The Silver Economy Is Coming of Age: A Look at the Growing Spending Power of Seniors

Seniors' role in the global economy is bound to grow in the 2020s, according to the Brookings Institution . The consumer class is expected to increase from 3.9 billion in 2020 to 5.6 billion by 2030, and the only demographic whose contribution will grow at a significantly faster rate is seniors, whose portion will rise 66 percent from 459 million to 760 million. Seniors are the most affluent age cohort, along with older professionals 45 to 64 years old. The silver economy will accrue even more absolute strength until 2030 because the senior population is growing 3.2 percent every year, versus 0.8 percent of the whole populace. Many "new seniors" will be in Asia and less affluent than the current average — yet they will remain the wealthiest age group along with older professionals, as 76 percent will be in the consumer class. They also are forecast to spend just under $15 trillion, compared to $8.7 trillion in 2020. Western economies, by virtue of being relatively wealthier and relatively older, will remain the top silver economies through the 2020s.