Juan Carlos Alcaide, Professor at ESIC School of Business and Marketing, CEO and Founder of Silver Economy Company, and author of The Silver Economy. Over 65: The New Target examines the economic challenges of longevity.
The whole world ages. The European Commission estimates that by 2060, one in three people in Europe will be aged 65 or older. Furthermore, according to the United Nations and its report, World Population Prospects, the number of elderly people (60 years and older) will double by 2050.
People with the past are the future, and the silver economy was born out of the need for an economy that cares and takes care of this large and diverse population sector.
The silver economy is about focusing on the indisputable fact of population aging through public and private forces, and especially in Spain, addressing the demographic challenge of an aging society with people reaching almost 100 years of age. It forces us to focus. Cared for by the children of septuagenarians, now cared for by second-generation immigrants, all aided by technology, there is a genuine hope of generating productivity.
However, the silver economy goes further and is also responsible for meeting the demands of families and stakeholders affected by the care, support and support of older adults.
Therefore, the challenges of the silver economy are the result of a very positive fact. One human achievement that offers great opportunity is longevity, giving us years and years of life.
There are many business opportunities in all sectors, as all sectors will be affected by the aging population. Additionally, it must be taken into account that the spending capacity of the silver population is estimated to be over 3 trillion euros. This number is expected to rise further in the coming years.
Products and services
In that sense, the silverization of products and services is inevitable. This means that all companies and organizations must prepare to offer products and services adapted to the elderly sector. Thus, the silver economy must be seen from various aspects: the medical sector, the financial sector, the aesthetic and care sector, the food sector, the mobility sector, the cities, the tourism and leisure sector, insurance and, of course, the sector. , with the development of so-called agetech, technologies are being developed from the technology sector that involve solutions used in other sectors and make life significantly easier for older people.
We need to reinvent our manufacturing offer, for example by producing products that everyone can use and have packaging that is easy to open. We also need to reinvent fashion and make it accessible to all types of people. Rethinking tourism and culture with the aim of reducing loneliness and promoting socialization and intergenerational integration. We focus and develop technologies to meet the huge demand for care and implement home automation. Changing the direction of the insurance and pension industry by providing specialized services for seniors. Rethink your financial planning system. Rethink housing and choose new ways to make co-ops, sheltered apartments, and nursing homes more welcoming.
In the end, it is important to work from a senior-friendly perspective, or in other words, to be “kind” to the elderly. After all, the purpose is, on the one hand, to provide the elderly with a healthy life full of comfort. and on the other hand, promoting community life through integration and socialization.
7 principles of silver economy
The silver economy needs to move in this direction, and marketing aimed at this group needs to move in the same direction. Next, let’s talk about senior marketing. This is marketing aimed at elderly people and those around them (families, citizens, guardians, etc.). Communication should consider the seven principles of the Silver Economy.
We all have the right to age with dignity. It is legal and ethical to make money by improving the lives of seniors. Entrepreneurship in the silver economy needs to be promoted to improve social welfare. There are no old people or women. We must value the “wisdom of the times.” Aging is a positive and active thing. We all need to make the most of the uncertain time we have left. The idea of protection is essential. The silver economy is not just about dependence and care. There are many others, but the idea of protecting fragile things is essential. You need to plan for your longest life. Building a silver technology ecosystem is urgent, and the productivity and everyday life facilities that technology provides are essential.
Unfortunately, the pandemic has made us realize that pampering the elderly is a matter of personal and societal dignity. To live is to grow old, and our duty as a society is to give back to the elderly everything we have received from them and ensure their well-being.
