An article in Fast Company provides AgeLab Director Joseph Coughlin's thesis about the rising economic influence older adults across the globe:
Marketers have it wrong. The most important consumer group isn’t the 18-to-24 set, as conventional business wisdom has it. It’s older adults.
There are several reasons why: People are living longer, the global birth rate is dropping, and baby boomers are aging. These trends underscore more than a demographic blip; they suggest a long-term pattern that will reshape the economy and society at large. “The aging of populations represents the most profound change that is guaranteed to come to high-income countries everywhere, and most low- and middle-income ones as well,” writes Joseph F. Coughlin, founder and director of MIT’s AgeLab and the author of The Longevity Economy.
The article kicks off a series of pieces by Fast Company about the influence of the older market called The New Business of Growing Old.
Read the full story here.