It’s the mother of all untapped markets: the world’s 65-plus population. Already at a historical high of over 600 million people, it’s projected to hit a full billion by 2030, and 1.6 billion by 2050.
And unlike many other fast-growing markets, this expansion will take place primarily in wealthy countries. As a result, the sheer amount of money involved nearly defies comprehension. In the U.S. alone, the spending of Americans ages 50 and up in 2015 accounted for nearly $8 trillion worth of economic activity. The Boston Consulting Group projects that by 2030, the U.S. 55-plus population will have accounted for half of all domestic consumer spending growth since the Great Recession, a number that rises to 67% in Japan and 86% in Germany.