Topic 1: What is silver economy?

The economic activities, goods, and services that are catered to individuals over 50 make up the silver economy. This idea, which was derived from the term “silver market” used to describe the senior market in Japan, the nation with the highest percentage of people over 65, in the 1970s, unites industries as diverse as healthcare, banking, automobiles, energy, housing, telecommunications, leisure, and tourism.

Innovative technology will be one of the pillars of the silver economy. A mature population that is too young to feel elderly is interested in developments in home automation, artificial intelligence (AI), the internet of things (IoT), eHealth, and other smart city services.

Characteristics  of silver economy consumers are: financially free, high purchasing power, enjoy traveling, enjoy taking care of themselves, participate in sports, are brand loyal, demand specialised and customised goods and services, engage in cultural and recreational pursuits.