Silver economy is the system of production, distribution and consumption of goods and services aimed at using the purchasing potential of older and ageing people and satisfying their consumption, living and health needs. The silver economy is analyzed in the field of social gerontology not as an existing economic system but as an instrument of ageing policy and the political idea of forming a potential, needs-oriented economic system for the aging population. [1] [2] Its main element is gerontechnology as a new scientific, research and implementation paradigm. [3]
The phrase "silver economy" is sometimes used interchangeably with the term "silver market" (the "ageing marketplace" or the "mature market"), which is a narrower concept. The wording "silver market" was created in the 1970s in Japan in the context of increasing of the availability of facilities for seniors. Silver market includes, among others, good, values and services for affluent older people; special solutions in trade between operators, allowing adjustments to aging workforce; ideas of universal design and transgenerational design that aim is to adapt goods and services to people of different ages ("age-friendly"), physical condition and cognitive abilities, which may result in improved social integration. [4]
The silver economy is not a single sector, but rather a collection of products and services from many existing economic sectors, including information technology, telecommunications, financial sector, housing, transport, energy, tourism, culture, infrastructure and local services, and long-term care. [5] Currently, silver economy is growing at a very good pace because its public is increasingly numerous and in this sense, we can distinguish the two needs it covers: the pleasure associated with active ageing and understood as "wanting" (will, motivation and interests) which is more typical of young older people (third age); and that of products and services aimed at social and health care, adapted technology or the improvement of infrastructures such as the home, understood as "needing" and characteristic of older people of the fourth age (over 80 years of age). The opportunities are very varied, although the characteristics of this heterogeneous population group need to be fully understood. [6]
The portion of the global population that is 65 and older is increasing rapidly as a result of a decline in fertility rates and an increase in life expectancy. [7] Over the past few decades, life expectancy has increased by approximately four and a half years. [8] [9]
The silver economy accounts for a significant portion of the United States' and Europe's GDP. It is projected that the silver economy will make up over half of the United States annual GDP by 2032. As life longevity increases and healthier aging practices become more common, the labor supply and labor force participation rate of older individuals increases. About 0.4 percentage growth points are projected to be added to the global GDP from 2025-2050. [7]