In our youth-centric culture, it may be shocking to learn that people over 65 will outnumber people under 18 by 2035, and that nearly 22% of the U.S. population will be older than 65 by 2050. It is clear that demographics are shifting, and that people are living longer and healthier lives. How could this be important to a business? It’s a forewarning for businesses to pay attention to these shifting dynamics to leverage future market opportunities ($22 trillion worldwide). Susan Golden, ScD author said, “Businesses have to rethink and re-imagine all their products and services that could be used by a multi-generational customer who might use it in their 18 to 34 segment their traditional market opportunity but could continue to use it throughout their life. It might need some modifications.”

Businesses are going to have to start looking at a strategy for longevity. Longevity is not just looking at products and services, but also looking at the employees that are wanting to work longer. Businesses will have to address their target age and see how they could broaden the age range to keep the customer longer. Longevity strategies can take a lifetime to understand, but the most important part is being a continuous learner. Learning about longevity can help individuals to re-think their lives and career, but also for companies to expand their markets and build potential revenue.

(Forbes, 06.14.22)

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