The Silver Haired Economy

The world’s population is changing in ways that could barely be imagined a generation ago, and at a pace that is faster than any in recorded history. A recent United Nations World Population Ageing report cites that between 2015 and 2030, the number of people in the world aged 60 years or over is projected  – to grow by 56 %, from 901 million to 1.4 billion.

This brings us neatly on to the new prospects of the silver economy – the market for goods and services for people aged 65 and over. This is the “other” side of the coin of the ageing population: it offers many industries an opportunity to target a whole new customer base.

So how is YOUR Business pursuing this potentially lucrative market? In fact, many companies are well on their way to showing the rest of the world through example how to leverage this growing market. Some are embedding “ageing” as a key strategic driver of their commercial goals. Equally, some businesses have positioned ageing as an opportunity to develop products and services for older consumers, while others are capitalizing on the knowledge and skills of an ageing workforce.  The truth is, there’s a tremendous opportunity for business to grow and expand market reach. But that’s not all. If exploited effectively, this key demographic can drive higher sales – and more.

 

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