Middle aged Singaporeans are about to reach 2.3 million in 2022.
The rise in the number of consumers in the older age brackets, or those middle age 40-64 and pensionable population 65+, signals that their spending requirements will also be a key growth driver for retailers in Singapore.
BMI Research forecasts health spending to grow by an average of 7.7% annually over 2018 and 2022, reaching $16.6b in 2022.
Their report also said that the country’s middle age population currently stands at 2.2 million in 2018 and will reach a projected 2.3 million in 2022, in 2022 this age bracket will account for 38.4% of the total population.
Singapore’s pensionable population is also expanding from an estimated 790,000 in 2018 to 1 million in 2022 and in this year are forecast to account for 16.6% of the country’s total population.
"This aging demographic picture explains the growth prominence of health spending by consumers In Singapore," the research team said.
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