Silver economy: what if the “senior market” didn’t exist ?

28 Feb 2020 | Silver economy

One must invest in the “silver economy”, it’s an enormous market! But what is the senior market?

At first glance the “aging well” market is extensive, from services and equipment to health, and, of course, personal care residences and services including assisted living facilities and nursing homes. So much so that this sector now has its own name: the silver economy. It’s interesting to read about the history of this term on Wikipedia.

The advanced-age market

As soon as someone loses autonomy and/or requires medical assistance, we can consider this as a distinct “market”. This principally concerns nursing homes with services provided by and for facilities, and by and for healthcare professionals. “Customers” are not just elderly people, as their families are also involved and expect high-quality services at a good price where they can continue to interact with their relatives.

However, the “senior market” is not restricted to those of a very advanced age. The silver economy is not just for end-of-life care. Before we are very old, we age gradually, and this can (should?) be a happy time of life.

The silver economy: a market of adaptation

The “chess player” market must adapt its offering (schedules, comfortable chairs, etc.) to extend it to seniors. The “jogger” market needs to reduce distances, offer exoskeleton suits, to appeal to seniors. The “beer drinker” market is already adapted…but could offer beers with an adjusted taste to take into account a reduction in sense of smell and taste.

No one wants to be part of the senior market…as there is no such thing as the “senior market”. Each market needs to adapt to its consumers, their abilities and their expectations.

TECHNOSENS: an inclusive, progressive and individualized service offering

We don’t become “old” overnight. Dependency is multifactorial. It can be physical or psychological. Some 10-year-old children have much poorer eyesight than an 80 year old. The requirements are personal. Someone who has never done sport is not going to suddenly start doing it at the end of their life, but a very “sociable” person will always need connection with their family or friends.

This is our vision at TECHNOSENS. To offer personalized services that support people as they lose autonomy or capacity. We do this with technology that simplifies usage and facilitates access to services. During Covid-19, many individuals contacted us as they suddenly realized that the (countless) videoconferencing systems that should be for everyone to use are actually difficult or even impossible for their elderly relatives. Offering simplified solutions based on reliable technology that works — that is our vision of the silver economy at TECHNOSENS.

This means offering the right support at the right time to enable a more effective approach to allowing people to stay in their homes.

READ: Thierry Chevalier’s article in TELECOM – the magazine of the association Telecom Paris Alumni – Le lien social (numérique) au secours de nos aînés [.pdf].