Hong Kong’s leader has announced that a working group would unveil five measures to boost consumption among the older population on Tuesday afternoon, with an aim to address the needs of the city’s burgeoning elderly market.

Chief Executive John Lee Ka-chiu explained that the Working Group Promoting Silver Economy, led by deputy chief secretary Warner Cheuk Wing-hing, would coordinate various service areas within the emerging elderly consumption market to stimulate Hong Kong’s economy.

“[The working group] would combine the strength of the government, society, commerce and other sectors to echo and serve the needs of the silver-haired, increasing their quality of life and bringing momentum to Hong Kong’s economic development,” Lee said ahead of his weekly meeting with the government’s top decision-making Executive Council.

Lee said that the working group’s five policy areas would include bolstering elderly consumption, developing industries that cater to the needs of older people, promoting quality assurance in ‘silver economy’ products, establishing financial safeguards for the elderly, and unleashing productivity among older individuals.

Cheuk and representatives from the working group were expected to outline their policies on Tuesday afternoon.

Lee added that the silver economy represented a consumer market with significant potential, as the government estimates that by 2043, people aged 65 or over will constitute more than a third of the city’s population.