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This section contains information to support the development of the Louth Age-Friendly Business Forum.
TABLE OF CONTENTS
Population Projections
The information below is taken from the CSO's Population and Labour Force Projections, 2011 to 2041.
Older people population projections to 2021
Depending on the assumptions used regarding fertility, mortality and migration rates the population of older people (above 65 years) will increase from 460,000 in 2006 to between 753,300 to 774,700 in 2021. This represents an increase of between 63% to 68%.
Source: Table L, Population and Labour Force Projections 2011-2041 (CSO, 2006)
Older people population projections to 2041
Older people will account for more than one in five people by 2041. Irrespective of the combination of assumptions used there will be between 1.3 and 1.4 million old persons (those aged 65 years and over) in 2041 compared with 460,000 in 2006. This implies that 20 to 25 per cent of the population will be aged 65 years and over in 2041 compared with 11 per cent in 2006.
The number of "oldest old" persons (those aged 80 years and over) is projected to quadruple from a level of 110,000 in 2006 to about 440,000 in 2041.
Source: Press Release re: Population and Labour Force Projections 2011-2041 (CSO, 2006)
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The size of the older people's market
United Kingdom
The following statistics are taken from the Age Concern UK website:
• In 2003‚ those aged 60-64 had a median wealth of £25‚000
• As much as 40% (£260bn) of total UK annual consumer spending can be attributed to the UK over 50s
• In 2003/4 UK households headed by someone aged 50-64 spent on average £441 per week
• People aged 50-65 spend twice as much on leisure and entertainment as under-30s
• The over 50s buy 80% of all top of the range cars‚ 50% of skincare products and 80% of leisure cruises
• 56% of the 50+ population have a home pc / laptop & 44% like the idea of using the internet
• 70% have a mobile phone & 46% already have access to digital TV
http://www.ageconcern.org.uk/AgeConcern/D5A1B71BC939486BB471E8606B9AD068.asp
United States
Boomers will account for roughly 40 percent of US spending by 2015 and for a disproportionate share of the growth and consumption in industries ranging from consumer electronics and clothing to home furnishings, restaurants, and, of course, health care.
(sourced from McKinsey – requires registration to access)
http://www.mckinseyquarterly.com/Economic_Studies/Serving_aging_baby_boomers_2068
In the US, seniors control 70 percent of the net worth of US households at over US$ 7 trillion.
http://www.brandchannel.com/papers_review.asp?sp_id=1261
Germany
According to the German Institute for Economic Research (DIW), over-65s make up 16 per cent of the population. They hold over a third of the national wealth and have an annual purchasing power of over €20 billion.
http://archives.tcm.ie/businesspost/2004/06/20/story846605865.asp
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Disposable Income for over 65s
The EU-Survey on Income and Living Conditions (SILC) in Ireland, 2007 provides the following information on disposable income for over 65s:
Average annual equivalised disposable income (excluding SSIA income)
Age Group
|
2007
|
0 - 17
|
21,456 |
| 18 - 64 |
24,399 |
| 65 + |
17,653 |
Source: Table 3, EU-SILC 2007
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Marketing to older people
Below you will find a list of links to websites which provide information on marketing to older people.
United Kingdom
Dick Stroud runs 20plus30 marketing consultancy which advises on marketing to over 50s.
http://www.20plus30.com/
Dick Stroud is also the author of The 50-Plus Market.
http://www.the50plusmarket.com/
Research by YouGov indicates that 46% of older people are turned off by celebrity fronted ads.
http://www.brandrepublic.com/News/868006/Older-people-disenfranchised-celebrity-fronted-ads/
United States
Boomer Project is a market research company and consultancy for the 50+ market.
http://www.boomerproject.com
AgeWave is a market research and consultancy company for the mature market.
http://www.agewave.com
Canada
Boomerwatch.ca is a website dedicated to discussing marketing to the ‘boomers’.
http://www.boomerwatch.ca/
International
SeniorAgency is a consultancy firm for the 50+ market with offices in Europe, Australia and New Zealand.
http://www.senioragency.com/
TheMatureMarket.com is a portal for information on the mature market and for any subject related to population ageing.
http://www.thematuremarket.com
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Older people as entrepreneurs
UK statistics on older entrepreneurs
A UK study finds that one person in six in the 50-64 age cohort have considered starting a business. Some 15 per cent of the over 50s polled had already started a business, with 4 per cent starting a business since turning 50.
http://www.primeinitiative.co.uk/2009/02/09/prime-reports-on-a-forgotten-generation-the-over-50s/
“Around 20 per cent of (UK) working over 50s are self-employed, and benefit from better business survival rates than younger people, mainly through life experience and better planning & research.”
http://www.primeinitiative.co.uk/2009/02/11/over-50s-hit-hard-in-latest-jobless-figures/
Older people as mentors to new businesses
This article by David McWilliams mentions an Argentinian initiative that set up a website to match “young companies with old heads”. The state paid a reduced salary to the older workers who also got a small equity in the company. After five months, the companies could decide whether to keep the older workers on at full pay.
http://www.davidmcwilliams.ie/2009/02/15/turn-crisis-into-opportunity
Social Entrepeneurs Ireland
Social Entrepreneurs Ireland aims to encourage and support the development of social entrepreneurship in Ireland.
http://www.socialentrepreneurs.ie/
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Retail and Financial Services Accessiblity for Older People
In 2005 Combat Poverty and UCD conudcted a study on retail accessibilty to groceries and financial services for older people. Some of the isues highlighted in the report are outlined below:
Retail
- Reduction in traditional stores and increase in convenience stores and out-of-town stores
- Lack of smaller portions for elderly living alone
- Lack of choice in shops for fruit and vegetables needed for appropriate diet
- Transport to shops
- Getting goods home
- Poor customer service and lack of assistance
Financial Services
- Distance to local branch
- Lack of financial knowledge following death of spouse
- Managing monthly bills on a weekly income
- Queues in banks, lack of seating, amount of paperwork, feeling unwanted, penalised for over the counter transactions.
- Unfamiliarity with technology
- Lack of credit
- Poor customer service
Source: A Study of Retail Accessibility for Older People: The Elderly Poor and Access to Retail Services (Combat Poverty, 2005)
Mainstreaming Financial Service Products for over 50s
In March 2009 the UK’s Chartered Insurance Institute (CII) published a paper entitled “Inclusive design: the challenge of an ageing population”. It urges the financial services industry to follow the examples of manufacturers like Fiat, OXO and London Taxis, who have all come up with products that can be used easily by older people as well as the mainstream market. Jane Vass, Financial Services Policy Advisor for Age Concern prepared the report. Ms Vass examines the industry’s approach to delivering products and services to older people and argues that there are large gaps in the design of mainstream financial products and services, with many providers ignoring the changing physical, cognitive, social and emotional needs of their older customers, and calls for the industry to take a new approach shaped by principles of inclusive design.
http://www.cii.co.uk/app/news/default.aspx?endstem=1&id=914
Download the report (PDF): http://www.cii.co.uk/downloaddata/TP14_Vass_Inclusive_Approach_3_March_2009.pdf
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Fraud and scams on older people
The Financial Service Ombudsman has highlighted cases where older people have been provided with ATM cards against their wishes and then been subject to fraudulent withdrawals and also have been sold inappropriate products.
http://www.financialombudsman.ie/news-updates/pr.asp?ID=58
A UK Help the Aged survey indicates that older people are more likely to be targeted, and fall victim to, letter and phone scams.
http://www.telegraph.co.uk/news/uknews/2968782/Majority-of-pensioners-are-targeted-by-scams-every-month-charity-warns.html
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Insurance and older people
Health insurance
This article from the Department of Health and Children discusses the prospect of higher health insurance costs for older people following a ruling against ‘risk equalisation’ along with details of the Government’s plans to ensure older people do not pay more for health insurance.
http://www.dohc.ie/issues/health_insurance/
Travel and motor insurance
Older people can face higher charges for travel and motor insurance – this is outlined in The Equality Authority’s “Implementing Equality for Older People” and in the press release below. The new EU directive on goods and services would prohibit such discrimination.
http://www.dohc.ie/press/releases/2008/200805019.html
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EU Directive on Goods and Services
On the 2nd July 2008, the EU Commission adopted a proposal for a directive which provides for protection from discrimination on grounds of age, disability, sexual orientation and religion or belief beyond the workplace. This new directive would ensure equal treatment in the areas of social protection, including social security and health care, education and access to and supply of goods and services which are commercially available to the public, including housing. Eurobarometer surveys show that a large majority of Europeans support such legislation: 77% back measures to protect people from discrimination in education and 68% in access to goods and services.
http://ec.europa.eu/social/main.jsp?langId=en&catId=89&newsId=373
AGE - The European Older People's Platform have published their response to the Directive which includes examples of current direct and indirect discrimination such as:
http://www.age-platform.org/EN/spip.php?article650
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Products and companies for older people
Clothing
Clothing: Adaptawear
Adaptawear is a UK company which provides clothing for disabled and older people.
http://www.adaptawear.co.uk/about-us.html
Communications
Vizitant
An Irish company (supported by Social Entrepeneurs Ireland) which aims to bring video information and communications services to the socially marginalized in Ireland, including the elderly, carers, disabled and other groups.
http://www.vizitant.com/about-us.html
Computer Games
Eldergames
The Consortium of ElderGames project aims at building a network that mediates the geriatrics and gerontologist researcher's interests with commercial projects, involving academia, industry, experts specialising in elderly care and final users.
http://www.eldergames.org/index.php
Eye Health Ingredients
New analysis from Frost & Sullivan, European Eye Health Ingredients Market, finds that the market earned revenues of $43.4 million in 2007 and estimates this to reach $87.4 million in 2014. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: lutein, beta-carotene, zeaxanthin, astaxanthin, bilberry and others. "The rising prevalence of lifestyle-linked eye diseases has caused the global food ingredients market to leverage the consumer's need to protect their eyes through enhanced nutrition," says Frost & Sullivan Research Analyst Natasha Telles. "The focus on eye health has become a primary concern in today's health conscious food industry."
"The market for eye health ingredient products is in its infancy and the timing is right to initiate the successful development of this market," notes Telles. "Strategically positioned brands and rising consumer awareness will push participants in the eye health ingredients market into the right commercial arena, while focusing on their health benefits."
http://www.newswiretoday.com/news/47579/
Footwear
Footwear: Wavewear
Wavewear is an Irish company which provided microwaveable slippers as part of an Age Action campaign.
http://www.irishtimes.com/newspaper/ireland/2008/1222/1229728441593.html
Health shops
Health and Wellness shops
In the US, France and Spain companies are establishing health shops which specifically target older people.
http://www.springwise.com/retail/health_and_wellness_shop_focus/
Household products
"Dawn till dusk bulbs”
‘Dawn to dusk’ bulbs have a sensor that turns them on in the dark and off in the light. 5,000 bulbs will be distributed as part of a pilot scheme in South Derbyshire, UK. The county council's cabinet member for community safety, said: "We are lucky to have low crime levels in Derbyshire but older people can often feel vulnerable. These bulbs will not only make people feel more confident in their own homes because the light may deter burglars but they can also help them not fall.”
http://www.burtonmail.co.uk/burtonmail-news/DisplayArticle.asp?ID=391273
Mobile Phones
Easy to use mobile phones
This website provides links to a range of easy to use mobile phones.
http://www.emporialifeplus.com/index.php?id=elderly_mobile_phones
DORO - Easy to use mobile phone
The Doro HandleEasy 330gsm and 326i have features like large display screens and keypads, easy to find speed dials and an easy grip shell. “For the most part feedback has been positive for the Doro HandleEasy phones and it has even been lauded with the WonderVision Award—an honor that is given to companies that produce technologies that is beneficial to the visually impaired.”
http://www.gadgetell.com/tech/comment/grandma-its-for-you-doro-brings-phones-to-an-older-generation/
and
http://www.mobilecomputermag.co.uk/20080611576/doro-handleeasy-mobile-phones-are-great-for-grandparents.html
Jitterbug - mobile phone
http://www.jitterbug.com/
The Jitterbug phone was created in the US for people who prefer a simple, easy to use cell phone, a friendly, helpful service experience, and affordable plans without monthly contracts. It features live, 24-hour operators and a variety of innovative service options.
Online Shopping
Online shopping: Saga
Saga is a UK company which provides products for over 55s. It has set up a social networking site for over 55s called Saga Zone.
http://www.guardian.co.uk/technology/2007/oct/31/news.socialnetworking
Outdoor Fitness Equipment
Fitness: Dynamix
Dynamix is an Irish company which provides outdoor fitness equipment.
http://www.dynamx.ie/
Supermarkets
Supermarkets for Older People
Tesco has proposed opening an age-friendly supermarket in Newcastle similar to one already developed in Berlin by German retailer, Kaiser.
http://www.telegraph.co.uk/news/uknews/2642925/Supermarket-for-older-people-planned-for-Newcastle.html
Travel
Travel: Elderhostel
Elderhostel is a US not-for-profit organization dedicated to providing educational tours for people 55 and over.
http://www.elderhostel.org/default.asp
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Assistive Technologies (including telecare and telehealth)
Assistive technology can be defined as any product or service designed to enable independence for disabled and older people. The technologies embraced by this definition include devices that might form part of "telecare" and "telehealth" service packages (that is, assistance devices linked to response teams via telephone, such as community alarm services, detectors or fire and falls monitors).
The definitions may also include more general technologies such as access to the internet which might have a role in promoting the independence and well-being of older people.
Increased access to assistive technology is seen as a cost-effective means of maintaining the independence, health and well-being of an ageing population.
A seperate wiki page has been set up which includes extensive information on Assistive Technology products, research initiatives and products. Access further information on assistive technologies here.
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