Tapping the Silver Consumer Market

The global population is ageing rapidly

Increased life expectancy, better healthcare, declining fertility rates, and improved living standards have resulted in a long-lasting global trend of population ageing. Ageing presents many socioeconomic and health challenges, but the changing needs of consumers as they age also present substantial opportunities that are not to be overlooked by businesses.

Staying healthier and more active for longer

Older people worldwide are generally richer, healthier and more active (including economically active) than ever before. Coupled with their rising numbers, this makes them a consumption force of growing importance.

Purchasing power of the older consumer varies significantly

The average gross income of the population aged 65+ varies hugely between countries, as it inevitably reflects the country’s overall income level and its stage of socioeconomic development. However, even within the developed world, the fortunes of the over-65s are uneven.

A granular strategy is needed

Just like with any other consumer segments, a one-size-fits-all strategy will not work when it comes to targeting silver consumers as they are extremely diverse. In order to succeed in seizing the wide-ranging opportunities presented by population ageing, businesses must have insight into not only older consumers’ purchasing power but the changing attitudes, preferences, needs and behaviours of this consumer segment.

The future is silver

Euromonitor forecasts the global population aged 65+ will approach 1.0 billion, accounting for 11.7% of the world’s population, in 2030. Seven in 10 people aged 65+ will live in emerging and developing nations in 2030 with China being home to 1-in-4 people aged 65+ globally.