Search for love creates market worth up to 50 billion yuan, enlivens development of related industries

What are the odds of finding true love in one's 60s?

Beijing resident Li Huichun, 65, whose husband died about seven years ago, said she is ready for a new life partner.

But leaving it to fate seemed too uncertain, she said, so she became a premium member at an online dating app designed exclusively for seniors.

Li is just one of the many older people who have reached the same conclusion. Across China, more than 50 million singles who are middle-aged or older (those 50 or above) are looking for love and marriage.

That has created a market with value ranging from 30 billion to 50 billion yuan ($4.7 billion to $7.9 billion), according to AgeClub, a consulting and incubation service platform focusing on senior care businesses.

"With the rapid growth of the senior population, there is an increasing demand for matchmaking for those in need. Although they have limited ways of finding new partners, they have shown a strong willingness and ability to pay for services," said Duan Mingjie, founder and CEO of AgeClub.

Common ways for middle-aged and senior people to meet prospective new love interests include matchmaking events at parks, TV reality shows and online dating platforms, an AgeClub report said.

Duan said that in general, single women in the age group are more willing to pay for matchmaking services than men, and are more active in online and offline events.

Today's middle-aged and seniors, who as a group with more income, better health and higher levels of education than previous generations, are changing their priorities from "saving more" to "paying more to enjoy life", which is an important driver of growth for the matchmaking business, said Wang Bairong, an analyst at LeadLeo Research Institute, a market research provider.

Members of the current generation of older people are embracing more recreational activities and are familiar with the internet, Wang said.

"The growing need for matchmaking and the strong spending power of middle-aged and senior people have also propelled the growth of businesses such as senior beauty care, senior-friendly travel and tearooms for getting together with others. The market has great potential," she said. The market for such businesses is estimated to be about 7.9 billion yuan.

"It's not like in the old days, when people thought it was somewhat shameful to dress up, date and get remarried at an old age," said Li, the Beijing resident. "I know in some places it is still the norm for seniors to live with their adult children and take care of their grandchildren, but my family wants me to pursue my own happiness at this age.

"Getting old alone isn't pleasant, and I need companionship, someone with whom I can share my feelings. Also, older people are susceptible to health problems, and it's nice to have someone around in case of an emergency, as my only child is now living abroad."

Fear of loneliness and death is an important motivator for middle-aged and senior people's decision to test the waters of dating again, according to Shi Wei, an AgeClub analyst. Often they seek a fresh face, someone they don't yet know well, Shi said.

"Seeing changes in the body can increase the fear of illness and death. Some middle-aged and senior people also often experience a sense of emptiness.

"Many times even their sons and daughters fail to help them deal with such mixed feelings, and that is why they need a new life partner－someone of their age who might know them better and make good companions when they are sick," Shi said.

In addition, many middle-aged and senior people hope to find the feelings of being young and passionate again, as well as finding love, through these dates, Shi said. Romantic desires also motivate them, Shi added.

As the growing need for matchmaking services targeted at middle-aged and senior people has become evident, business operators are actively seeking opportunities in the market.

"Meeting people at matchmaking events in local parks has been a traditional way of finding a date. But many older people who have tried that have seen little success and a high risk of encountering fraud, due to lack of supervisory mechanisms," said Wang of LeadLeo.

"TV reality shows that offer matchmaking services for middle-aged and senior people have been in existence for many years, and some of them have outperformed others with higher viewership and a stable audience," she said. "The sector has also seen the development of upstream and downstream businesses, making for a relatively mature commercial chain," the analyst added.

Some of the most popular matchmaking reality shows aimed at older viewers include Choice on the Beijing Television life channel, Peach Blossom on the business channel of Hubei Television, The Pursuit of Happiness on Suzhou Television, Never Too Late to Meet You on Jilin Television, and Love's Choice on Liaoning Television.

Recently the last two provoked heated discussions on senior dating and remarriage. Some of the participants' on-air conversations, such as why women often carry the heaviest load in taking care of family members, have gone viral on social media platforms. Social media influencers, who have done short videos on the participants' interactions and comment on their dating patterns, are also seeing a surging number of subscribers, attracting both traffic and money to their channels.

"As the use of smartphones has become increasingly common among seniors, about 44 percent of them surf online as their main form of entertainment. The market potential revolving around online dating for older people is also quite considerable," Wang said.

Yidui, meaning "a good couple" in Chinese, is an online dating platform and mobile app. Baidu's index analyzing user demographics shows that on Yidui, users aged 50 and above account for 46.5 percent of the total.

In June 2020, Yidui finished its B-round investment led by Xiaomi and Sky9 Capital. The app had received investment totaling nearly $100 million by the end of 2020.

As an online matchmaking platform whose revenue comes partly from subscription fees, Yidui has worked to lure users into paying for more customized services.

Invitations to become a premium member appear on pop-up windows from time to time, saying that subscribers, for 98 yuan a year, get extra services, such as seeing who has browsed their profile and sending virtual gifts to other users.

"Aside from premium membership fees, online dating platforms also add to their revenue through advertisements and marketing extras such as virtual flowers," Duan of AgeClub said.

Unlike traditional matchmaking platforms, Yidui has online matchmakers who introduce possible dates and make arrangements for them to meet via livestreaming. Yidui's online matchmakers are paid through users' virtual gifts and thank-you money.

As of the end of 2020, Yidui had over 40 million registered users and more than 40,000 online matchmakers.

More online platforms and mobile apps specifically designed for senior matchmaking and dating services have sprung up, including Zhiji (finding someone who knows you well), and Duiban (the right life partner). A majority of the platforms require users to register with their real information.

"Some middle-aged and senior users of online dating platforms are unwilling to provide their real information on personal profiles, and are reluctant to let other people know that they are using the platform, making it hard for platforms to distinguish user fraud as well as promote to a wider range of potential users," Shi of AgeClub said.

Shi said despite the growing need for matchmaking and the increase in people who are more open-minded, there is still quite a big number of middle-aged and senior people who have concerns about their children's opinions and potential financial conflicts between their families and their new partners' families.

Some choose to try matchmaking platforms without thinking things through, while others choose just to live together rather than getting married.

"In order to better serve these people, matchmaking providers need to have a better understanding of the psychological and physical needs of the group, ensure their privacy is protected, offer to conduct thorough background checks that include their children's opinions and property distribution intentions before and after remarriage, and provide other individualized services," Wang of LeadLeo said.