Mature consumers are a huge growth market

The latest Global AgeWatch Index gives us some insights into how the world population is ageing. The numbers demonstrate not just how much we need to focus on providing health and care for older people, but also how many older people will be tomorrow’s consumers.

Globally 12.3% of the world’s population is over 60 today. By 2030 that figure will rise to 16.5% and by 2050 it will be over a fifth – 21.5%.

Mostly figures like these are considered in terms of what an ageing population will bring to the government and society. Recently though there has been more focus on what generations of older people can contribute themselves. Retirement ages are rising. More people are starting a second, more entrepreneurial career in their 50s. Further education and voluntary work are becoming more population.

Longer working years suggests more disposable income on a long-term basis. Recent changes to pension rules in the UK mean some are choosing to spend at least some of their pension pots on high-value acquisitions.

This growing population of post-60 consumers are intent wherever possible in maintaining an enjoyable quality of life, rather than just getting by. Travel and cruises in particular are seeing a surge in popularity. Technology is no longer a mystery – Skyping the family or playing games on an iPad is a way of life for many.

And so it goes on. The savvy providers of products and services will tap into this growth generation both with new offerings and with a fresh approach to what’s already available. There’s more to life than millennials.

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