Societal aging is one of the global megatrends that many areas of the economy must adapt to. The concept of the silver tsunami, referring to an aging society active in the labor market, and how to adapt the economy to this wave will be discussed during the Impact’21 event, which will take place on October 27 and 28 in Poznań.
Globally, our society is aging. We are living longer, thanks in part to advancements in medicine and increased prosperity, but it's also significant that the post-war demographic boom generation, the so-called Baby Boomers, are now entering retirement age. The trend of an aging society is visible in every corner of the planet, although the pace of this process varies depending on the level of industrialization or wealth of individual countries. Experts estimate that by 2030, the global population of older people will grow 3.5 times faster than the overall population.
This demographic process significantly impacts the economy. Adapting infrastructure, medical and social care, as well as services, will be necessary due to the changing age structure of society. This opens up an entire branch of marketing targeted at the so-called silver generation.
The silver tsunami, therefore, represents an aging society that remains active in the labor market, as well as a growing group of mature consumers with new needs.
The Polish Consumer is Aging
The trend is global, but data shows it is also occurring in Poland. According to data from the Central Statistical Office, by 2050, individuals aged 55 and over could constitute nearly half of Poland's population, reaching 45 percent. This means that the so-called silver economy will also become a reality in Poland, and silver individuals will soon become the largest consumer group.
In Europe, an aging population has long been a focus of marketing efforts that have recognized the opportunities in demographic changes. Increasingly affluent and older Western societies have discovered a discerning consumer among those in their 60s and 70s, for whom it is worthwhile to create tailored offerings. While in Poland, individuals over sixty are not typically associated with wealthy consumers, the marketing trend of building offerings for older people has also reached here.
There is a demand for services and products created in response to the needs of the older generation, and this demand is growing. What kind of services are we talking about? For example, medical service packages, care services, but also an increasingly extensive tourism offer. An important part of these services also includes support with daily activities like cleaning, shopping, and more.
According to experts, marketing has the potential to discover the power of targeting seniors as consumers. Today, many representatives of the silver generation do not find their needs met in marketing offers, and they consider advertisements to be full of stereotypes and humiliating. This will have to change if marketing is to leverage the potential of the silver generation's purchasing power.
Cultural and educational offerings for seniors, as well as infrastructure adapted to their needs, will also become increasingly necessary. Companies must also consider implementing changes in their employee structure and culture to avoid excluding the older generation and, instead, to harness their potential.
Silver Economy at Impact’21
This megatrend will be one of the leading themes of the Impact’21 event, taking place on October 27 and 28 in Poznań. Within the thematic track of Media & Marketing Insight, partnered by the agency THE WAY, guests will delve into the challenges facing the silver society during a moderated discussion titled “Silver Tsunami vs. Gen Z. Is it possible to find common ground in marketing to such extremely different target groups, and how should brands adapt their value proposition / service model?”