NEWS FROM THE NW ADA CENTER – IDAHO
SENIOR POPULATION IS GROWING - INVEST IN AGING!
Aging is the demographic shift that is without a doubt the strongest, least cyclical and most important trend in the market. The global population of people aged 60 and older was 962 million last year. Those numbers are projected to increase to 2.1 billion by 2050. Most regions will have populations where one quarter of individuals are aged 60 or older.
With the older population increasing, the collective spending capacity will follow suit. Consumer spending of aged adults will represent $15 trillion in 2020 and it’s rising very quickly.
For investing, look for Silver Age strategies that include 8 different areas including financials, health care and consumer sectors. Areas expected to do well are part of cyclical consumption, specifically leisure. And thematic investing – which broadly refers to buying into areas that could benefit from long-term trends – is the way to go. This growth is expected to very steady.
One shift in spending is looking to services rather than goods. The aging consumer have shifted their preference from acquiring physical assets to purchasing experiences and services instead. And there is a greater consumption of health related services and goods.
For example, if experiencing an authentic Parisian bistro dinner is on the “bucket list”, a trip to Paris will be needed. The aging consumer may prioritize the purchase of a vacation over buying the latest gadget or upgrading an old car – and this has implication on our local economies.
We are on the cusp of a major generational shift as the baby boom generation retires and the millennial generation rises. Anticipating this shift in demand should focus on accessibility in traditional goods and services. If the largest spending market needs accessibility it makes sense start changing your place of business to adapt!
Dana Gover, MPA, and ACTCP Certification, ADA Training and Technical Assistance Coordinator
For more information about ADA Technical Assistance visit the NW ADA Center Idaho website: nwadacenter.org/idaho
Phone: Voice and Text 208-841-9422
Idaho Relay Service: 711