The Global Later Lifers Market: How the Over 60s Are Coming into Their Own
In 2013, the highest number of Later Lifers lived in Asia Pacific with 486 million residents over 60 years old. China is the most rapidly growing ageing population and it is forecasted to increase by over 32% between 2012 and 2020. While China has the largest Later Lifer population, Japan has the oldest, with 33% of the population over 60 years old.
Later Lifers fall into two clear categories in regards to health: healthy and active or unwell and reliant on care. In many countries around the globe, out of pocket healthcare costs are rising sharply, which is having a significant impact on access to medical attention for lower income Later Lifers. Many Later Lifers are concerned with maintaining physical health, keeping an active social life through friends and family and optimizing their leisure time with hobbies.
“Health takes on greater importance as people age and become more aware of their mortality,” said Euromonitor Editorial Director, Gina Westbrook. “Therefore, they wish to preserve their health and independence for as long as possible. This creates many opportunities for businesses across all industries to target products and services to Later Lifers. Their strong interest in health and preventative care leads to increased demand for a wide range of goods from sports and outdoor gear to over-the-counter health care, dietary supplements and health foods.”
While many health and active products are at the forefront of marketing strategies for Later Lifers, products easing communication will also increase in popularity, as ageing populations wish to connect with their families through tablets and mobile phones. Other leisure products are also important such as e-readers, gardening equipment, pet care and travel.
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