Here’s a fabulous new report that’s a ‘must read’ for ANY and ALL consumer businesses; Download: “Rising longevity and its implications for business”
The report was developed by the Economist Intelligence Unit and Axa Insurance.
Not wanting to be critical but the one curious omission is that while 33% of the responses came from Asia Pacific, the region was not represented on the research team. Might have added some granularity and anecdotal evidence!?
Nevertheless, there’s some interesting insights to be gleaned from this. Here are some of the key findings:
- Business is largely optimistic about longevity. Executives overwhelmingly view increased longevity as an opportunity, rather than a risk: 71% see it as an opportunity, compared with 43% who consider it a risk.
- Relatively few firms (13%) claim to have not considered the implications of rising longevity.
- Healthcare and pharmaceuticals, leisure and tourism and financial services are seen as some of the key sectors likely to benefit. Also consumer goods, food and beverages, retail and technology companies are expected to find new opportunities. • Only those who successfully adapt will benefit.
- For some specialised companies, longevity already offers significant growth opportunities.
- Many firms are starting to consider how to develop products for this demographic and how best to market them.
The report also covers employment related issues. Equally critical to businesses.
Changes in the workforce Firms face several looming demographic risks to their workforces, prompting nearly half to consider the potential impact. Companies worry about rising pension and healthcare costs Outdated human resources policies are the weakest link for many firms Executives are overwhelmingly interested in working as long as they can, provided their work is flexible.
As said, a must read for senior executives. I’ll be quoting this research for a while to come.