Euromonitor predicts that by 2020, the over-60s demographic will account for 14 per cent of the total global population, with the overall number reaching 1.1 billion.
The global population of over-60s stood at almost 880m in 2013, representing 12 per cent of the total global population.
People over the age of 60 – Later Lifers – fall into two clear categories in regards to health: healthy and active or unwell and reliant on care, according to market intelligence firm Euromonitor
in an article published on its blog on 13 May.
“Health takes on a greater importance as people age and become more aware of their mortality,” said Euromonitor editorial director, Gina Westbrook. “Therefore, they wish to preserve their health and independence for as long as possible. Their strong interest in health and preventative care leads to increased demand for a wide range of goods from sports and outdoor gear to over-the-counter health care, dietary supplements and health foods.”
In 2013, the Asia Pacific region was home to the highest number of Later Lifers, with 486m residents over 60 years old. China
alone had 219.6m residents over 60 last year – double that of Japan, the country with the second most Later Lifers – 97.9m. China’s ageing population is growing faster than any country in the world and it is forecasted to increase by over 32 per cent between 2012 and 2020, according Euromonitor’s Global Later Lifers Market
The firm's blog warns that out of pocket healthcare costs are rising sharply in many countries around the world, which is having a significant impact on access to medical attention for lower income Later Lifers.
Euromonitor measured each country’s healthy life expectancy against its average gross income to find that while Australia has a high elderly poverty rate, it also has high average incomes due to home ownership and rising share prices. Many consumers in Western Europe and North America have also benefited from years of rising house prices, final salary pensions and valuable investments, according to the data.
“Even in the poorer countries, such as China and South Korea, where many live below the poverty line, there is still a sizeable population with higher incomes that is particularly keen to spend, notably on travel and health,
” the report concluded.