BTL 773 - Silver Economy

 

The Banking Tutor’s Lessons

BTL 773                                                                          15-04-2025

Silver Economy

 

The "silver economy" refers to the market and economic activities related to the needs and purchasing power of people aged 50 and above.

 

The phrase "silver economy" is sometimes used interchangeably with the term "silver market" (the “ageing marketplace” or the “mature market”), which is a narrower concept.

 

The wording "silver market" was created in the 1970s in Japan in the context of increasing of the availability of facilities for seniors.

 

Silver market includes, among others, goods, values and services for affluent older people; special solutions in trade between operators, allowing adjustments to aging workforce; ideas of universal design and transgenerational design that aim is to adapt goods and services to people of different ages ("age-friendly"), physical condition and cognitive abilities, which may result in improved social integration.

 

It encompasses a wide range of sectors, including healthcare, housing, leisure, and technology, that cater to the specific needs and desires of this demographic.

 

The term highlights the significant economic impact of an aging population and the opportunities for businesses to address their evolving requirements.

 

It includes things like elder care, age-friendly housing, tourism tailored for seniors, and technology solutions like smart home devices and e-health platforms.

 

The silver economy also involves social and cultural aspects, such as active aging, volunteering, and maintaining social connections.

 

In the United Kingdom, the expression "grey pound" is used in the context of marketing and or retail sources and refers to the purchasing power of elderly people as consumers.

 

A similar term exists for LGBT consumers, known as Pink Money or Pink Market. The “Pink Money” is also known as Pink Economy” or Pink Market” or “Rainbow Economy”, denotes the economic influence of non-heterosexual individuals.

 

Sekhar Pariti

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