longevity economy
lon-JEV-ih-tee ih-KON-uh-mee
lɒnˈdʒɛvɪtiː ɪˈkɒnəmiːListen
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a term coined by the gerontologist and economist Joseph Coughlin of MIT's AgeLab to describe the aggregate of economic activity generated by people over fifty, encompassing consumer spending, healthcare, housing modification, financial services, leisure, and technology; the longevity economy represents one of the fastest-growing economic sectors in aging societies, as the baby boom generation ages into retirement and older adults increasingly control a disproportionate share of wealth and consumer spending; businesses designing products and services for the longevity economy must address the specific needs and preferences of older consumers — including accessibility, ease of use, relevant life stage concerns, and the desire for dignity rather than patronisation — while also recognising the enormous diversity of the over-fifty population in health status, wealth, values, and lifestyle; the concept reframes aging from a social cost to an economic opportunity and has attracted significant investment in age-related technology, housing, and wellness industries
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