Asia Pacific baby boomer business trends driving APAC’s projected US$ 4.56 trillion silver economy
The 4th Asia Pacific Silver Economy Business Opportunities Report 2020 edition observed 10 business trends that would drive opportunities for industry players and catapult the APAC silver economy. In this article, we highlight three of the business trends.
The Business of Care Technologies
The biggest market for elder care technologies is supporting improvement in efficiency and productivity for staff; to enable them to allocate more time towards providing care and social engagement with elders. In the global fight against the COVID-19 pandemic, one of the positive outcomes is the rapid acceleration of the technology adoption curve for the eldercare sector.
Broadly the Business of Care Technologies covers four areas.
The Business of Healthy Ageing
The desire for independence, dignity in old age and mobility is driving a mindset shift in baby boomers towards ageing in good health and extending their healthy life expectancy. Older people today are living longer and living healthier. The opportunities arising from demands and expectation of the new group of ageing population – the baby boomers, will be about creating products and services that enable them to be in a better state of health, age stronger and to live longer at home,
The Business of Senior Living and Care Communities
The ageing demography brings a huge wave of change and opportunities for the real estate sector. The baby boomer population’s demand for a high quality standard of living will start to drive development of specialist accommodation options that suit their lifestyle and care needs. With changing mindsets of baby boomers towards ageing away from their children to maintain their own independence, the opportunities in Asia Pacific are exponential. Developers who wish to capitalise on this space must make an investment in the silver market by dedicating resources towards both development of the communities and operations.