The older consumer segment is growing rapidly globally, driving the need for genuine innovation to cater to older adults’ evolving and diverse demands. Older consumers are also becoming more important in the digital sphere, given their rising tech adoption. Recent innovation trends in industries such as education, e-commerce, home and tech, food and beauty and health have shown that innovating for older consumers could be one of the most compelling investments for future success.
The global population aged 65+ will grow by 62.5% between 2021 and 2040 to reach 1.3 billion by 2040. As this is a large, growing and relatively affluent demographic, older consumers offer a great chance for businesses to innovate in order to cater to their special and diverse demands.
Age-friendly innovations should bring value and support older consumers‘ evolving and preferred lifestyles. Older people now have demand for new solutions and new products/services that help them achieve holistic health and financial security, shop and travel independently, as well as continue learning and working. A rise in digital adoption among older generations will create more opportunities for new technologies.
Innovation in the home and tech sector now focuses mainly on helping older people age in place and take care of their own health. There is room for technological innovations for medical consultations, shopping, delivery service and entertainment.
In food and nutrition, innovation efforts for older consumers are gearing towards functional food and ingredients that prevent disease, help consumers stay fit and also treat age-related issues. “Food as medicine” would see growing opportunities among the older cohorts.
The health and beauty sector continues to provide older consumers with solutions to embrace ageing and achieve holistic health and wellness throughout their later life stages. Powerful ingredients, immunity-boosting vitamins and menopause-friendly solutions are among the latest product innovations for ageing consumers.
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