Why age is good for business
Source: rocket50 Staff
Date: November 6, 2024
Do you feel that your age is a burden? Or do you feel that there is excitement and opportunity coming with it?
At rocket50, we innovate content and services based on collaboration with experts in longevity, HR and science. We analyze trends on what it means to grow old in our day and age.
Here are 3 observations on why age comes packed with positive impact and something really super:
1. BUSINESS OPPORTUNITY
Our lengthening lives are creating new and varied consumer groups. If you're a business, this is an exciting period of time because you no longer just have to focus on youth. If Americans aged 50+ were their own country, they’d be the third-largest economy in the world. According to the AARP Longevity Economy Outlook report, consumers aged 50 and up contribute $8.3tn each year in economic activity to the US economy, with a GDP that’s expected to triple by 2050. By being inclusive of all generations and all market segments, you are capturing a much bigger piece of the pie.
2. SOCIAL OPPORTUNITY
With 5 generations in the workforce today, there is a lot of room for a culture of equality with each generation having their unique responsibility and measure in society. Older and younger people together builds empathy. Society tends to look at older populations as disposable. But we're seeing that populations are starting to have more in common than generations of the past and are remaining connected consumers for longer periods of time. This idea that 65 is a stopping point is moot— today it's a starting point. And that's exciting.
3. CULTURAL OPPORTUNITY
The traditional notion of age bubbles is being questioned, paving the way for a potential cultural transformation. Consumer attitudes have been fundamentally ageist, creating “problems” that require attention. For example, in the beauty industry, the use of terms like "anti-aging," "age defying," and "wrinkle repair" creates a negative connotation around aging, implying that there is something to be feared and corrected. This language reinforces the idea that aging is undesirable and that products are needed to combat it. Similar age-related biases can be seen across other industries such areas such as healthcare, media and technology.
However, change is clearly on the horizon. At Rocket50, we are optimistic about this shift. From an economic standpoint, disregarding older populations is unsustainable for businesses. We believe that fostering healthy aging is not only beneficial but also a positive step forward for society.