This paradigm shift will give rise to complex scenarios in the coming years from a socio-economic policy perspective, directly threatening the welfare state model as we think of it today. But we don’t have to wait years for alarming news revealing serious problems in some of our country’s major newspapers. Almost 200,000 people eligible for dependency benefits are still on the waiting list (official data source: IMSERSO December 2021). Thanks to the care economy shock plans already in place by national and local governments, the data is improving compared to last year, but there is still a long way to go.
In the face of this alarming reality, which urgently needs to be addressed and involves a renewal of public policy and greater economic injection into this sector, other solutions are emerging that present opportunities for the business community.
The silver economy had a direct, indirect and induced impact of more than €325 billion (26% of GDP) in Spain in 2019, according to a report prepared by Oxford Economics, the University of Salamanca and the Center on International Aging (CENIE). It is said that he created . The majority of this proportion is concentrated in the care sector. This is because although the dependent system rests with the government, it is largely private companies that ultimately provide the services. However, within this influence, other activities in various fields are also taking place.
One example is how the tourism sector has been able to adapt to this demographic trend. The Canary Islands can be used in terms of long-stay tourism for older adults in Europe, telework tourism for active older adults in Europe, or senior cohousing by converting hotel facilities into permanent stay spaces for older adults. We are developing strategies to attract this demographic. Therefore, the real estate sector has also identified opportunities in the silver economy.
In other areas, such as insurance, we are developing innovative services and products focused on retirement. Technology companies also have a strong presence in the silver economy, and are shaping the lives of this segment in many areas, as well as in all areas related to care (preventive and predictive telecare devices, smart pillboxes, etc.). We’re working on solutions to make it easier. Other areas such as training (one example is Vilma, a live online class platform that acts as a subscription service for seniors interested in continuing to learn about any subject).
And we see another ramification in this area of training. Older people are increasingly delaying retirement. A highly active profile that wants to continue contributing to the business structure requires reskilling and upskilling to remain competitive. However, as the labor market ages, this need is expanding to other pre-retirement age groups, with 8.7 million people aged 55 and older expected to live in the home by 2030, according to ManpowerGroup research. It is said that it will become.
One thing is clear in this connection. Companies need to start considering the profile of seniors as one of their priority interest groups in their communication strategies. This is the group with the highest average net income per capita, which is increasing every year. in the population pyramid.
This community is much more rational and less impulsive, so companies must approach their communications and marketing differently. He has a great interest in leisure and tourism issues, as well as lifestyle and well-being. However, older people cannot be considered as a single community, but rather their income, lifestyle, or consumption habits must be considered.
Format is also important. Older people want clear, simple messages that engender trust, rather than creative and innovative claims, as is the case with other demographic groups. Influence marketing can also see this opportunity and it is becoming common for brands to have a more senior profile within their strategy.
Communication channels are another consideration. Baby boomers, who are now reaching retirement age, are not digital natives, but a large portion of them have already migrated online, and in fact, those over 60 are the generation that has grown the most online. Purchased item. However, that doesn’t mean it’s the preferred channel to reach this segment. Cases such as banks’ digital transformation, which has become controversial due to the financial exclusion of older people, are forcing companies to not only adapt their business strategies to respond to the needs of this profile, but also to know how to communicate it. It shows that it must be done.
In other words, the demographic revolution and the silver economy will also impact corporate communication strategies, and brands need to prepare and adapt their corporate communication strategies to this new paradigm.
