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Potential bonanza of old furniture
In recent years, the "silver economy" has become a hot topic among businesses, with many recognizing its vast potential. However, despite this growing interest, there remains a noticeable gap in the elderly furniture market within cities. Recently, a reporter visited several furniture markets and discovered that while there are specialized areas for children’s furniture and office furniture, there is no dedicated section for senior-friendly furniture. This lack of focus has raised questions about why such a market hasn't been fully developed.
According to Wei Nanjiang, a representative from a local furniture company, the elderly furniture market is still largely untapped. He explained that the demand for specialized senior furniture is relatively small, which makes it less appealing for manufacturers to invest time and resources into. “Many companies feel there's no need to pursue this niche,†he said.
Tu Xiongcai, a general manager at a furniture factory, shared similar sentiments. He noted that their primary focus is on third- and fourth-tier cities, and even in first- and second-tier cities, they’ve only recently started expanding. However, when it comes to elderly furniture, they have no immediate plans. “Chinese seniors tend to prioritize their children over themselves when it comes to spending, and their preferences are often influenced by family members,†he explained. As a result, designing products specifically for the elderly isn’t a priority right now.
Zhou Jun, another furniture executive, added that developing elderly furniture is challenging. “This market is still out of reach for most companies,†he said. The lack of clear consumer needs and the complexity of adapting production systems make it difficult for firms to act quickly.
Despite these challenges, some companies are beginning to consider the future. Wei Nanjiang mentioned that his company is exploring the possibility of launching an “Elderly Furniture City†in the near future. With nearly 1,000 furniture companies operating annually, and children’s furniture making up about 10% of the market, he believes the elderly segment holds significant potential. “Although it doesn’t look big now, as our society ages and living standards improve, this could become a new growth area,†he said.
Tan Kaibao, a furniture expert and general manager at Wuhan Nuoxindiya Furniture Co., Ltd., emphasized that the needs of the elderly aren’t drastically different from those of adults. “The main differences are comfort and safety,†he explained. For example, elderly individuals may require furniture with rounded edges, smooth surfaces, and solid wood materials to prevent injuries. Additionally, features like armrests can help with balance and mobility.
Tan also mentioned that his company is currently studying the demand for elderly-friendly furniture. “We’re looking into how we can adapt our designs to better meet the needs of older consumers,†he said. While the market is still in its early stages, there’s growing recognition that catering to the elderly could open up new opportunities in the furniture industry.