Traditionally the structure of society and the age of the world’s people have resembled the shape of a pyramid. The youngest children have constituted the largest demographic group, with a steady angle of the pyramid and a decline in percentage of population as the age rises towards the top. Now, the pattern has changed.
If we compare the population in 1970 to the population of 2015, drastic changes in demography become evident. In the 1970’s the pyramid was still intact, just as it had been ever since the emergence of organized societies. But something has happened, and in 2015 the visualization more resembles a dome than a pyramid.
Now, we see a decline in the number of people constituting each group much later than before. In 2015 the shape of the data of age groups starts changing noticeably just after the age of 40. In comparison, in the 1970’s the decreased percentage started right after the first demographic group of 0-5 year olds.
The 2015 dome shape is a result of several factors, where the two most obvious ones are a decrease in fertility rate and the fact that almost everyone are living longer than their parents. In 2060, when the readers of this article most probably will be old or dead, the shape of the population will look almost like a column.
The world will have a population of approximately 9.5 billion in 2060, which is an increase with 2.3 billion as compared to today. The fascinating fact is that two thirds of this number of people will be made up by individuals between the age of 40 and 79.
The evidential change of the world’s population underlines the talk that has been going on for years. No matter if you are an entrepreneur or if you are a CEO of a major company, don’t let this data slip under your radar.
If you are smart and preventive, you need to cater to the underexploited needs of older consumers before this market gets packed with competitors. The wealth of the aging will be significant compared to previous generations, and the alertness of these golden oldies will be unprecedented. The people over 65 will be continuously vital and refuse to throw in the towel and spend their day in the living room microwaving TV-dinners; such behaviour is a thing of the past.
Read more in this article from The Economist