Consumer health prospects are improving, as reflected by a global rise in the survival rate to age 65, most significantly in emerging and developing countries. This trend has been backed by rising income and better education and healthcare. Improved consumer health prospects would support labour and consumer market expansion, while better health awareness creates opportunities for various sectors.
Survival to age 65 indicates the health and wellbeing of a country’s population. The indicator helps businesses to gain useful information on a country’s labour force, consumer market, and healthcare and lifestyles trends.
Rising incomes, better healthcare and education and the growth of healthy living lifestyles have boosted the survival to age 65 rates globally. Sub-Saharan Africa has recorded the highest rise in survival rate during the 2012-2017 period, on the back of poverty reduction and better education, though the region still has the lowest survival rates worldwide.
A rise in the survival to age 65 rate contributes to population growth in a country, which provides businesses with a larger labour pool and a growing consumer market. On the other hand, governments in developing countries face the challenges of providing education and creating enough jobs for their growing working-age population.
Higher survival rates have fuelled faster population ageing in many countries, including both developed economies and emerging countries, such as China and Brazil. Ageing will create new opportunities for businesses. However it also weighs on government budgets, impacting labour productivity and private savings.
As consumer health prospects are expected to improve further, consumer demand for healthcare and wellbeing will continue to rise, shaping consumption priorities and motivations. Taking into account these factors is important for effective business strategy.
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