Ken Dychtwald at Silicon Valley Boomer Venture Summit 2016
Tomorrows biggest opportunities are hiding in plain sight.
The longevity phenomenon – what opportunities exist in this market space.
Four Converging Forces.
1. Increasing longevity and extended youthfulness.
We are in the midst of a longevity revolution. Most of these older adults haven’t a clue what they should be doing with their lives. They’re at the front end of this evolutionary journey.
What age are we talking about? 65? An age decided 150 years ago by Bismark, which would be 98 in today’s terms. Look at Sophia Lorena at 65 compared with Whistler’s mother.
John Glen on going into space … “Just because I’ll be 77 doesn’t mean I still don’t have dreams.”
We can and will have dreams at every age.
The new old – Johanna Quass Gymnast age 86.
2. New Paradigm for work, leisure and learning.
Linear Life plan
Traditionally we expected to learn one time when you are young. You cant teach an old dog new tricks. marriage for ever. cruise before you die.
No one wants 20 more years at the end of their life. Don’t think about it like that. Distribute education, work and family and leisure through out your life. We were not always a youth culture, the old were respected before the 1920s. Advertising industry decided that people decide who they are in their youth and remain that way for the rest of their lives, but this is not true.
Definition of retire: To disappear, to go away, to withdraw.
Survey, dream plan for retirement:
30% never work again. 8% full time, 39% part time, 24% work and leisure.
New definition: Remain engaged, re-invent – transform, have a sense of purpose,
3. From Baby Boom to Age Wave
Being young used to be awful, poor and frustrating, then marketeers started to target and glamourise youth.
Rolling stones in their 70s, still rocking.
Greatest population 55 to 65+ predictable age wave.
4. Capitalising on the emerging longevity marketplace.
More than about health and money, its about life and its changing all the time. Overcoming ageism and its negative bias is the key thing.
Older people have most of the money.
– 50 + consumers make up 44% of the adult population and are responsible for:
– 53% of airline fare expenditures
– 57 of new cars
– 59n lodging
– 63 heath care
– 85% magazines etc.
Food and beverage
Qualities of age friendly communities
– Safety and security
– Sense of community and interactivity
– Learning and enrichment, cultural and social
– they want to work and volunteer
– Accessible transportation
– excellent health care
– 2.5 trillion hours of free time to be filled.
What do boomers want more of in the next stage of life?
– More fun
– Reducing Stress
– Time with spouse / partner
– Time with child / grandchild
– Simplifying life
– Rest and relaxation
Travel industry will explode
Helping to contribute. Volunteering and giving economy will expand.
Increasing longevity and extended youthfulness
New paradigm for work, leisure and learning
From baby boom to age wave
The longevity marketplace is huge.
Key words: Dreams, life and fun.
Cohabiting would reduce need for care giving.