It’s time to pay attention to the $15 trillion business of growing old

It’s time to pay attention to the $15 trillion business of growing old (Fast Company)

• There is a misconception among businesses that the most important consumer group is that in the range of 18-24 years old. It is, in fact, the older generation that is of most importance and potential to businesses.
• The world is aging with the number of 55 year olds set to outnumber 5 year olds by 2020. Similarly, those aged 50 or over will reach 3.2bn by 2050. Worldwide consumer spending of this age group could reach $17tr in 2020.
• This provides businesses with an opportunity, as the senior consumer market is largely underpenetrated and those that do provide to the group do not do so adequately.

Analysis & Comments

• An interesting view, particularly given how much attention new(ish) millennial and Gen Z focused marketing channels such as for example social media/ influencers and esports brand sponsoring are currently getting.
• The article certainly has a point – the share of the over-65s will increase from one-sixth to over one-quarter of the total population. Those aged over 80 will more than double their share from 4% today to 10% of the total population in high-income countries by 2050.