Third of Seoul's population forecast to be 60 or over by 2030

서울이 늙어간다…2030년 60세이상 320만명, 세계 8위
A new report has shown that,... by the year 2030,... more than three million people in Seoul will be 60 or over.
That will make the Korean capital in eighth "oldest" city in the developed world.
The aging population is expected to have a knock on effect on spending patterns.
Kim Min-ji reports.
Seoul is on track to becoming one of the fastest aging cities in the world.
That's the assessment of the McKinsey Global Institute,... which says more than 30 percent of Seoul's population will be aged 60 or over by 2030,... which is roughly three-point-two million people.
That's a significant jump considering that the figure stood at 18 percent,... or some one-point-eight million people in 2015.
The 2030 figure puts Seoul in eighth place,... among cities in major economies.
Topping the list will be Tokyo,... at 13-point-two million -- or 35 percent of its population.
Osaka will be second on the list,.. followed by New York.

In fact, this age group is forecast to grow by more than a third in developed countries,... from 164-million in 2015,... to 222 million in 2030.
They are expected to generate more than 50 percent of urban consumption growth in developed countries.

With this shift in demographics,... the institute forecasts that the industrial structure will also change.
Consumption is shifting to services already -- with spending heavily concentrated on healthcare among aging consumers in developed regions,... and increasing spending by consumers in emerging economies on the back of a rise in their incomes.
As for Korea,... 34 percent of consumption goes to the service sector,... which ranges from restaurants to education and leisure.
For consumption goods,... such as clothing and food products,... the percentage stood at 24 percent.
Kim Min-ji, Arirang News.

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