Silver Economy as an Opportunity for SME Growth

Abstract

The aging population presents challenges and opportunities for the modern economy. One such opportunity is the thriving “silver economy,” which caters to the needs of elderly individuals. This market is characterized by a sizable consumer group with relatively stable purchasing power, specific needs, and requirements. The EU predicts that 2025 the silver economy will be worth €5.7 trillion and represent 22% of the world’s population by 2050. The paper examines the smart senior business model as a new approach of SMEs toward elders and identifies the differences between the traditional and smart senior business models. The paper aims to explore the potential of the silver economy for creating new business models and identifying sectors that cater to the needs of older people. To succeed in this growing and emerging market, businesses must be aware of and deeply understand the characteristics and opportunities of the silver economy.