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The Silver Economy and its Future

As we have already mentioned, the “silver economy” is all services, products and economic activities designed to meet the needs of those over 50 years of age. They are called "silver" due to the color of their silver or gray hair. This segment of the population has a very strong economic weight. According to a report by the European Commission, if classified among sovereign nations, the Silver Generation would be the third largest economy in the world, behind only the US and China. This shows that there are great opportunities to offer to this segment and take advantage of the potential.





There are three important sectors where a range of products and services focused on seniors can be offered.

Opportunities presented in different sectors


Technology and Health services


As they age, many seniors want more comfort in their homes and demand houses with adaptations that make it easier to continue living in their environment when physical or cognitive limitations appear. For this reason, as we have previously mentioned, it is important to offer an ecosystem of insurance services where seniors feel accompanied, not only at the time of an accident but from the beginning of the contract.


In the technological area, the development of telemedicine is needed for easier and more affordable use for seniors. It is also important to recognize that cities change over time and for that, it is necessary to take into consideration what type of infrastructure or adapted services are needed for this segment of the population.


Training and Employment

On the other hand, since the population is aging rapidly, we need new ways to keep this segment active and keep producing. Therefore, courses and tools that help seniors to stay active are of the utmost importance. For example, "finance management through digital banking or training in the new skills demanded by the labor market" (Santander, 2022).


Entertainment

Finally, after 50 people start to enjoy their free time much more. For example, there are many seniors in the US who have a great interest in esports and are considered "gamers." For this reason, products in this area have to be offered that are adapted to seniors. They must also offer cultural opportunities of their choice, create leisure spaces suitable for their needs and transform tourist destinations that take their needs into account.


As we can see there are many options to offer new products and services and we really need them since there is a lot of demand, but not necessarily the same supply.


Santander. (2022, October 31). Economía Plateada: Las Oportunidades Que Ofrece La 'Segunda Juventud'. Santander Corporate Website. Retrieved November 10, 2022, from https://www.santander.com/es/stories/economia-plateada


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