Elderly Market 1600 Trillion Yen, International Organization Calculates Longevity Business Opportunity

(Via Google Translate)

The international organization Global Coalition on Aging that tackles the issue of aging has announced that the purchasing power of the world over 60 years old will total 15 trillion dollars (about 1600 trillion yen) by the 9th. The population over 60 years old will double to 2 billion in 2050, and the elderly market will expand as well. The enhancement and digitization of services for the elderly may create new business opportunities.

The Finnish government and GCOA opened the “Silver Economic Forum” by the public and private sectors in the capital city of Helsinki on the 9th. The European Union, the Japanese Ministry of Health, Labor and Welfare and the Ministry of Economy, Trade and Industry also participated. We considered aging as an opportunity rather than a crisis, and discussed measures to lead to economic growth.

GCOA’s CEO Michael Hodin said that longevity-related businesses have room for development, saying, “The number of senior citizens will increase to 2 billion.”  Participants raised voices such as “digitalization is the key to medical and health maintenance.”

Aging is advancing not only in developed countries but also in emerging countries such as Thailand, which is a common issue for the world. If the elderly market is revitalized, tax revenues will increase and support the national finance. It is expected that digitalization will make life easier for the elderly, and data analysis will provide detailed services for medical care and daily life.

Finnish Prime Minister Rinne said in a greeting, “Aging is a challenge for the continuity of public policy, such as finance, but it is an opportunity for business.” Lagarde, Managing Director of the International Monetary Fund (IMF), pointed out in a video message, “In advanced countries, the retirement age is 65, but it has potential (after retirement).” She pointed out that not only elderly people but also women can expect further economic growth by entering the labor market.

Source: Nikkei Asia Review

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