What opportunities does an ageing society offer my business?

Date:
18th January 2011
Venue:
Kirkley Hall
Location:
Ponteland, Newcastle
Price:
FREE

Register for the event at www.ncl.ac.uk/iah/business/events

What opportunities does an ageing society offer my business ?

  • a growing market with wealth spending power and high expectations
  • the over 50s are currently 20 million strong and growing fast - they hold 80% of the UK's wealth
  • as much as 40% (£260bn) of total UK consumer spend can be attributed to the over 50s
  • people aged 50-65 spend twice as much on leisure and entertainment as the under 30s
  • 56% of the over 50s have a home PC/laptop and 70% have mobile phones

Understanding the growing 50+ market is critical to business

Companies that engage and trade this market will be working with a longer living, healthier, more demanding and more diverse group of consumers.

The change in the age demographic

Over the last 200 years, life expectancy in the developed world has been increasing at the rate of five hours per day. This 29 hour day (24 for now and five for later) represents a great triumph for science and medicine and explains why the average age of your customers is rising. Importantly this generation's influence is not set to fade as they age. Their tastes, needs and motivations will evolve, leading to different consumption and demand patterns for both goods and services.  Focused products and services that help towards ensuring as high a quality of life throughout the life course will increasingly be in demand.

Changing business focus

It appears that few companies are prepared for the changing age demographic. Many seem stuck in the groove of automatically targeting their efforts at the younger generations: so far at least, many companies have failed to age with their customers. As with all forces for change, ageing presents a challenge and an opportunity. Companies that analyse the situation correctly and successfully should prosper.

How Newcastle University can help business

Newcastle University's Institute for Ageing and Health (IAH) Europe's leading research organisation tackling the broad challenges of population. It is a major source of knowledge and innovation with potential for translation into products or services.

Our research spans:

  • How and why we age
  • Clinical aspects of ageing, particularly brain ageing
  • Technology to support healthy ageing and those damaged by ageing
  • The impact of nutrition and exercise on life long vitality
  • Social aspects of ageing

We lead the Newcastle Science City Ageing and Health theme and are committed to seeing genuine benefit, both social and economic emerge from our world class research. We work with businesses and other organisations to support the development of knowledge and innovation to underpin new products and services suited to a society with a much greater average age.

Register for the event at www.ncl.ac.uk/iah/business/events