Trend Transition to a silver economy reshapes industries

Summary

The shift to a silver economy is creating new market opportunities for business in ageing societies. Elder-friendly industries such as medical devices, rehabilitation and care services, and financial and pension products have strong growth potential. By contrast, existing consumer goods and education industries face the challenge of shrinking markets. The composition of what older households buy is also changing noticeably. The author urges firms to recognize these shifts in consumption structure early and redesign their business strategies accordingly. The trend follows directly from ageing workforces and the rising spending share of older households in first-wave economies, and it reaches Korea as one of the fastest-ageing among them.