Today’s aging society trend is not limited to North America. According to the World Health Organization (WHO) “in almost every country, the proportion of people aged over 60 years is growing faster than any other age group, as a result of both longer life expectancy and declining fertility rates”. Today, there are an estimated 600 million individuals age 60+ worldwide and that number is expected to double by 2025. Here’s a closer look at some of the demographic trends that are shaping the way we do business worldwide.
The WHO reveals that the “European Region is ageing rapidly: its median age is already the highest in the world, and the proportion of people aged 65 and older is forecast to increase from 14% in 2010 to 25% in 2050”. According to Eurostat the median age in Europe is 41.9 years.
Additional data from Eurostat showed that in 2013, Germany (20.8%) and Italy (20.6%) possessed the highest proportion of European older adults 65+, while Ireland (11.9%) had the lowest.
A Pew Research study from May 2015 entitled Family Support in Graying Societies found that “Germany and Italy, two of the “oldest” nations in the world, after only Japan, are already where the U.S. will be in 2050: a fifth of the population in each country is age 65 or older”.
According to an article in The Gerontologist entitled Japan: Super-aging Society Preparing for the Future, “Japan has the highest proportion of older adults in the world”.
A Wall Street Journal article entitled Five Facts From Japan’s Population Statistics cited that in Japan “One out of every eight people living in Japan is at least 75 years old. There are twice as many people who are aged 65 or older than the number of children under the age of 15”. Japan has approximately 60,000 centenarians with 52,000 being women.
The older consumer market is growing and influential, and is certainly not bound by geography. Businesses today need to take into account the needs and wants of older adults and their families, in addition to their location in the world, in order to stay relevant. Please join us at the next Business of Aging: Information Exchange Network’s (BA:IEN) quarterly breakfast meeting where we will be having a discussion on shaping the BA:IEN’s growth globally.
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