According to the Stanford University Business School, we’re now in “the longevity economy.” And those who stay ahead of the curve on serving older customers could become massive winners.”
This article summarizes the key takeaways:
- “Older consumers” control “an increasingly large slice of GDP and account for about half of all consumer spending. Robert Chess, who teaches a Stanford course on olde consumers and workers, “compares ‘the longevity economy’ to the computer industry back in the 1980s, stating that those who are ahead of the curve on serving older customers will becomes ‘massive winners.’”
- There will be new life paths and new life stages, rather than the old model of “learn, earn, retire”
- On the other hand, ageism could become an even bigger problem, especially in the workforce.
- Intergenerational solutions will become increasingly important
The article offers a good quick basis for the topic, but there’s even more detail in this second article from Stanford, “We Have 30 Extra Years: A New Way of Thinking About Aging.” The article notes that the “longevity economy” is worth a staggering $22 trillion worldwide ($8.3 trillion in the USA), and that figure may be conservative: ”AARP…estimates that people over 50 already account for half of consumer spending worldwide.”
By 2035, people over 65 will outnumber people under 18 in the USA for the first time ever. By 2050, they’ll outnumber people under 15 for the first time ever.
The world now contains equal numbers of toddlers and octogenarians.
We urge you to read the full article, because it goes on to detail the many areas of society that will be totally revolutionized by longevity.
This is exactly a kay theme of our book. We describe the “old model” (learn, earn, retire) as DefaultAging, and the new model — in which the average 65-year-old may have 25 or 30 years (or even more) of added lifespan — as SuperAging. All of the changes and opportunities outlined in this article from Stanford are explored in detail in our book — along with a practical plan to make SuperAging a reality in your own life.