All older people can benefit from 'silver economy'

Big silver economy: China has the largest number of older people in the world with 216.8 million of its population aged 65 or above, and that number is set to increase to 400 million by 2050. — AFP

THE world's population is ageing: by 2025, people aged 60 or above will represent 20% of the global population. The gains in socioeconomic development that are driving this demographic transition mean that many people are reaching old age healthier, wealthier and better educated than previous generations.

With significant aggregate purchasing power and specific needs, older people in developed and emerging economies are seen as the fastest growing consumer group in the world, offering opportunities for business growth for many major industries. The market for products and services aimed at people aged over 50 – known as the "silver economy" – is currently estimated to be worth US$15 trillion globally and is expected to rise exponentially as the number of older people continues to grow.