Healthcare and pharmaceuticals, leisure, tourism and financial services are just some of the key sectors likely to benefit from the ageing boomer generation. About three quarters of companies recently surveyed by The Economist Intelligence Unit recognise
there are significant differences in the needs of older customers, but how can businesses better understand and cater for these needs? They need information and a clear understanding of the market they are trying to sell to.

There are two crucial areas businesses need to focus on order to benefit from the ageing demographic. The first relates to products and services they currently, or could potentially, offer and ways in which they market and sell these to older consumers. 

The second area on which businesses need to focus is the management of their own ageing workforce. As the average age of employees rises, flexible working policies and age friendly work places become increasingly important issues – as do
knowledge retention and succession planning. The loss of key knowledge and skills through retirement, can have a detrimental effect on a company’s productivity and performance. 

The North East, with its world class reputation for research into ageing, is ideally placed to grasp the opportunities presented by the ageing market and build region-wide capacity for the development of products and services for an ageing consumer. 

Businesses also have the opportunity to develop skills in ‘age management’ across key industry sectors – from retail and tourism, through chemicals, pharmaceuticals and advanced engineering - to understand the needs and potential of an ageing workforce. 

The ‘Big Moves’ in the NewcastleGateshead 1Plan highlight the benefits of growing the knowledge economy around science and, in particular, around ageing as part of a strategic drive to match or surpass the performance of other successful city-regions.

The 1Plan points to the creation of an environment in which “commercialisation will create new enterprises, and world-class science will help attract investment by global businesses”.