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DOT eyes $10.8-billion Singapore baby boomer market

By Ma. Elisa P. Osorio Updated January 21, 2009 12:00 AM

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The Department of Tourism (DOT) is eyeing the $10.8- billion Singaporean baby boomer market as it boosts the country’s health and wellness industry.

“With a growing number of baby boomers financially secure and health conscious at the same time, and the country’s finest wellness centers, we can undoubtedly expect a bigger market share of this specialized market segment,” Tourism Secretary Joseph Durano said.

\“There are various opportunities to be tapped – leisure establishments in the country are more accessible to the Singaporean and Asian market. Our wellness services are fast becoming recognized, and investments in properties for second homes are also a viable choice,” he added.

According to Durano, the baby boomer market segment of Singapore is expected to grow to $10.8 billion by 2015.

Study made by the DOT showed that baby boomers, or those born after the wartime years account for 74 percent of the Singaporean population.

DOT said consumption by this segment is strong and growing. In fact, consumer spending by mature consumers in key Asian countries – Singapore, Hong Kong, Taiwan, South Korea, India and China – is projected to almost triple from $228 billion in 2005 to $616 billion in 2015.

Singapore is the top source market from the ASEAN region, reaching a volume of 82,310 tourist arrivals and reflecting a growth rate of 5.89 percent, the DOT said.

In the recently concluded 50+ Singapore Exposition, the Philippines showcased the best wellness products in the region.

Aside from health and wellness, the DOT said the country is likewise promoting top tourist destinations and leisure highlights such as golf and eco-tourism activities.

Investing in property, seen as an emerging trend amongst the silver market, is also an important focus in the country’s participation. Information and options on staying in the Philippines are made available.

A study conducted by Euromonitor International revealed that baby boomers in Asia are more financially affluent, more knowledgeable, and still in the workforce.

The baby boomers are the future driving force in the consumers market, and the tourism industry is set on keeping a close tab on their needs and wants, to continue to develop new products and services, the DOT said.

A recent National Survey of Senior Citizens reported that 63.1 percent of seniors aged 55 and above had their own source of income. More than three-quarters of male senior citizens aged 55 and above had their own source of income.


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