Anything Under the Sun
Saturday, January 12, 2008
The Silver Opportunity
Opportunity need not be golden to bring in big bucks; They can also be "Silver".
With the rise in ageing population all over the world, industries and firms that initiate strategies that cater to the special needs of the elderly will become the early birds to catch the "silver" worm.
It is estimated that worldwide, middle-income retirees will spend US 23.6 billion on travel in 2014.
So, do you operate a tour agency? What features have you incorporated in your itinerary to encourage the retirees to sign up with you? Some good feature that you could include are:
1. Tours that have less strenuous activities in their itinerary
2. Larger sized fonts on maps and brochures etc.
3. Tour buses or other vehicles which have facilities for wheelchair bound passengers.
Resorts and other travel destinations can also jump in to get a piece of the "silver" pie. They could
1. Incorporate infrastructures such as barrier free facilities and elderly - friendly features in shops.
2. Arrange for activities and wellness programmes for the aged.
3. Provide meals that cater to special dietary requirement of the aged.
4. Provide larger sized fonts on menus, maps and brochures etc.
5. Sell large print books for the benefit of the elderly.
6. Have Doctors or nurses in hand to help out in emergencies.
Increased life expectancy also means good news to a lot of industries like finance and insurance, hospital and medical care, day care and retirement homes and many more.
As for financial services they should gear up by increasing retirement and estate planning services. Insurance companies can look into the possibility of providing annuities that are packaged with long-term care plans.
As for hospital and medical care, some products that are beneficial to the elderly include:
1. Fall detection telemonitoring system where A camera will help to detect if someone has fallen, and the system will automatically send an email, SMS or MMS alert to the caregiver.
2. Height-adjustable wash basin that helps to reduce the chances of falling. The basin can be raised or lowered for those who need to sit or cannot bend.
3. Robotic suit that is specially designed for stroke patients that helps them to retrain the use of their paralysed limbs in the comfort of their own home.
As for day care and retirement home providers, they can start a consultancy services or even start franchise programmes to increase the number of facilities all over the world.
These are just some ideas about the glittering silver industries and there's many more opportunities waiting to be dug up!
This is definitely a huge "niche" market.