With the arrival of a New Year, one sometimes has the same ambivalent feelings that you have with a birthday. Grateful for having made it through another year, excited about the opportunities of another trip around the sun, but also realising that you are getting older and being rather anxious about what it means for the future. Seems that for 2025, however, ageing is more than just a personal realisation, it is somewhat of a trend!
Although the general global population is growing at a slow rate, it is ageing rapidly. The 2024 global population growth rate was around 0.9%, reaching just under 8.2 billion at the beginning of 2025. The number of people older than 65 did, however, almost double between 1974 and 2024 and is expected to follow the same pattern by 2074. The number of people older than 80 is actually projected to triple! While developing countries have been dealing with an ageing population for some time already, growth is now also forecasted in Africa, Latin America and Asia and can be attributed to better living conditions and life expectancy as well as a decline in fertility rates.
Such an ageing population has an effect on fiscal resources as there are fewer people of working age who contribute to the economy and at the same time the older population also demands more from health and welfare resources. Countries have to strategise and address the new challenges of an ageing population. Japan is encouraging birth rates and in China, according to The Economist, “… state planners think they have found a silver lining: the ‘silver economy'”. This silver economy is calling for companies to invest in industries that are focused on the elderly such as the anti-ageing industry, healthcare, pensions and even tourism.
For the financially sound older consumer, tourism is a very attractive option and providing offerings and experiences for this market, would not be a bad call for the tourism industry. Significant research is currently underway to determine not only how the tourism sector can benefit from an ageing population, but what it can provide to make tourism more attractive for this generation. With the older population being more leisure-orientated than previous generations and considering their strong purchasing power and willingness to travel, they can’t be ignored, but they do require some special consideration. According to an article by Edith Cowan University, service discrimination and tourism inequalities should be addressed to make tourism and travel even more attractive to this very willing, but more vulnerable and diverse market.
This must also be an opportunity for wine! With younger generations seemingly less interested in wine, a more substantial older generation isn’t bad news for our industry. We’re often worried that we aren’t doing enough to make our product attractive to younger people and of course we can’t ignore them as they are going to be with us for a long time. It would, however, be foolish to disregard the Boomers and Gen X’ers who do enjoy wine and with their long life expectancy indicated by an ageing global population, stay a very important focus for the wine industry! (Read more)
As much as we have to embrace the unavoidable process of ageing, it is also important not to postpone taking action to make our dreams come true or live life to its fullest. According to the Wall Street Journal, Ron Shaich, a 71-year old entrepreneur has a unique approach to New Year’s resolutions, reviewing his life as it stands at the moment and writing a “premortem” to guide his actions for the new year. (Read more). Quite an inspiration for us personally and perhaps also for the wine and tourism industries.
Wishing you in your personal and professional capacity the time and insight to consider and evaluate all opportunities and plan for a prosperous and happy 2025!