Mining Silver: Identifying Opportunities in the Senior Boom
Today, dealing with aging goes well beyond just shrugging off one’s apprehensions about getting old. For individuals, businesses and governments, the physical and mental changes associated with getting older present a host of challenges. And ever-more people are facing these challenges: improvements in healthcare, safer food and more comfortable, less dangerous jobs are fueling a consistent upward movement in average life expectancy. As a result, we are seeing a boom in the population of silvers, which we define as those aged 65 and older.
The growth in senior populations across the world is impacting consumer spending patterns and pressing governments to legislate and budget for changing demands. Two main factors are impacting these trends—the sheer size of the aging population and the purchasing power that aging consumers wield:
- The senior population will account for over a third of all global population growth between 2015 and 2030. The global 65+ population stood at 8.3%, or 608 million, in 2015, and it is expected to grow to 11.7% of the total population, or 995 million, by 2030, according to UN data.
- Our research on the US, the UK and Japan found that senior households tend to spend more on a per-person basis than the average household does. This is partly a result of wealth accumulation, but it also reflects the relative advantages older consumers have enjoyed over their younger peers. Younger generations have seen pay and conditions degraded, tuition fees climb and, in some markets, basic living costs, such as housing, skyrocket.
In this book, we outline the scale of the aging trend and explore the commercial and economic implications of the silvers boom on six sectors:
- Senior healthcare technology: Senior healthcare tech refers to devices and services that specifically cater to seniors’ health needs.
- Antiaging and life extension: The antiaging segment discusses the various cosmetic products, aesthetic surgeries, medical developments and other trends that are aimed at reversing the effects of aging or extending life.
- Senior in-home care and assisted living: Senior in-home care refers to devices and services that enable seniors to carry out everyday tasks and that enable caregivers and adult children to provide better care for the seniors in their charge.
- Technology for mobility-constrained seniors: Technology for mobility-constrained seniors refers to technologies designed to enable housebound silvers to live independently.
- Retail for seniors: This section looks at how retail will be/needs to be reconfigured in order to cater to the silver demographic and not just to younger shoppers.
- Seniors’ leisure activities: The senior leisure segment includes apps and services that enable seniors to lead more socially connected lives.
In our analysis, we include profiles of companies and startups that offer innovative products and services in these sectors.