Thai Silver Economy Projected to Hit 3.5 Trillion Baht in Consumption
National policy shift aims to transform seniors into an economic powerhouse, with consumption set to rise sharply and new job markets opening up for older workers
- Thailand's senior consumption expenditure is projected to increase from 2.18 trillion baht in 2023 to 3.5 trillion baht by 2033.
- This growth is driven by a new national policy aimed at redefining seniors, who are forecast to make up 28% of the population by 2033, as a key economic force.
- The policy seeks to harness the economic power of the aging population by supporting them as both high-spending consumers and active producers, such as workers and entrepreneurs.
- To support this economic shift, the government is promoting initiatives like re-skilling programs, job-matching platforms, and new occupational groups for seniors.
A major shift in Thailand’s national policy seeks to harness the spending power and skills of its rapidly ageing population, with projections showing the Silver Economy is set for massive growth over the next decade.
The National Health Commission Office (NHCO) and the National Economic and Social Development Council (NESDC) recently hosted a national forum to push the policy proposal, "Creating Opportunity for the Silver Economy," which is slated for the agenda of the 18th National Health Assembly in November 2025.
The core policy aims to redefine senior citizens, moving them from a vulnerable demographic to a key economic driving force, both as consumers and as active workers or entrepreneurs.
Worawan Plikhamin, Deputy Secretary-General of the NESDC, noted that within a decade (by 2033), seniors are forecast to make up 28%, or one in three, of Thailand's entire population.
The opportunity lies in their spending power: senior consumption expenditure is expected to jump from 2.18 trillion baht in 2023 to 3.5 trillion baht by 2033.
This massive market growth is set to spur new business opportunities for Thai entrepreneurs, including:
- Elderly care centres
- Universal Design architecture and construction
- Health and technology innovations
- Caregiver businesses and insurance services
Despite this consumption growth, over one-third of seniors (35.7%) currently rely on financial support from their children. To tackle this challenge, the policy focuses on supporting older people as producers.
New occupational groups are being promoted, such as Smart Farmers, Elderpreneurs, and Granfluencers, alongside flexible work in consulting, handicrafts, and services.
Consequently, income from working seniors is forecast to increase from 640 billion baht in 2023 to 880 billion baht by 2033, representing an average annual growth of 3.76%.
Worawan stated that previous policies focused on welfare, but "rarely viewed seniors as a powerful force for national economic growth." She believes the National Health Assembly resolution will foster wider awareness and implementation across all sectors.
Policy Development and Implementation
Suttipong Vasusopapol, Deputy Secretary-General of the National Health Commission, highlighted that the policy development process has been continuous since March 2025, involving multiple meetings and a dedicated Policy Forum to discuss innovations.
"We have been working closely with network partners across various sectors," Suttipong said. "This work is also being driven at the local level, with the proposal developed through the Provincial Health Assembly in Phayao Province, which is ready to serve as a pilot area for establishing the Silver Economy."
The recent forum identified several short-term goals (Quick Wins), including: promoting the concept of a Second Job, funding Re-skill/Up-skill training, and developing support systems for Re-employment after retirement. Key implementation steps include:
- Creating a central platform to match seniors with suitable jobs.
- Establishing a registry of seniors with professional expertise.
- Supporting access to funding and business resources for those wishing to start new ventures.
Dr Sampan Silapanad, chair of the Organising Committee, stressed that the Silver Economy is an issue for all ages, requiring collective ownership to drive change.
The final policy proposal will be ratified at the 18th National Health Assembly on 27–28 November 2025 in Nonthaburi Province.
