Innovation and Population Ageing Adapting

Globally, the elder consumer segment is continuously expanding, necessitating genuine innovation to meet their changing and diverse needs. Given their expanding tech penetration, older consumers are becoming increasingly essential in the digital arena. In industries like education, e-commerce, home and tech, food and beauty, and health, recent innovation trends have demonstrated that inventing for older consumers could be one of the most appealing investments for future success.

Key Findings-

1. The longevity boom creates fertile ground for innovation: Between 2021 and 2030, the global population of people aged 65 and up will increase by 62.5 %, reaching 1.3 billion. Older consumers provide a wonderful opportunity for firms to innovate in order to respond to their unique and diverse wants because they are a huge, increasing, and reasonably rich audience.

2. Innovation should focus on enabling older people to live happily, healthily and independently: Age-friendly technologies should add value and support the changing and chosen lifestyles of older consumers. New solutions and products/services that allow older adults achieve holistic health and financial security, shop and travel independently, and continue learning and working are in high demand. As older generations become more digitally savvy, new technologies will provide greater chances.

3. Age-friendly innovation trends in home and tech: Home and tech innovation is now mostly focused on assisting older people in ageing in place and taking care of their own health. Medical consultations, shopping, delivery services, and entertainment all have possibilities for technology advancements.

4. Age-friendly innovation trends in food and nutrition: Functional foods and nutrients that prevent disease, help consumers keep fit, and treat age-related concerns are the focus of food and nutrition innovation efforts for older customers. Food as medicine would experience a rise in popularity among the older generations.

5. Age-friendly innovation trends in health and beauty: The health and beauty sector continues to offer solutions for older people to accept ageing and attain holistic health and wellness in their later years. The latest product advancements for ageing consumers include powerful chemicals, immunity-boosting supplements, and menopause-friendly treatments.