Older Americans Ignite Innovation in Tech

Americans over 50 are purchasing technology at record rates, making the tech sector a key contributor to the economic activity generated by this demographic every year, reports Forbes . AARP's 2019 Longevity Economy Outlook forecast that spending on tech purchases by 50-plus consumers will reach $645 billion by 2050, but AARP Senior Vice President Jean Accius said new products and services are needed to help older generations make the most of increasing longevity. A boom of new technologies aimed at adults over 50 has fueled innovations ranging from smartphone-controlled hearing aids and fall-detection wristbands to virtual reality experiences that make it easier to stay connected. The demand for connected solutions aimed at seniors should reach $30 billion in the next two years. AARP is developing and nurturing innovations that are helping to enhance the lives of this population. AARP started The Hatchery, an innovation accelerator that works with startups and investors to create products for older adults, to improve both their physical and psychological health. Illnesses such advances are meant to alleviate include dementia. AARP reports that entrepreneurs are taking advantage of the lucrative opportunity represented by the growing senior market, while most tech companies seem oblivious.