|Source: Euromonitor website.|
The population over 60 stood at 912 million in 2014, representing 12.6% of the global population, and by 2030, this segment will grow to 18% of the total, or 1.5 billion globally, the company said.
While China is the fastest growing ageing market with over 60s forecast to grow by more than 46% between 2014 and 2030, Japan has the oldest population, with a third of the total population aged over 60. Japan is a model on the impact of this demographic shift, showing the effects of different methods of governmental intervention and product development opportunities.
Key findings include:
- E-health, home assistance and elderly-friendly services will drive technology developments in the senior market, with health being the most dynamic consumer expenditure category through 2030.
- Efficacy and natural features remain key when it comes to marketing beauty products to the over 60s.
- Luxury goods focusing on heritage and craftsmanship are popular.
- As senior consumers usually invest in timeless, quality clothing, an older population will have a negative impact on sales volume in the apparel market.
- Presbyopia represents a key market driver in eyewear.
Download a copy of the white paper here.