Why businesses can no longer afford to ignore the ageing consumer | The Eastleigh Voice

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To capture this silver opportunity, the report argues that businesses should move beyond treating older consumers primarily as people requiring care and instead recognise them as active participants in the economy with spending power and increasingly diverse consumption needs.

Businesses across the globe may need to rethink how they design, market and sell products as older consumers become an increasingly powerful force in global spending. The shift is being driven by longer life expectancy and smaller families, creating a rapidly ageing population and a growing market for products and services tailored to people aged 60 and above. A new World Economic Forum study shows that people aged 60 and older will control nearly a third of global consumer spending within the next decade, creating what businesses are increasingly calling the “silver economy”. 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For Kenya, the trend presents both a warning and an opportunity as businesses contend with an ageing population whose needs are likely to become increasingly important across sectors including healthcare, financial services, retail, tourism, food and technology. 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The global market specifically targeting ageing consumers is already worth about $4.5 trillion and is expanding at seven per cent annually, more than twice the growth rate of overall consumer spending. The opportunity extends beyond healthcare and elderly care. The so-called silver economy includes senior living, longevity-focused health services, financial products, tourism and other goods and services designed around longer and healthier lives. Regionally, Africa is starting from a smaller base than North America, Europe and Asia-Pacific but is among the regions expected to record rapid growth. Spending by older Africans is projected to double by 2036. This could create opportunities for Kenyan firms willing to adapt early, particularly as digital adoption expands among older consumers and financial needs evolve with longer lifespans. Financial institutions, for example, could develop products that help customers plan for longer retirements, manage wealth and finance healthcare and other expenses later in life. Insurers could also explore products focused on longevity and long-term health needs. Retailers and technology companies, meanwhile, could make their products and digital platforms easier to navigate without assuming that older customers are unable or unwilling to use technology. Overall, the report recommends that businesses adopt “universal design”, developing products and services that work for consumers across age groups rather than creating adaptations for older people as an afterthought. Additionally, it says businesses need to rethink their marketing. Instead of portraying older consumers as dependent or vulnerable, it calls on brands to position them as active consumers interested in travel, wellness, technology, financial security and continued participation in society. The ageing population The world’s population is ageing at an unprecedented pace. Global life expectancy has risen by more than 25 years since 1960, from around 48 to 74, while the total fertility rate has fallen from 4.7 to 2.2. Longer lives and smaller families are producing an older world. According to the UN, the population aged 60 and above numbered 196 million in 1950, accounting for eight per cent of the world population. By 2025, it had reached 1.2 billion, or 15 per cent. By 2050, it is expected to reach 2.1 billion, more than one in five people on Earth. This cohort is currently growing at more than three times the rate of the global population. Other Topics To Read older consumers global spending UN world economic forum

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