July 7, 2017 1:14 pm
Eighty is the new twenty! According to a recent United Nations report, the number of older people worldwide – those aged 60 years or older – is expected to grow by 56 per cent between 2015 and 2030, i.e. from 901 million to more than 1.4 billion. A demographic shift the MEPs took a keen interest in. On 28th of June, the European Parliament’s Intergroup on Public Services and Common Goods teamed up with the subgroup on Active Ageing and Solidarity between Generations to hold a conference on the so-called silver economy, our IATE Term of the Week.
Population ageing is about to become one of the most significant social transformations of the twenty-first century, with implications for nearly all sectors of society, including labour and financial markets, the demand for goods and services such as housing, transportation and social security, as well as family structures and inter-generational ties.
Last week, the European Parliament’s Intergroup on Public Services and Common Goods teamed up with the Intergroup subgroup on Active Ageing and Solidarity between Generations to hold a conference on population ageing, with a special focus on the so-called silver economy – a new goods and services market for people aged 60 or older, which confronts many companies with new challenges and opportunities to target a whole new customer base. Some of them are developing new products and services for older consumers, while others are capitalizing on the knowledge and skills of an ageing workforce.
Oxford Economics operationally defines the silver economy as the sum of all economic activity serving the needs of those aged 50 and over including both the products and services they purchase directly and the further economic activity this spending generates. Thus the Silver Economy forms a large part of the general consumer economy, but with considerable differences in spending priorities and patterns, as well as specific niche markets.
Here you can see the entry for silver economy in IATE:
If you are interested in terminology related to Economics, you might also be interested in reading our previous post on Economics vocabulary.
We hope you learned more about silver economy and don’t forget to contribute to IATE in your language!
Written by Laura Campan – Postgraduate student in Translation and Intercultural Communication at ISIT, and Communication trainee at TermCoord (European Parliament)
- AGE Platform Europe (2017) “European Parliament group discusses Silver Economy”, AGE Platform Europe. Available at: http://bit.ly/2sNFB8B (Accessed 06 July 2017)
- United Nations (2015) World Population Ageing Report. Available at: http://bit.ly/2tPCrAV (Accessed 06 July 2017)
- European Commission (2015) Growing the European Silver Economy. Available at: http://bit.ly/2tPKPAz (Accessed 06 July 2017)
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