Companies target baby boomers and the $15tn silver economy 

Ford is developing a driving seat that can detect a potential heart attack and bring the car safely to a stop, joining a lengthening list of companies tapping into the world’s growing market of wealthy over-60s.

The global spending power of the now elderly “baby boomer” generation – which has more money, lives longer and is more active than their parents – will reach $15tn by 2020, Euromonitor has forecast.

In a six-part series, the Financial Times takes an in-depth look at the changes being forced on industries ranging from technology to entertainment as companies wake up to the opportunities provided by the world’s rapidly ageing population.

By 2050, the number of those aged more than 65 will outnumber children aged five and under for the first time. Pharma and biotech companies are among those increasing investment to meet rising demand from the elderly, with research and development spending in the global life science industry up 3.1 per cent from last year to $201bn, according to research group Battelle.

Ford’s driver-seat technology joins initiatives from other carmakers such as Toyota to take advantage of a growing market of car buyers over 65 that today generates roughly $140bn in annual sales in the US alone.

Ford’s seat monitors the driver’s cardiovascular system for irregularities, and works with a camera to monitor head movement and sensors on the steering-wheel to spot a possible heart attack, and engage steering and braking systems.

 

Source: FT- Companies target baby boomers and the $15tn silver economy

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