Older Adults Offer Maximized Spending

Business and governments are ‘missing a trick’ by failing to engage older spenders, says the International Longevity Centre UK (ILC). In an international report launched this week ahead of the G20 Finance Ministers’ and Central Bankers’ meeting, it says across the G20, spending by older households exceeds the combined GDP of Japan, Australia, Canada, and Brazil. However, to maximize the spending of older adults, barriers, such as non-inclusive products and services and, most importantly, poor health need to be addressed. It says G20 countries that invest more in preventative health are most likely to benefit from ‘longevity dividend.’ Increasing preventative health spending by just 0.1 percentage points could unlock a nine per cent increase in annual spending by people aged 60+. The report argues that leveraging the economic contributions of older people will be instrumental in the global post-pandemic recovery. It calls on G20 governments to support businesses servicing older people, encourage businesses to recognize opportunities across the income spectrum, and reduce barriers to spending in local communities.