The era of the new old is the title of the book that social security expert Rodolfo Saldain published last year. And that denomination – “new old” – was the one quoted by the Minister of Labor, Pablo Mieres, when referring to the extension of life expectancy and the passage from marginality to the revaluation of the population over 60 years of age. The minister participated in the launch of the program Think big, an initiative of the IDB Labs, Endeavor and Xeniors to promote the creation of innovative solutions designed for the elderly.
This is the market known as the silver economy. According to the IDB, it is the fastest growing and fastest growing in the world. In Uruguay it represents 20% of the population – more than 700,000 people – and it is expected that by 2050 it will be 28%.
“Today in Uruguay there are unsatisfied demands for activities for the 60+ population and there is a group that has sufficient income to spend more than what it spends today. But also a good part of the 60+ have low resources, and although they have the same desires and needs that their peers with more income today could not spend in these areas. But the offer for this group may come from public policy decisions and novel associations between the different actors that allocate resources for a population group that will tend to grow in weight in the coming years “, concludes in a Cifra study that analyzes the interests and needs of this population which is described as “economically active and with a great desire to do things, to experiment and to interact with others”.
What businesses can be developed for this segment, in which 50% have revenues of more than US $ 1,100?
A clear item is that of Recreational activities such as courses, workshops and walks, especially within Uruguay.
“People 60+ like to go out and meet to do things together, but also to talk and have a drink, therefore, another opportunity to develop is the offer of spaces to have a drink, eat and even dance, but especially designed for them “is added in the report. This implies, for example, set with music “of its time” and in a volume that allows conversation, together with a comfortable infrastructure and a gastronomic offer that includes food restrictions.
The one with transport It is a sensitive demand of these consumers, who need a type of transfer appropriate to their rhythms and physical requirements.
“The older ones, who have more mobility difficulties, would value that the transfer service was accompanied, because that would give them independence from their relatives to move for their recreational and recreational activities, to take care of their health or simply to do the shopping”, is recorded in the study.
The transport offer should include characteristics such as comfort, good treatment, availability to accompany and wait.
The one with the living place it is a particularly interesting niche to develop. Beyond the fact that it is difficult for them to live far from home – something that is associated with deterioration and abandonment – a space begins to appear for “alternative offers for self-valid adults” in which they can share services and activities, while maintaining their privacy. .
The Cifra study indicates that in Uruguay these types of options are beginning to appear, with, for example, hotels for older adults.
Another area that could be explored is to offer ways for older adults to incorporate the technology in a friendly way. “A third of this segment does not use smartphones, laptop, PC or Tablet. This clearly limits them in today’s world where technology solves many aspects of social life and is a means of entertainment. This handicap is even greater in the population of 75+. Among those who do use technology, half incorporated it more than ten years ago and a fifth in the last five, “the study points out.
In 2022, the Think Big program will open a call for ideas and ventures focused on the silver economy.
Businesses related to housing accessibility will be sought; savings or inheritance planning, entertainment, clothing, health and nutrition, transportation and mobility, education and employment, care, among others.
More than 200 enterprises will be selected that have the potential to impact on vulnerable populations, are scalable and / or have a gender perspective. They will be supported in the search for financing, with group and individual mentoring, training and open innovation processes. Subsequently, three companies will be selected to promote their regional or international scaling.
