Ageing Matters: The Future of Older Populations

Delivery

This report comes in PPT.

Key Findings

The world 65+ year-old population will surpass one billion by 2031

Rising life expectancy and falling birth rates will continue to drive global ageing. Between 2019 and 2040, the population aged 65+ will almost double, to reach 1.3 billion, with the 80+ population being the fastest growing cohort. Population ageing will change the labour market, consumption and economic growth.

Asia Pacific and Latin America will see the strongest rise in older populations

Ageing has become a global phenomenon, as the developing countries are now experiencing faster growth in older populations. Asia Pacific and Latin America will see a sharp rise in the median age and the old age dependency ratio. South Korea, Singapore and Puerto Rico will join the top 10 oldest countries in the world by 2040.

COVID-19 underlines the need for countries and businesses to adapt to population ageing

The COVID-19 pandemic has raised global awareness of population ageing, with implications for healthcare and pension systems, as well as for business strategies. While COVID-19 has put older people’s health and wellbeing at risk, it can also foster digital adoption among older consumers.

A lucrative market but with wide variations

The population aged 65+ typically enjoys relatively high purchasing power, as a result of lifelong accumulation of wealth and multiple income sources. The fortunes of older people do, however, vary widely from country to country, and even within a country. In many countries where social protection systems are inadequate, older people are particularly vulnerable to economic insecurity, as well as poverty.

Serving the older demographic as a strategy for growth

Given the rising importance of older consumers, business strategies that adapt to this demographic shift and innovate to better serve the diverse needs of this consumer segment are likely to achieve long-term success.