Thailand’s Silver Economy Strategy: A 2.45 Trillion Baht Opportunity
The National Economic and Social Development Council (NESDC) is formulating a national strategy to tap into Thailand’s booming “silver economy,” a market currently valued at 2.45 trillion baht and set for massive growth as the country rapidly ages.
Key Takeaways
- Thailand is now an ageing society, with 20% of its population (14 million) aged 60+.
- Elderly spending is projected to surge from 2.18 trillion baht in 2023 to 3.5 trillion by 2033.
- The NESDC is pushing for a dedicated agency and a clear strategy to be included in the 14th National Development Plan (2028-2032).
The Demographic Shift and Economic Potential
According to NESDC Secretary-General Onfa Vejjajiva, Thailand officially became an ageing society in 2024. By 2033, nearly 28% of the population will be elderly, classifying the nation as “super-aged.” This shift unlocks significant economic potential, creating opportunities for seniors to generate income and for new businesses in senior care.
The Thailand Development Research Institute forecasts consistent growth in elderly spending, reaching 2.45 trillion baht in 2025 and 3.5 trillion by 2033.
Innovative Business Models in Action
The NESDC has identified several successful models driving the senior economy:
- Grab Wai Kao (Elderly Drivers Support): This programme enables healthy seniors to work as ride-hailing and delivery drivers. Participation has grown from 3,700 in 2022 to around 10,000 people.
- Rent-an-Uncle/Grandma: Inspired by Japan, this model lets experienced seniors offer companionship and share life stories.
- Go MAMMA Taxi Service: Provides end-to-end transport for hospital visits, with drivers trained in CPR and basic psychology. It has facilitated over 5,000 trips for more than 500 users.
- Specialised Senior Care: Examples include a retired nurse running a nail care home for seniors in Talad Noi and travel services with first-aid trained staff.
- Young Happy: A social enterprise with 60,000+ senior members that creates learning spaces and runs the “House to Homestay” programme, training seniors to convert their homes into registered homestays.
Call for a Coordinated National Strategy
Ms Onfa emphasised that the silver economy is a rapidly expanding future sector suitable for businesses of all sizes. She stated the government must establish support mechanisms, ideally within the upcoming 14th National Plan.
“We believe achieving meaningful results requires a clear strategy for the senior economy, aligned with the goals of the 14th Development Plan. A dedicated agency is needed, such as the Department of Older Persons, to take the lead in coordinating all sectors… to promote and support the development of elderly-care businesses and create employment opportunities for seniors,” she said.
She highlighted the dual goals of keeping seniors employed and healthy, stressing the need for skills training and a comprehensive data system for planning. The NESDC will oversee the system.
Projected Growth in Senior Income
The NESDC expects income for working seniors to grow by 3.76% annually. From 640 billion baht earned in 2021, senior employment income is projected to reach 880 billion baht by 2033, underscoring the sector’s substantial economic contribution.
