LWS recommends 6 service businesses to meet the needs of Thailand as it transitions into a super-aged society by 2030, where the elderly will make up at least 28% of the total population.

Mr. Prabhand Sak Raksaiwan, Managing Director of LWS Wisdom and Solutions Co., Ltd., a research and development company in the real estate sector under LP.N. Development Public Company Limited, discussed the trends in service businesses that cater to the needs of Thailand's super-aged society. These businesses related to the production of goods and services aimed at improving the lifestyles of the elderly are poised for growth in an uncertain economic climate. Six interesting and promising service businesses include:

1. Housing for the Elderly with Comprehensive Care Services

This business is suitable for pre-retirement seniors (Early Senior, 60–69 years), independent seniors (Independent Senior, 70+ years), and seniors who require some assistance (Assisted Senior). It involves designing housing in a Senior Living Community with Universal Design, offering health care services and comprehensive facilities. This is ideal for seniors who are still independent or beginning to need some help, seeking privacy and a high quality of life without being a burden on their families. In addition to developing for sale, there is also potential for short- and long-term rental services for retirees without families.

2. Home Renovation Services to Create “Senior Homes”

This is another high-growth business suitable for pre-retirement seniors (Pre-retirement, 50–59 years) and early seniors (60–69 years). It involves renovating homes to incorporate Universal Design for the safety and convenience of the elderly, such as installing handrails, anti-slip flooring, ramps, sliding doors, and easy-access furniture. This is a long-term investment to accommodate life after retirement, appealing to those with financial capability who are planning ahead. It is currently very popular in Japan.

3. Pet Therapy Services for the Elderly

This business is suitable for independent seniors (70+ years) and seniors who need some assistance (Assisted Senior). Pets can help improve the mental well-being of the elderly, alleviate loneliness, and encourage physical activity. This is ideal for seniors who can still care for pets. The business can expand to include pet therapy training services or hourly pet rentals, which are currently very popular among seniors worldwide.

4. Home Care Services for the Elderly

This business is suitable for seniors who need some assistance (Assisted Senior) and bedridden seniors (Dependent Senior). Seniors in this category require close care, including health check-ups, medication management, physical therapy, and transportation to medical appointments, as well as help with daily activities like cooking and cleaning. Many modern families lack the time to care for elderly relatives, making home care services that provide medical, nursing, rehabilitation, and daily living assistance highly sought after.

5. Technology Services for the Elderly

This business encompasses all age groups but focuses on independent and assisted seniors. Technology for the elderly includes fall detection systems, GPS trackers, SOS devices, health trackers, smart home systems, conversational robots, telemedicine, and home delivery of medications. These technologies enhance safety, convenience, and access to medical services. The new generation of retirees is becoming more familiar with smartphones, creating growth opportunities for technologies designed for the elderly, especially when integrated with medical and insurance services.

6. Lifestyle Travel Services for the Elderly “Medical Tourism for Elderly”

This business is suitable for seniors in the pre-retirement stage (Early Senior, 60–69 years) and independent seniors (70+ years). Healthy seniors still wish to travel but prioritize safety and convenience, such as leisurely tour programs, senior-friendly hotels, healthy meal options, and health-promoting activities. The Silver Tourism market is growing, especially among retirees with substantial savings. Tour packages focusing on health, cultural experiences, or wellness retreats can be designed to target this market.

According to a study by Kasikorn Research Center, in 2024, the spending of the elderly is expected to reach approximately 1.7 trillion baht, an increase of 3.8% compared to 2023, with a projected rise to 2.2 trillion baht by 2030, the year Thailand transitions into a super-aged society. The number of elderly individuals is expected to grow from 13.8 million currently to 18 million by 2030, representing an average market growth of 5.3% per year.

“In addition to Thai seniors, Thailand is also a popular destination for elderly individuals from many countries around the world, making it one of the world's retirement destinations. This presents an opportunity for Thai entrepreneurs to develop services that cater to the needs of a super-aged society, which consists of individuals with significant purchasing power accumulated from their working years, ready to spend on comfort in their retirement lives,” Mr. Prabhand Sak concluded.