Businesses responsible for providing essential services and products for the China's elderly population is expected to see a 33 percent gross domestic product soar by 2050 from this year's estimated 4 trillion yuan.

The China Report on the Development of the Silver Hair Industry data revealed on Tuesday that the current US$651 billion worth of commodities for the elderly will shoot up 36 years from now.

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By then, majority of the country's market will be comprised of senior citizens, accounting for one-fourth of the global total with their consumption reaching up to 106 trillion yuan.

Because of this, the older Chinese citizens of this age should be encouraged to prepare for their retirement as early as today, China National Committee on Aging (CNCA) Deputy Director Wu Yushao told the Xinhua News Agency on Thursday.

"The silver hair industry has started the rapid booming phase, making it a new promising industry in China," he said.

Statistics recorded for 2013 indicated that Chinese citizens over the age of 60 account for nearly 15 percent of the country's population, with a total of 202 million.

By the year the silver hair industry is predicted to boom, their population will reach up to about 480 million.

The report released by the CNCA also explained those industries that will be considered as part of the blooming 'silver hair industry' such as appliances, services, financing, and real estate and had advised them to target the elderly population instead of the younger generation.

Among the four sectors, financing products and services are seen to be the biggest benefactors for the boom in 2050.

"We need more encouraging policies to attract the seniors to spend their money and also assure them of their security for the rest of their lives," Wu said, citing that an elderly welfare system, such as pension and necessary subsidies, have been provided for the elderly for them to feel more secure upon reaching their retirement age.

Tagssilver hair industry, elderly, senior citizen