Thailand has grown grey before it has grown rich. The challenge now is how to turn older people into a driving force for the economy instead of letting them slow the country down. 

Unlocking their potential and meeting their needs may hold the answer.

The country is now officially an aged society and will become “super-aged” by 2033, when the elderly outnumber children and youth. This shift will change how Thailand works, spends, and lives. But it also opens a door to a new kind of growth — the Silver Economy, built around meeting the needs and tapping the potential of older people.

A 2023 study estimated Thailand’s elderly-related spending at 2.18 trillion baht. About 660 billion came from the government, mostly on health, while seniors themselves spent 1.52 trillion baht buying goods and services from the private sector, including food, housing, travel, finance, technology, and care.

Many continue to earn, mainly through wages and self-employment, particularly in farming and informal work. Longer life expectancy and better health mean they can stay active and productive for longer.

Older people are also helping drive the economy. Many continue to earn, mainly through wages and self-employment, particularly in farming and informal work. Longer lives and better health mean they can stay productive well into their later years. Yet many still struggle with money. Too few have savings, and some carry debt.

Meanwhile, welfare payments are rising, showing that Thailand is, as economists say, “getting old before getting rich.” The real challenge is helping seniors stay independent, not dependent on handouts.

The Silver Surge

By 2033, Thailand’s ageing economy could expand to 3.5 trillion baht, growing nearly 5% each year. The elderly population will reach 18.4 million, with more than a third, or 6.6 million people, still in the workforce, generating around 880 billion baht in income.

This “silver surge” is creating new business opportunities — from home and community care to end-of-life services, medical innovations, healthy foods, and specialised nutrition.. Wellness tourism and financial products like reverse mortgages are also on the rise.

At the same time, many seniors are reinventing themselves. Some stick to traditional work in farming and retail. Others step into new roles in culture, green jobs, or digital work. Many are now “Silver Influencers,” selling products online or sharing their stories. Far from being dependants, they are fast becoming a driving force in the economy.

Learning from Others

High-income are using technology and innovations to adapt to ageing society. For example, Singapore’s Agency for Integrated Care serves as a one-stop centre linking seniors and caregivers. In the United States, private firms are leading the way in creating senior-focused products. Europe promotes healthy ageing through the European Innovation Partnership on Active and Healthy Ageing (EIP on AHA), which supports innovation, strengthens industry, and opens new business opportunities for older consumers. Japan, meanwhile, has created the Silver Human Resource Center (SHRC) to help seniors stay in the workforce.

In upper middle-income countries like China and Malaysia, their focus is on helping older people stay active and involved in the economy. In addition to introducing an Elderly-Friendly Product Certification. China also encourages older people to keep working or volunteer in their communities. Malaysia promotes income equality through a Community Care Economy and markets health tourism aimed at older travellers.

A Path Forward for Thailand

To turn ageing into opportunity, Thailand must support older people both as consumers and producers. The first step is to grow the senior market to meet their needs and improve their quality of life. Small and medium-sized businesses should be helped to stay competitive in this expanding field.

Homes for older people must be safer and easier to live in, following Universal Design principles. New housing should also be built for people with dementia or chronic illnesses, along with proper end-of-life care centres that meet clear standards.

In healthcare, Thailand needs to rely less on imports by producing more medical tools and technologies locally—from simple supplies to rehabilitation robots—while addressing the shortage of health workers.

To help seniors travel and spend more on leisure, transport and facilities must improve. So must digital platforms to help seniors stay socially connected. Addressing diversity is also important. Policymakers and businesses must recognise the needs of women and LGBTQIAN+ seniors so everyone benefits equally from the ageing economy.

Work, too, needs to adapt. Flexible jobs can help older people keep earning. Thailand can take a cue from Singapore and Japan, where retirees can keep working with shorter hours, retraining, and financial support.

Older farmers also need support to modernise through organic farming, cultural tourism, and better access to credit and markets. Senior entrepreneurs should be encouraged to start small businesses and link with local enterprises like OTOP. Informal workers could move into community tourism, service jobs, or digital work.

Looking Ahead

In the short term, Thailand should aim for quick wins by amending labour laws, setting product standards, launching reskilling programmes, and offering investment incentives.

Over the longer term, Thailand needs to build strong foundations. That means innovation hubs for food, medical devices, and health technology, a fair and flexible welfare system, and a Silver Human Resource Centre to coordinate senior employment across the country.

Thailand’s older generation is no longer a passive group waiting for care. They are skilled, experienced, and a quiet economic force waiting to be unlocked.

With the right policies, the Silver Economy could become a new engine of growth while giving older people a life of independence and dignity. But that will only happen when Thailand learns to see grey not as decline, but as strength.

Sutthida Lertrujiwanich is a Researcher at the Thailand Development and Research Institute (TDRI). Policy analyses from the TDRI appear in the Bangkok Post on alternate Wednesdays