Innovation for the elderly
As businesses forge gimmicky new innovations such as Lime Scooters, our most fragile demographic – the elderly – is often neglected. It’s been noted that our cities and urban spaces, particularly Auckland, are insensitive towards older generations, and many developments in technology only exemplify the focus on youth and the negligence for older generations. But ironically, it is predicted New Zealand will have 1.2 million pensioners by 2038 and just 10 years later they will outnumber children for the first time in the country's history. The older generation could also be a strong market for new businesses. According to research via Trend Watching, 86 percent of marketers overestimate how much consumers under the age of 35 spend, whilst 72 percent underestimate how much consumers 55 and older spend. In light of these gleanings, we flip the coin and look at three local innovations that support our older generations.