One of the greatest advances that the 21st century has brought is the growth in life expectancy. According to the United Nations, increases 4 months per year and it is estimated that In 2036 there will be more people over 60 than under 10. Furthermore, by 2050 half of the population will be over 50 years old.
These international figures were taken into account by Guillermo Olivetoconsumer specialist, CEO & Founder of the consulting firms W and Alma Trends, in the presentation of a report he made during the panel “Gen Silver Over 50 in it Silver Economy Forum Latam, which took place yesterday at the Palacio Libertad (former CCK), in Buenos Aires.
Oliveto presented the latest numbers of the impact of the +50 generation on the consumer market and highlighted the relevance of the silver generation in global spending, with its growing purchasing power and a preference for products and services adapted to their needs.
“The silver generationwhich includes the silent generation, baby boomers and generation 25.5% of the world population and generates 40% of global consumption. By 2050, this generation is expected to control the 50% of world consumptionwhich shows that its influence on the market is crucial. Despite this, attention has focused excessively on centennials and millenials, ignoring the potential of the silver generation,” said Oliveto.
As mentioned, the silver generation or “Gen Silver” represents today 40% of global consumption (equivalent to 23,000 billion dollars, making it the third largest economy in the world). And that’s not all. The +50 will reach 44% of the world’s population worldwide by 2030 and 50% in 2050. In Argentina it already represents 35.5% of the total population.
“When we look at the statistics, we see that silver has a higher percentage of consumption in our country, crossing all categories, above 35%,” said the CEO, who highlighted how this generation is remodeling industries such as tourism, health and technologyin addition to promoting new business models.
Another phenomenon that occurs in various parts of the world, which accompanies that of longevity and from which Argentina is not exempt, is the increasingly low birth rate. Life expectancy increases four months per year worldwide, while birth rates have fallen by 40%. And that is also a determining factor in the purchasing power of this silver generation, as a determining factor in the domestic market, he revealed.
“The new longevity implies a change of mentality in the way we think, live and buy. And the impact of this new generation is not limited to classic categories, but encompasses all consumption transversally,” said Oliveto.
Oliveto emphasized the difference between trends and fashions: “Trends are often confused with fashions. Trends last years or decades, they are vibrations.” In this sense, he highlighted the macrotrend of the resignification of longevitywhich redefines age as an attitude, a lifestyle. “Age breaks the classic chronology and becomes an imprint,” he explained.
and identified four trends key that emerge from this new longevity:
- From Old to Bold: “The new longevity is the vitality”, a concept that advocates activity, dynamism and energy in the most advanced stages of life. “It takes a long time to be young, said Pablo Picasso. Today the new longevity is vitality, with full activity, dynamism, energy and vigor,” said Oliveto.
- Old is the New Gold: “The years are no longer seen as a burden but are appreciated as a worth”. New longevity translates into new opportunities.
- From Anti Age to Pro Age: The view of old age transforms from a denial to an emphasis on action, where “if you are not aging, you are dead.”
- Sexy Over 50: Wisdom is revalued as an invaluable asset. The new longevity is “wise sensuality,” a combination of experience and attractiveness.
“Today we see top brand beauty and cosmetics companies promoting their products with 50+ models. Today beauty has no age limit. And it is perceived with the thought of celebrating each year that is fulfilled. He doesn’t hide it. More than perfection, it is the perfect age, what is sought today. Thus, the new longevity is the wise experience,” Oliveto highlighted.
The silver economy focuses, on the one hand, on economic activities that meet the needs, interests and demands of older peoplesuch as health, well-being, adapted technology and leisure services. And, on the other hand, it promotes the economic independence of the silver generation (50+), allowing older people to continue being active, productive and key contributors to the market.
“The human being earned a life in a century, which invites us to rethink the way we live and consume,” Oliveto concluded.
In the next panel, “The third world economy revolutionizes consumption: new opportunities for the silver generation”, The concept raised by Oliveto was reinforced.
Prominent marketing and communication leaders addressed the impact of the silver generation on the global economy and how this population redefines the market. Monica Gutierrezjournalist, highlighted the change in life expectations: “You don’t know how many years you’re going to live. Why not believe that life expectancy could reach 100 years?” Based on this premise, experts agreed that longevity is transforming the consumption and behavior of this generation.
Nadine PavlovskyMarketing Lead of the SEF, explained the lack of specific information on silver marketing in LATAM and the need to capitalize on the purchasing power of this group, which represents 37% of consumption in the region: “Only 15% of companies have products designed for the silver”.
For its part, Ariel HajmiCEO of Kantar IBOPE Media, highlighted how The silver generation is one of the most important segments in the use of digital media and streaming platforms. In the same sense, María Laura AmorósMarketing Manager of Despegar.com, highlighted that 40% of its sales come from this generation, while Leonel Pirainofrom Banco Provincia, revealed that 38% of its portfolio belongs to the silver segment.
Finally, Maite Iglesiasfrom L’Oréal, addressed the impact of comprehensive health on well-being and the importance of making stages such as menopause visible, and Magdalena PesceCEO of Wines of Argentina, highlighted the key role of the silver generation in wine consumption and wine tourism, stating that this segment is becoming the main focus for the wine industry. Based on this premise, experts agreed that longevity is transforming the consumption and behavior of this generation.
Nadine PavlovskyMarketing Lead of the SEF, explained the lack of specific information on silver marketing in LATAM and the need to capitalize on the purchasing power of this group, which represents 37% of consumption in the region: “Only 15% of companies have products designed for the silver”. For its part, Ariel HajmiCEO of Kantar IBOPE Media, highlighted how the silver generation is one of the most important segments in the use of digital media and streaming platforms. In the same sense, María Laura AmorósMarketing Manager of Despegar.com, highlighted that 40% of its sales come from this generation, while Leonel Pirainofrom Banco Provincia, revealed that 38% of its portfolio belongs to the silver segment.