What if we were to tell you that 2020 will be the year that your business breaks new ground and exceeds all expectations? What if we were to tell you that this can be achieved through unlocking the economic potential of Canada’s strongest spending group? Canadians 45+ are shaping our economy in ways we never imagined, and they present a massive opportunity for companies who can adapt to these new conditions. To help you understand how this audience is evolving and where you might capitalize on it, we present 5 trends shaping the Longevity Economy in 2020.
1. The Aging Population Is Smashing the Old Ways of Business
Welcome to the Silver Economy, where the massive impact of aging consumers is reshaping every industry imaginable. The global numbers behind this market are staggering, with a current valuation of $7 trillion, and forecasted spending power of $15 trillion by 2020. Added to which, these adults view themselves as ‘middle-aged forever’ and behave in a completely different way to their predecessors, which means that businesses will need to discard outmoded perceptions of aging if they are to thrive.
These consumers are wealthier and more active than those who came before them, making them extremely valuable customers that you need to adapt to. Let’s chat if you’d like to know more about this incredibly valuable demographic.
2. Retirement as We Know It Is Dead
Retirement isn’t what it used to be. The challenge and variety of the workplace has persuaded many to defer punching the clock on their career, while others treat retirement as an opportunity to pursue education opportunities or entrepreneurship (46% of Canadians who have launched or purchased a new business are empty-nesters). Schools and startups are associated with younger generations, but older Canadians are finding that they still have a drive to learn, grow and succeed, and this is completely redefining the market. Instead of being the end, retirement is often a new beginning, and opportunities exist for organizations who capitalize on the drive of older Canadians.
Don’t assume that some activities are the sole preserve of younger generations, and risk missing out on a lucrative audience. Remember, older adults do not see themselves as irrelevant, which means neither should you.
3. Caregivers Need Your Attention
Our population is aging, and that’s led to the meteoric rise of a new market that you need to tap into – caregivers. Currently one in four Canadians over 30 are caring for loved ones, and that number continues to grow. The savvy marketer needs to understand that these people need help, resources and understanding. Caregiving is a difficult role, with many hard decisions made every day. This is where content can play a significant role, making their lives easier and establishing your organization as a partner in care and aging.
The caregiver audience grows in size and influence every day. By providing them with resources and tools, a beneficial relationship can develop for all sides. We can help you develop valuable tools for caregivers.
4. Age-Tech Will Continue to Explode
Technology has provided innovative approaches to enriching our lives at all stages of life, and age-tech is growing at an exponential rate. Disruptive solutions from companies large and small are broadening horizons and enabling increased security, mobility and vitality. That’s why Age Tech has become a growing focus for the Consumer Electronics Show, and its 182,000 attendees, and it’s why we recently profiled some remarkably innovative solutions presented at the AGE-WELL National Impact Challenge: Startup Edition. The audience for these solutions grows every day, and companies who tap into this demand stand to benefit.
The competitors we profiled and the best CES inventions showcase the benefits of collaboration between companies, caregivers and seniors in the pursuit of the best possible solution. It’s a model that can be extremely fruitful for others.
5. YouAreUNLTD Will Make the Difference
We’ve already been identified as an influencer by Aging in Place, but by enabling businesses like yours to connect with the aging consumer, we’ll be part of a revolution that will improve the lives of millions of Canadians. We’ll connect them with organizations in new ways, delivering a powerful outcome for consumers and substantive results for businesses.
The silver economy represents an outstanding opportunity to fuel organizational growth, but the landscape is changing rapidly and can be difficult to navigate. Fortunately, you do not have to do this alone, because we offer a range of solutions that will allow you to develop winning strategies for connecting with this audience, that can be uniquely customized to your goals.
YouAreUNLTD is a purpose driven brand and content network, disrupting and redefining what it means to get older. We are market experts and our propriety content distribution and amplification network helps businesses to tap into the massive business opportunity around aging adults. Get in touch with us now and learn how.