Much has been written about the growing numbers of older people in our population. Some have called it a demographic time bomb. Eurostat reports that the proportion of the EU population aged 65 and over will increase from 25% in 2010 to almost 40% by 2030. This is taking place while the total EU population increases from 501 million to 522 million over the same period. This translates into an increase in the number of people aged over 65 from 125 million in 2010 to 208 million in 2030 – a staggering 66% increase.
This issue varies between countries. For example, while the over 65s in Turkey will account for just 10% of the population in 2030, in Germany it will be 47%. Aside from the question of funding the care of an ageing population, there are fundamental implications for how societies and economies will adapt to this situation. No lifestyle change works in isolation.
The interaction between these factors will have a fundamental bearing on the demand for goods and services. For example, for those with money, style and good health, obvious possibilities exist in developing suitable products in the fashion, electronics, gardening, sports, recreation and tourism sectors.
For those of advanced age, demand will be generated for mobility products, special foods with health properties that are easily digested, and other services including home delivery. Niche retirement communities may evolve containing older people who share the same values or interests.