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Older adults will drive U.S. population growth over the next quarter century. Projected to grow four times as fast as the total population, older adults will make up 22 percent of the population in 2040, up from 15 percent in 2015.
High Demand for Accessible Housing and a Direct Care Workforce
Enormous changes in the built environment and consumer marketplace must occur to accommodate our aging population. Unfortunately, few entrepreneurs and business owners are strategically positioned to take advantage of opportunities in this burgeoning market. Four are highlighted below.
* The purchasing power of the baby boomer segment of older adults-$3 trillion in the United States and $15 trillion globally-constitutes a formidable consumer market opportunity. To successfully tap into this spending power, advertisers and marketers must develop a deep understanding of this demographic group and adapt product portfolios and sales approaches to meet its evolving needs.
Also, marketers must understand the aging consumer paradox: Older adults do not like to be singled out and reminded that they are old, so, in the words of Bloomberg News senior reporter Matthew Boyle, "The company that does a great job of making products for seniors takes great pains not to make products for seniors."
* Technological innovations must be designed for all older adults. Most efforts to innovate in the aging space have focused on technological solutions that will enable "rich and young at heart" elders to live independently for as long as possible....