By Melissa Keogh
South Australia’s ageing population is set to rise by more than 70% by 2050, according to the Economic Development Board of SA, making way for “significant” economic potential.
The number of South Australians aged 65 and over will grow by 42% by 2030 (394,000) and 74% by 2050, says the board’s chair, Raymond Spencer.
This will allow businesses to capitalise on the ‘ageing well’ market, as Raymond says South Aussies aged 65 and over will increase their spending power by 42% in coming decades.
South Australia will lead the national dialogue on ageing well and become a “global leader” in the sector when it hosts the first ever Ageing Well Revolution Conference later this year.
The conference, to be held from November 22–23 at the Adelaide Convention Centre, will bring together international experts in social and business innovation and highlight global trends in the ageing market.
The discussions are expected to help local businesses, the corporate sector and social enterprises maximise economic opportunities in the ageing sector in coming decades.
By 2050, the world’s population of people aged 60 and over is expected to quadruple from 547 million to more than 1.3 billion.
In China it’s estimated that by 2020, total pension payments will be about $595 billion.
Raymond says these statistics demonstrated significant economic potential in the ageing well market.
“Opportunities aren’t linked simply to aged care as we now know it, they exist across multiple sectors including food, preventative health care, medical and assistive devices, housing, transport and technology,” he says.
“We can maximise their opportunities by changing our perspective and opening our minds to a new way of doing business and catering for our changing demographic.”
Raymond says SA is the first state to recognise this new sector of the economy.
“Capitalising on the ageing well market is more than simply developing products and services tailored to the needs of the older population,” he says.
“It’s about engaging with a demographic that’s set to have a significant influence on the prosperity of our businesses well into the future.”
The Ageing Well Revolution Conference will be headlined by world-renowned social and businesses innovation experts including founder and executive director of Neuroscape Dr Adam Gazzaley (USA), International Longevity Centre co-president Dr Alexandre Kalache (Brazil) and The Impossible Institute founder Kieran Flanagan (Australia).
Click here to register.