As a country India is younger than most developed or developing countries, but the process of ageing has begun. As per Census of India Projections, the %age of elderly people in India would jump from 7.4% in 2001 to 12.4% in 2026 and would touch to 19.7% of the total population by 2050. While there were 76 million seniors above age of 60 years in 2011, this number would go to 173 million by 2025 and 240 million by 2050 which would lead to a complete change in how the society would operate. This increase would also mean that by 2050, the number of dependent adults will equal the number of dependent children.
While the numbers are growing, the growth in economy has also meant that seniors are also evolving as a customer segment and have needs and wants, which are different from seniors in earlier times. A significant section of seniors today are independent, financially stable, well-travelled, socially connected, and as a result have well developed thoughts of how they want to spend time after retirement. There is, today, a larger percentage of educated seniors than ever before in India who have their pre defined expectations
Seniors now consider life after retirement as an opportunity to spend more time with families, pursue hobbies, develop new interests or even continue working or starting a new career. While it is true that the seniors are more independent and better equipped to take decisions post their retirement, it is equally correct to say that their needs are not rightly understood and therefore not met appropriately by both public and private sector at large. The senior community presents a tremendous opportunity to service providers across different verticals.
Globally, some of the verticals which see demand in the senior living space include
- Senior Housing/Real Estate
- Travel and Tourism
- Fitness, Healthcare
- Care Services