It’s time to pay attention to the $15 trillion business of growing old
It’s
time to pay attention to the $15 trillion business of growing old (Fast
Company)
- There is a misconception among businesses that the most important consumer group is that in the range of 18-24 years old. It is, in fact, the older generation that is of most importance and potential to businesses.
- The world is aging with the number of 55 year olds set to outnumber 5 year olds by 2020. Similarly, those aged 50 or over will reach 3.2bn by 2050. Worldwide consumer spending of this age group could reach $17tr in 2020.
- This provides businesses with an opportunity, as the senior consumer market is largely underpenetrated and those that do provide to the group do not do so adequately.
Analysis & Comments
- An interesting view, particularly given how much attention new(ish) millennial and Gen Z focused marketing channels such as for example social media/ influencers and esports brand sponsoring are currently getting.
- The article certainly has a point – the share of the over-65s will increase from one-sixth to over one-quarter of the total population. Those aged over 80 will more than double their share from 4% today to 10% of the total population in high-income countries by 2050.
Published by Mr. Crypto Lemon
on
Posted from my blog with SteemPress : https://mentormarket.io/stocks/mr-crypto-lemon/its-time-to-pay-attention-to-the-15-trillion-business-of-growing-old/
The older people should have more money overall as well. However it should be more difficult to take their money because they're wise.
A better target market would be slightly delusional 50+ seniors. Take it or leave it, but we could get rich off of running senior retirement centers and.... oh wait.
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Hey, thanks for passing by. Let’s open retirement centers ^^ ! Where are you based 😂 ?
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I think the island of Hawaii would be nice.😌 It seems like a place where people are more willing to blow their money. Lol
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Most old people had millions while younger soul is mostly broke for some reasons.
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