LWS Co., Ltd. recommends 6 service businesses: senior housing, home renovation services to transform homes into "Senior Homes," pet therapy for the elderly, home care services for the elderly, and senior lifestyle travel.

Mr. Prapansak Rakchaiwan, Managing Director of LWS Wisdom and Solutions Co., Ltd., a real estate research and development subsidiary of L.P.N. Development Public Company Limited, revealed that the trend of service businesses responding to Thailand's transition to a super-aged society, with seniors accounting for at least 28% of the total population by 2030, is a trend. Businesses related to the production of goods and services to meet the lifestyles of the elderly have high growth potential amid the volatile and uncertain economy. The six interesting service businesses with growth potential include:

1. Senior housing with comprehensive care services This business is suitable for: Seniors approaching retirement (Early Seniors, 60-69 years old), Independent Seniors, 70+ years old, and Assisted Seniors. The residences are designed in a universal design senior living community with comprehensive health care and amenities. This is ideal for those who are still independent or beginning to require some assistance, who desire privacy and a high quality of life but do not want to be a burden on their families. In addition to development for sale, the property can also be developed for short-term and long-term rentals for retirees without families.

2. RENOVATE Homes into "Senior Homes" This is another high-growth business, suitable for pre-retirement (50-59 years old) and early retirement (60-69 years old). This business renovates homes to conform to universal design for safety and convenience, such as installing handrails, anti-slip flooring, ramps, sliding doors, and arranging furniture for easy access. This is a long-term investment to support post-retirement living, and is suitable for those who still have financial capacity and are planning ahead. Currently very popular in Japan.

3. Pet Therapy for the Elderly: "Pet Therapy" is a business suitable for independent seniors (70+ years old) and those requiring partial assistance (Assisted Seniors). Pets help maintain mental well-being, relieve loneliness, and stimulate physical activity. This is suitable for seniors who still have the means to care for an animal. This business can be expanded with pet therapy training or hourly pet rentals, and is currently very popular among seniors worldwide.

4. Home Care: "Home Care" is a business suitable for assisted seniors and bedridden seniors. This is because seniors at this age require close attention, including health checkups, medication administration, physical therapy, doctor visits, and assistance with daily activities such as cooking and cleaning. Many young families do not have time to care for their elderly on their own. Home Care services, including medical, nursing, rehabilitation, and daily living assistance, are therefore in high demand.

5. Technology-Based Services for the Elderly: This business covers all age groups, but focuses on Independent Seniors and Assisted Seniors. Technology for the elderly, such as fall detection systems, GPS trackers, SOS, health trackers, smart homes, conversational robots, telemedicine, and home medication delivery, enhances safety, convenience, and facilitates access to medical services. The new generation of retirees is increasingly familiar with smartphones, offering growth potential for technology designed for the elderly, especially if it can be integrated with medical services and insurance.

6. Medical Tourism for Elderly Lifestyle Business This business is suitable for early seniors (aged 60–69) and independent seniors (aged 70+). Healthy seniors who still want to travel prioritize safety and convenience, such as leisurely tours, senior-friendly hotels, healthy food menus, and health-promoting activities. The Silver Tourism market is growing, particularly among retirees with significant savings. Wellness tour packages, cultural tours, or wellness retreats can be designed to tap into this market.

According to a study by Kasikorn Research Center, spending by senior citizens will reach approximately 1.7 trillion baht in 2024, a 3.8% increase compared to 2023. This figure is projected to reach 2.2 trillion baht by 2029, the year Thailand becomes a super-aged society. This growth is expected to reach 18 million by 2029, from 13.8 million currently, representing an average annual growth rate of 5.3%.

"Beyond Thai seniors, Thailand is also a popular destination for seniors from many countries around the world, making it one of the world's leading retirement destinations. Therefore, this presents an opportunity for Thai businesses to develop services that cater to the aging population, who possess high purchasing power from accumulated income from work and are ready to spend on convenient retirement living," said Mr. Prapansak.

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