Financial Times (UK) is publishing a six-part series on the changes being forced on industries ranging from technology to entertainment as companies wake up to the opportunities provided by the world’s rapidly ageing population.
One needs to register and/or subscribe to the FT to access the articles but here are a few snippets:
- Global spending power of the “baby boomer” generation – which has more money, lives longer and is more active than their parents – will reach $15tn by 2020, Euromonitor has forecast.
- Consumption spending among those aged 60 and over rose 50 per cent faster than those under 30 in the past two decades, according to Eurostat.
- Pharma and biotech companies are among those increasing investment to meet rising demand from the elderly, with research and development spending in the global life science industry up 3.1 per cent from last year to $201bn, according to research group Battelle.
- Some 86 per cent of Americans over the age of 65 have at least one chronic medical condition such as heart disease, diabetes or cancer, and more than half have two or more.
- Carmakers such as Ford and Toyota are employing new technology to take advantage of a growing market of car buyers over 65 that today generates roughly $140bn in annual sales in the US alone.
Looking forward to the remaining articles.