The Silver Economy | absmarthealth

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In France, by 2030, people over 60 should represent 20 million people therefore more than a quarter of the population, against 15 million at present. To cope with this aging population, companies are increasingly offering products and services for the elderly, this is called the silver economy.

What is the silver economy?

The Silver Economy, also called senior market or old age sector, refers to all products and services for seniors. The aim of these programs is to improve the daily lives of over 60s, but also to overcome dependency and make life easier for carers.

The French population lives longer and longer and is healthier over time. It has therefore become necessary to adapt the offers to meet the needs of the elderly. In 2060, the number of over 85 will be 5 million against 1.4 currently which will cause an increase in the dependent population.

More than a way to help the population fight against the loss of autonomy, the silver economy is an opportunity for companies. Having become a real global phenomenon, it is above all a carrier of growth and jobs, but also calls for innovation.

In the coming years, the senior market should generate more than 13 billion euros in sales. Currently, in 2019, the expected growth of French GDP from the silver economy is 0.25% per year.

It is no longer a question of living longer, but of living longer in good health in order to be able to continue as long as possible.

The silver economy is present mainly in several sectors which are obviously those concerning the elderly such as home care or personal services, for example. But it is present more or less in all areas such as recreation, transport, insurance or travel, etc. All these sectors are already in full adaptation to decline in segments related to the aging of the population and well-aging.

Who is the silver economy aimed at?

As said before, the silver economy is aimed directly at people over 60, but more specifically, it comes in two distinct ways:

  • The senior market in general, which primarily targets dependent elderly people with special needs.
  • The old age sector which corresponds to people over 60, who do not necessarily feel a loss of autonomy, but who may be more consumers.

Currently in France, the aging of the population has been at the heart of many changes for several years, mainly from the law on aging which should be modified in the coming months to strengthen funding for home care and facilities for the elderly but also to fight against medical deserts.

What is the law on aging?

The law on aging, which came into force on January 1, 2016, provides measures related to the aging of the population in the coming years and tries to provide solutions to the problems that this will generate.

This law, which brings a change of outlook on old age, revolves around three major axes which are :

  • The improvement of the everyday life of seniors
  • Prevention regarding loss of autonomy
  • Improving the working conditions of carers

It also provides for 5 flagship measures which are :

  • Prevention of the loss of independence of the elderly
  • Reaffirmation of the rights and freedoms of seniors
  • Strengthening price transparency in EHPAD
  • Recognition and support of caregivers
  • The reform of the personalized autonomy allowance
  • Funding provided by national solidarity

Currently life expectancy is 78.4 years for a man and 84.8 years for a woman. According to INSEE, this hope will only increase by 2060. It should increase to 86 years for a man and 91.1 years for a woman.

These figures influence the country as well as its functioning, which will have to be adapted over the years. More and more solutions against the loss of autonomy should emerge as the one proposed absmarthealth.

For more information, visit our website: absmarthealth.com, as well as our home support pack page: Better Living Pack.

Sources:
https://www.economie.gouv.com
https://solidarites-sante.gouv.com

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