The number of Australians aged between 65 and 84 will double over the next 40 years, according to government figures. The challenge of increased health care and pension costs will have to be met by the government, but new businesses can also have a role to pay.
Overseas, a string of new businesses have formed with senior citizens in mind. A start-up in Arizona recently set up call centres staffed by older people to target the baby boomer demographic, a UK business provides ‘smart’ design for retirees homes and Driving Miss Daisy, a Canadian firm, provides cab and companion service for seniors to help them to social events, shopping or doctor’s appointments.
Traditionally, those aged over 65 have been dismissed by marketers as being irrelevant because they have no disposable income. But cashed-up baby boomers are growing in size and influence and businesses that take advantage of this will be well-set for the demographic change ahead of us.