Older consumers are a largely ignored — and very lucrative — group.
By Richard Schenkel
Published: Jan. 17, 2025 at 8:03 a.m. ET
Today’s aging population completely defies the stereotypes of yesteryear. Baby boomers have accumulated more savings than their predecessors, they are more heterogeneous, and they have a multitude of visions for how they would like to live.
Consider this: The oldest segment of our population is responsible for a significant amount of the spending in critical product categories such as food and beverage, housing and utilities, health and recreation.
The sum of all economic activity serving the needs of Americans over 50, including the products and services they purchase directly, and the downstream economic activity has been dubbed the “longevity economy.” Rather than the antiquated “burden on society” label, today’s diverse and empowered aging cohort is driving an unprecedented $8.3 trillion in annual economic activity in the U.S. alone.