The trend of Silver Economy encapsulates specialized demands and needs from a growing elderly population as populations around the world progressively age. This trend also includes support and services for older workers in supply chain operations.
By 2030, the number of people aged 60 years and above will grow globally to 1.4 billion, outnumbering the total of children aged under 10 years. While a significant proportion of this senior demographic category originally came from Europe and North America, it is projected that 5 times more people in this older segment will come from outside these two regions by 2050. Recognizing the changing face of the global population, industries around the world have begun distinguishing the needs of older people as workers and consumers from those of younger people, creating a specialized but sizable market in its own right – the silver economy.
As waves of experienced supply chain leaders and operational staff retire, organizations risk a brain drain of time-acquired ‘tribal knowledge’ in an environment of growing labor shortages. Logistics organizations are beginning to act to retain elderly employees with valuable long-tenured experience. Meanwhile, retailers are increasingly targeting the older consumer, and supply chains are adapting to handle more bespoke products and services.