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Potential bonanza of old furniture
In recent years, the "silver economy" has become a hot topic among many businesses, with growing interest in tapping into the potential of the aging population. However, despite this trend, there remains a noticeable gap in the elderly furniture market within certain cities. Recently, a reporter visited several furniture markets and found that while there are distinct areas for children's furniture and office furniture, there is no dedicated space for senior furniture. This highlights an untapped opportunity in the industry.
According to Wei Nanjiang, a representative from a local furniture company, the elderly furniture market is still largely unexplored. He explained that the market share for specialized elderly furniture is very small, and many manufacturers believe it’s not worth the effort to invest in such a niche area. “There’s simply not enough demand to justify the cost,†he said.
Tu Xiongcai, general manager of a furniture factory, added that their main focus is on third- and fourth-tier cities, and even in first- and second-tier cities, they have only recently started expanding. “We don’t have any plans to develop products specifically for the elderly,†he said. “Chinese seniors often follow traditional values, prioritizing their children’s needs over their own. Their expectations for furniture are low, and they usually rely on family members’ opinions when making purchases.â€
Zhou Jun, another furniture manufacturer, echoed similar sentiments, stating that developing elderly furniture is a challenging task. “This market is still out of reach for most companies,†he admitted.
When asked about the reasons behind the lack of elderly furniture in the market, many industry leaders pointed to unclear consumer demands. Wei Nanjiang noted that in coastal cities, where competition is fierce, the elderly furniture market is beginning to take shape. For example, there is a rising demand for specially designed apartments for the elderly. However, these trends have yet to be seen in central cities like Wuhan.
“We are currently considering whether we should open an 'Elderly Furniture City' in the future,†Wei said. With nearly 1,000 furniture companies operating in the region, and children’s furniture accounting for about 10% of the market, he believes that the elderly segment could soon become a new growth driver. “Although the numbers may seem small now, with the aging population and improving living standards, this area will gain more attention.â€
Tan Kaibao, CEO of Wuhan Nuoxindiya Furniture Co., Ltd., emphasized that elderly furniture doesn’t need to be drastically different from regular furniture. “The key differences lie in comfort and safety,†he said. “As people age, their coordination declines, so it’s important to design furniture that minimizes risks. For example, avoiding sharp corners and using solid wood can help prevent accidents.â€
He also mentioned that features like armrests can improve balance and make furniture more accessible for older users. “Our company is already studying the specific needs of elderly consumers and exploring ways to better serve this market.â€
Overall, while the elderly furniture market remains underdeveloped, many industry experts believe it holds significant potential. As awareness grows and more companies begin to focus on this segment, the "silver economy" may soon see a major shift in the furniture industry.