a long trip once or twice a year, which is enjoyable and broadens my mind."

After retiring, Ruan Mei found her own hobby: "In my spare time, I like to dance with my sisters in the community, which not only exercises my body, but also opens up my social circle." "Now, I also learn to shop on my phone. The new clothes have already been delivered. You can wear them for the dance in a couple of days."

Reporter survey found that online consumption has become a new experience for many elderly people.

Online shopping has become one of Ruan Mei's main shopping methods. "About 30 percent of my spending is online." Ruan Mei said, "Online shopping is not only convenient, but also can do '7 days no reason to return', very worry."

Zeng Yongguo, a resident of Bishan District, Chongqing, is nearly 70 years old and also likes to shop online, mainly buying medical and health products. "I have 'old cold legs', and my son bought me a smart knee brace online last year. It can not only heat, massage and moxibustion, but also charge and wear easily."

With this scientific and technological sense of the instrument, Zeng Yongguo is very satisfied, under the guidance of his son, he now often online to find nutrition and health care, daily care, physical examination monitoring and other goods.

Not long ago, Zeng Yongguo took a fancy to a smart small pill box on the Internet, which can remind himself to take medicine on time through ringing and vibration. "Products such as these designed specifically for the elderly can not only solve the problem of old age and poor memory, but also remove the worry of children," Zeng said.

The consumption mode of the elderly is gradually transforming to digital, and the consumption level is also improving.

As a well-known "dress master" in Yangliuba community, Zeng Yongguo believes: "Fashion has nothing to do with age, and the elderly can also pursue a more exquisite and beautiful life." He established the "Yangliuba Trend Group" wechat group, held a monthly offline fashion salon, and shared dressing skills with more than 20 other elderly people to buy new clothes.

Love life, follow fashion, focus on health, understand health care, online shopping, quality, today's elderly people pay more attention to the quality of life, consumption upgrading trend is obvious.

Recently, the elderly consumption report released by Alibaba shows that the growth rate of the elderly consumption market in 2022 will reach 20.9%, and the new growth point of the silver economy is shifting from traditional health medicine to beauty, travel, smart devices and so on. Since the beginning of this year, the consumption growth rate of elderly consumers on mainstream travel apps has reached more than 80%, and the growth rate of smart devices has exceeded 52%.

Enrich pension products, scientifically allocate assets, and make reserves for retirement life in advance

Tang Wen, a resident of Huxi Street in Chongqing's high-tech Zone, just turned 40 this year and has a stable job. Ten years ago, Tang Wen and his wife bought a commercial pension insurance. "Retirement needs to be planned in advance, and life in old age will be more secure." Today, Tang can receive monthly rebates.

In order to have more adequate protection, Tang Wen and his wife also bought serious illness insurance, accident insurance, etc., and the two people spend about 60,000 yuan in insurance costs every year. "Insurance products still need to be configured early, the elderly can choose fewer products, and the premium is also expensive, and now we need to prepare for the future life." Tang Wen said.

At the end of last year, they opened personal pension accounts. "It's like a piggy bank, and if you put a little money into it every year, you'll feel more secure." Tang Wen said, "This year's individual income tax annual declaration, I also enjoyed more than 1,000 yuan of tax incentives. I hope that pension financial products will be richer and more diversified in the future, so that we have more stable investment channels."

Do a good job of long-term asset planning, enhance their own security capabilities, in order to enjoy a better quality of old life. Li Yun, 38, who lives in Beijing, opened her own personal pension account at China Merchants Bank in December last year and made contributions. In the future, she plans to pay the full amount of 12,000 yuan per year. "I used money from my personal pension account to buy two fund products with maturities of three and five years." Li Yun said that not only the investment has income, but also enjoyed tax incentives when reporting the annual personal income tax.

"I also bought serious illness insurance and annuity insurance to provide additional protection." "By the time I retire, if I want to have a better quality of life, I need to do more preparation and consider making some long-term, stable investments while I have surplus funds at home," Ms. Li said.

"We should plan as soon as possible according to our own pension needs, enhance the awareness of saving pension funds in exclusive accounts, and reserve pension funds in advance." Pension investment as long as ten years or even decades, we need to control risks through rich pension products and scientific asset allocation, achieve stable preservation and appreciation, enhance their own security capabilities, savings pension into investment pension." The person in charge of the relevant department of China Merchants Bank said.

In order to enrich the people's financial products, the industry started pilot pension financial products. According to the statistics of the financial registration Center, as of the end of May this year, 11 financial companies have issued 51 pension financial products through 10 banks in 10 pilot areas, and the cumulative purchase amount of investors is about 100,555 billion yuan, and a total of 466,500 investors have purchased them.

With the opening of personal pension accounts, on February 10 this year, the first batch of personal pension financial products were sold, according to the data released by China Wealth Management network, four financial companies issued a total of 18 personal pension financial products, with a cumulative sales scale of 763 million yuan. As of June 27, 109,000 people had bought wealth management products through their personal pensions, with each investor buying an average of 7,000 yuan, accounting for 58 percent of the amount that can be purchased throughout the year.

Boc Wealth Management is the first financial management company to sell personal pension financial products. At present, BOC personal pension account has been put on the shelf to sell five financial products issued by BOC Wealth Management. In addition to financial products, customers can also invest in personal pension insurance products, personal pension public fund products and specific pension savings products in the bank.

The person in charge of the relevant department of the Bank of China said that you can integrate your retirement years, investment goals, risk tolerance, etc., actively participate in the asset allocation of personal pensions, and make reserves for retirement life in advance through the long-term investment and decentralized allocation of personal pension products.

Innovate the supply of age-appropriate products, create a safe and assured consumption environment, and better serve elderly consumers

"We hope to introduce more products and services that adapt to the consumption needs of the elderly." Chen Jie, a resident of Qinjiagang Street in Shapingba district, Chongqing, said she has a stable pension, but there are not many products suitable for the elderly, and some products are too heavy, which is easy to waste for elderly people living alone. At present, there are consumption places suitable for young people and children in the shopping mall, but there are few consumption areas for the elderly, not only the types of goods are scattered, but also the lack of some aging facilities and special considerations. For example, in the supermarket, sometimes the position of the elderly goods is too high or too low, so that the elderly can not take it. For example, sometimes online shopping goods are not delivered to the door, to the storage point to pick up their own goods, is not a small difficulty for the elderly. Although it is a detail, it affects the consumption feelings of the elderly and needs to be gradually improved.

Elderly consumers are more looking forward to a safe and assured consumption environment. The reporter learned in the interview that many elderly people like to shop online, but when buying jewelry, home appliances, furniture and other expensive goods, they are still more cautious, and are more willing to buy from physical stores. They are worried about being cheated and difficult to defend their rights later. The elderly hope that the relevant departments will further strengthen law enforcement, severely crack down on the fraud of elderly consumers such as fake and shoddy products and exaggerated product effects, and improve the rights protection mechanism for the elderly, smooth channels, optimize after-sales service for the elderly, so that the elderly dare to consume and are willing to consume.

Recently, the "2023 Silver population consumption Trend Insight Report - Home Appliances" released by Billion Think Tank shows that from the Tmall supply and demand index, the demand side of the "elderly" home appliances industry has far exceeded the supply side. In 2022, the search volume of "home electricity" products on Tmall increased by 200% year-on-year, and the demand is mainly concentrated in the categories of integrated home appliances, refrigerators, washing and care, and environmental health, home life, personal care and other categories. Consumers are more pursuing the convenience, safety, functionality and health of products.

Create offline aging consumption scenarios and broad product space. Industry insiders pointed out that, in fact, the need for aging is a comprehensive demand, the need for multiple products, combined into a complete set of solutions, in order to achieve barrier-free, intelligent care and home experience, which creates opportunities for offline services and sales.

Not only is the demand for physical goods, but also the demand for service consumption of the elderly is also strong. McKinsey's latest quarterly report on China's financial sector ceos pointed out that after retirement, a large number of families will shift from the pension savings stage to the pension consumption stage, and the demand for transportation, health management, medical care and other services will explode. Relevant institutions should carefully sort out the various needs of the target customer group, including life cycle, financial management, health management, etc., build a one-stop integrated pension financial ecology, not only to provide wealth management services for the elderly, but also to provide additional services such as pension community, health management, life care, and resident pension, so as to truly meet the differentiated needs of the elderly.