Topic 1: The potential of the Silver Economy in the digital world

It’s widely believed that older folks and technology don’t get along. However, factors like longer life expectancy, later retirement ages, and active ageing are changing how this group of people fit into an increasingly digitalised society. The pace set by a population’s lifespan will determine how many firms develop digital services tailored to them.

According to The Silver Economy report, research created by Oxford Economics, the European Commission and Technopolis, one in three Europeans will be over the age of 65 in 2060. By 2025, spending by those over 50 will total 5.7 billion euros, or 32% of EU GDP and 38% of employment, growing 5% annually.

At the same time, the digital divide between different age groups has been decreasing over the years (see graphic), and although the older age group has been the slowest in using the internet, the pace of this group has accelerated the most in recent times, especially due to the pandemic.

Internet users who bought or ordered products or services for private use in the previous 12 months by age group, EU 2011-2021

EU estimates for 2021
Source: Eurostat