The silver economy is coming of age: A look at the growing spending power of seniors

In just a few days, I will be turning 50. This is a significant milestone for me: looking backward half a century and taking my first steps into the “silver economy” (according to an extended definition). The good news is older people are no longer at the periphery of the economy. In fact, silver consumers are likely to play an important role in the post-COVID-19 recovery.

 
Everyone above the age of 50—like me and the co-editors of this blog—is part of the broader silver economy. In this blog, however, I want to focus on seniors, those 65 years old and above.

Seniors are now significant players in the economy and their role will get even bigger in the 2020s. Since older people tend to have both high incomes compared to younger cohorts (especially in OECD countries, thanks to old-age pensions) and high needs (if only on account of medical and specialized care), they are major consumers. Seniors are also growing rapidly in number: There are currently 750 million seniors in the world, and that figure will cross the 1 billion mark by 2030.

Συνέχεια ανάγνωσης εδώ

Πηγή: brookings.edu