Businesses Should Focus on the Growing Silver Consumer Segment, with the Elderly to Account for 22% of the World s 2050 Population
The aging phenomenon is rapidly changing the face of demographics and consumer markets globally, with the global elderly to touch 2.1 billion persons by 2050. Aside from Western economies, which have traditionally been associated with aging populations, emerging market economies will see fast-growing aging populations between 2030 and 2050. In the light of these tectonic demographic shifts, it becomes increasingly important for business to strategize early and undertake age-inclusive design to capture early-mover advantages and tap into the booming silver economy.
This thought-leadership piece on the silver economy is designed to provide foresight into aging population forecasts, elderly spending patterns, and industry opportunities related to the silver economy. Demographic forecasts are provided until 2050, providing decision-makers with insights into global trends and regions of priority.
Regarding wealth patterns, data points to a widening gap in wealth between the elderly and younger cohorts in some regions. Hence, while GenZ-focused solutions and marketing might be one growing approach for businesses, higher value-add solutions and inclusive marketing for the elderly should not be ignored.
The silver economy opportunity universe is vast, with applications ranging from care robots and telemedicine to smart homes and silver tourism. Currently, some solutions are in the development-growth stage, providing ample growth opportunities over the next 2 decades. Silver tech, or age tech, applications are set to witness high growth, given factors such as rapidly aging demographics and caregiver shortages.
Key Issues Addressed
- How do 2030-2050 aging population growth rates differ by region?
- Which countries are in the lead for elderly demographics?
- Are all age cohorts within the elderly population growing evenly?
- How do elderly spending patterns between the United States and the United Kingdom compare?
- What is the 2050 life cycle analysis for the silver economy?
- What does the Ansoff matrix look like for the silver economy?
- What are the top growth opportunities in the silver economy?
