Seniors : the big growth opportunity for your business

Senior citizens

50Plus, one of the most important groups

In US, people over 50 contributed $3.0 trillion to consumer spending, excluding health care, in 2012, representing approximately 51% of spending by all over-25 consumers. This represents per-capita expenditures of $28,200 annually. In 2032, consumer spending by Americans over 50 is forecast to increase by 58%, to $4.6 trillion, while spending by those aged 25–50 is forecast to grow by only 13%, from $2.9 trillion to $3.2 trillion.11 In addition, the Longevity Economy is driving the growth and direction of the health care industry. In 2012, it accounted for roughly $1.6 trillion in health care spending, representing about 73% of the national total. In real terms, its health care consumption is forecast to increase 158% by 2032, to $4.0 trillion, accounting for nearly 79% of the US total. This vast expansion is likely to translate into a large increase in the demand for particular types of services, such as home health services and aging-in-place technology.

Possibility of extending your clients to the Seniors target

The ageing population is both an economic challenge and a business opportunity. Companies need to tailor their marketing strategies to be more inclusive of all ages, and not just target their products at the young. Those businesses that adapt to population ageing will thrive, while those that keep to the status quo will struggle to survive.

Opportunities to expand its customer base

The development of the Seniors market, allows companies to develop their existing and already consumed products and services, to increase their sales by targeting, in addition, Seniors customers. In some cases, products have to be adapted. This is the case, for example, of the Finnish company Emfit. Its products development focus has been purely on non-contact vital signs and bed monitoring applications mainly for sportive people. Then they decided to use their know-how to target seniors. So, Emfit Dementia Care products are specifically designed to summon automatic help for persons suffering from dementia.