The Silver Economy is a cross-cutting economy dedicated to seniors. It concerns all business sectors. This economy has a bright future since Baby Boomers are currently over 55 years old and people get to live longer nowadays. They not only wish to live longer: they intend to grow old in the conditions they have chosen and as healthy as possible.
The Seniors’ Economy
The Silver Economy and ageing well concept not only involve health and home care services but all business sectors. Every one of them must adapt to these demographic changes and also innovate: new technologies, housing, security, transportation, tourism, ready-to-wear or mass retail.
Seniors Are Big Spenders
Young seniors are part of the Baby Boomer generation, born after World War II. They are different from their parents, who belong to the Silent Generation. While people born before 1940 spend less and are tradition and family-oriented, Baby Boomers are big spenders, hedonistic and individualistic. There is a big interest in developing the Silver economy market because seniors have a better purchasing power than the following generation and they still have a strong desire to consume.
Wacoal: The Japanese Company That Has Turned Silver
The Japanese brand Wacoal was created in 1946. After the war, they developed bras in Japan, inspired by Western fashion. In the 1970s, the company started exporting all over the world.
Wacoal extended its offerings in the 2000s with seniors representing 25.4% of the population and 18.8 million women in the land of the rising sun. The Group invested in research and development for the elderly. A new brand was born: Rakuraku Partners. Wacoal started designing undergarments and clothing suitable for people aged over 65 through its “Good Age” programme.
In 2002, Rakuraku developed new sizing standards and clothes that are easy to put on and take off (simple fastening systems, easy-to-wear tops you can slip on with only one arm, etc.): clothes designed for daily comfort and well-being. The Group now covers all age groups and holds 38.2% market share on the lingerie market in Japan.
Other brands have followed Wacoal’s path like Danone with products that help strengthening natural defences or reducing cholesterol; or like Doro which sells telecommunication devices and connected services suitable for caregivers and people aged 60 and over. Innovation destined for seniors is present in all business sectors and often appeals to all kinds of public: ready-to-wear clothing, food, new technologies. It is the same case with the brand Oxo and its Universal Design: a can opener that is easy-to-use for seniors and easier for everyone! The Silver Economy has a bright future ahead.
– Seniosphère Conseils
– Wacoal: http://www.wacoal.com/
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