Capital or burden? The impact of social networks on elderly care services consumption: Evidence from China

Yao Huang, Yueru Ma, Jie Ou and Jian Ma

International Review of Economics & Finance, 2024, vol. 94, issue C

Abstract: Understanding how to expedite the provision of elderly care services to align with the evolving needs of elderly consumers has emerged as a pivotal concern for societies actively embracing aging, particularly in China where the aging population is rapidly growing. Drawing on a field survey, we elucidate the formation of elderly care service consumption through the lens of social capital. Our findings reveal that demand is influenced by social engagement facilitated by social capital, with this effect being more pronounced for bridging capital. Moreover, we ascertain that in China, where 'Guanxi' (close relationships) holds significant importance, the positive impact of social capital on elderly consumers transcends mere informational gains, extending to reciprocity and trust characteristics facilitated by network centrality. Interestingly, our study challenges the applicability of the Theory of Attention Competition in the elderly care service market. In response, we have identified two practical strategies for elderly care service institutions. Firstly, there is a need to create additional opportunities to enhance the depth and scope of social participation among the elderly. This would enable them to access updated information about elderly care service offerings through multiple channels, thereby fostering a better understanding of their specific needs in this domain. Secondly, tailored promotion strategies should be developed to accommodate the diverse characteristics of elderly consumers, ensuring that the services offered align closely with their individual preferences and requirements.

Keywords: Elderly care services consumption; Elderly consumer; Social capital; Network structure; Competition for attention (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:94:y:2024:i:c:s1059056024004088

DOI: 10.1016/j.iref.2024.103416

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