The Silver Market Phenomenon

TheSilverMarketPhenomenon In the developed countries, the dominant factor in the next society will be something to which most people are only beginning to pay attention: the rapid growth in the older po- lation and the rapid shrinking of the younger generation. Peter F. Drucker The current shift in demographics – aging and shrinking populations – in many countries around the world presents a major challenge to companies and societies alike. As a matter of fact, this is true both for a number of industrialized nations as well as for certain emergingeconomies.However,even thoughthis crucial issue has recently started to attract the attention of scholars, business leaders, and politicians, research on the implications of the demographic change on businesses is still in its infancy. Most accounts of the so-called demographic “problem” deal, as the term already suggests, with the challenges and threats of the demographic development. These discussions feature, for example, the shrinking workforce, welfare effects, social con?icts, etc. At the same time, chances and opportunities are often neglected. The emergence of new markets, the potential for innovations, the integration of older people into jobs and work places, the joy of active aging, and their varied roles withinsociety arejust a fewexamplesofhowwhat at ?rst sight appearsto bea crisis could be turned into an opportunity. All in all, countries and industries are reacting very differently – from still neglecting to proactively looking for and developing solutions.