Rapid demographic changes are transforming societies and economic landscapes. This demographic change brings with it great opportunities, but also new challenges. The need to understand the economic and social implications of this change is greater than ever. This understanding is a prerequisite for fully benefiting from new opportunities, such as the creation of new markets through innovation, as well as for formulating public policies to address ageing. As one of the "major trends shaping economic, social and political life in the 21st century", according to the World Economic Forum (WEF), this area of research has received a great deal of attention from policymakers, non-governmental organisations, businesses and academics alike.
In 2014, an expert consultation by the Organisation for Economic Co-operation and Development (OECD) and the Global Coalition on Ageing (GCOA) on what has been termed "the economics of longevity" concluded with a number of key recommendations. These include: correcting ageism biases, harnessing technology to build new markets, creating new financing models, introducing new flexible career and pension models, and promoting social entrepreneurship to take advantage of the opportunities of the longevity economy. The WEF states that "population ageing can be, with the right strategic framework, an extremely powerful market driver".
The International Centre on Ageing (CENIE) has commissioned a study by Oxford Economics, with the collaboration of the University of Salamanca, to analyse the socio-economic impact and significant value of the longevity economy in Spain. As demographics continue to change, the 50+ cohort will play an increasingly important role in the economy. By 2050, the over-50s are expected to account for half of Spain's population, according to World Bank and United Nations projections. Understanding the value of the longevity economy will therefore have important implications for policy and business decision-making in Spain.
The study measures the contributions of longevity economics through three channels. The first is an assessment of the socio-economic impact of spending by the over-50s living in Spain. This assessment quantifies the value of economic activity (measured in Gross Domestic Product), employment and tax revenues in Spain that are supported by the spending of the over 50s.
The second impact channel examined in this research will be the socio-economic contributions of 50+ visitors to Spain.
Finally, the study analyses the role of the 50+ in the labour market in Spain. The research examines the specific characteristics of this demographic group in the labour force, such as their income, skill levels, role within different industries, occupations and productivity levels.
This activity is an initiative of the International Centre on Ageing and is promoted by the General Foundation of the University of Salamanca, in the framework of the INTERREG V-A Programme, Spain-Portugal, 2014-2020, (POCTEP), of the European Regional Development Fund (ERDF).