In the era of rapid population aging, promoting older adults' consumption and vigorously developing the silver economy have become crucial strategies for expanding domestic demand. Drawing on seven-wave data from the China Family Panel Studies (CFPS) between 2010 and 2022, this study empirically investigates the impact of subjective social status on older adults' consumption. The results show that an improvement in subjective social status significantly increases overall consumption, enjoyment-oriented consumption, and the proportion of enjoyment-oriented consumption among older adults. Quantile regression results show that subjective social status has a stronger effect on the enjoyment-oriented consumption level of older adults in higher enjoyment-oriented consumption quantiles. Mediation analysis further indicates that Internet use partially mediates this relationship, with indirect effects exceeding 20% for total and enjoyment-oriented consumption levels but remaining below 10% for the share of enjoyment-oriented consumption. The study suggests enhancing older adults' subjective social status, advancing digital inclusion initiatives, and fostering an age-friendly consumption environment to fully unleash their consumption potential.