It is believed that the concept of Silver Economy was born in Japan in the mid-1970s to refer to a market that was gaining great relevance: that of people over 50 years old. Currently, Chile is the oldest country in Latin America, and it is estimated that by 2050, 31.6% of its population will be over 60. This demographic change, which brings with it great challenges, also presents enormous opportunities based on two premises: we live longer and in better conditions.

To address the phenomenon of longevity associated with productive development, SeniorLab UC, supported by Corfo through the Viraliza instrument, and in collaboration with the UC Center for Old Age and Aging Studies, and CoLab UC, held the first Summit of Silver Economy in Chile, on November 13 and 14, 2023 at the East Campus of the Pontifical Catholic University of Chile.

“The concept (Silver Economy) was born under the idea of considering older people as consumers of products and services. However, we believe that we must have a more comprehensive vision of older people: we are convinced that they are relevant and very important actors in the economy. For this reason, in our conception of the ‘silver economy’ concept we include activities such as senior entrepreneurship and employment. We understand that these two thematic axes are a priority due to the demographic changes that society is experiencing, not only in Chile, but also in the region and in the world,” comments Carlos Román, executive director of the Laboratory for Social Innovation in Old Age and Aging, SeniorLab UC.

Indeed, as Latin America’s population ages, this segment of society becomes increasingly important in terms of market and economic opportunities. According to demographic projections, 25% of the population on this side of the planet is expected to be 60 years old or older by 2050.

The summit had a schedule with a series of activities such as keynote talks, discussion panels, workshops, pitch reverse, in addition to offering an excellent opportunity for networking with companies, entrepreneurs, academics, researchers, government agencies, etc.

“Increasingly, our country and the world are experiencing the challenge of the increase in the elderly population that seeks to remain actively working and economically, feeling that they still have a lot to contribute. In this context, generating tools that allow the development of new skills and adaptation to new work scenarios, promoting senior entrepreneurship, as well as facilitating the spaces where innovation flourishes, building diverse ecosystems also intergenerationally, without a doubt, are some of the strategies that we can help promote through productive development, innovation and entrepreneurship,” says Gloria Moya, director of Corfo Metropolitano.

Among the topics addressed at the summit, the following stand out: product and service design, focused on companies or startups that see the potential of the older consumer market. Entrepreneurship, as a possibility of development and greater autonomy for people aged 50 or over. Employment and work, oriented to the role of companies in managing the age and life cycle of older workers. Public policies and regulatory framework, fundamental instruments in creating an environment conducive to the Silver Economy.

“For us, holding this ‘summit’ is very important, as we believe that it makes visible very important issues felt by the old age and aging ecosystem, and especially by older people. As well as merging the world of innovation and old age, which is fundamental for the challenges we face as a society,” says Macarena Rojas, executive director of the UC Center for Studies in Old Age and Aging.

Relevant data:

• The Silver Economy covers several topics such as: products, services, health, functional dependency, savings, pensions, housing, mobility, technology, education, workforce and entrepreneurship, to name a few.
• In Japan, it is estimated that the Silver Economy market exceeds US$1.1 trillion, a figure that has doubled in the last 20 years and now represents practically half of all consumption.
• In the European Union, the Silver Economy reaches US$ 4.4 trillion, with an annual growth of 5%.
• It is estimated that the consumption growth of older people in Latin America and the Caribbean will be 30.2%. If we consider individuals aged 45 and older, the percentage rises to 54.9%.
• The population over 50 years of age in Chile was responsible for 46% of all domestic consumption in 2020 and the figure is expected to increase to 60% in 2050.
• Almost 90% of older people think that companies do not consider their needs and almost 70% indicate that they have felt discriminated against as a consumer.

Silver speakers:

The Silver Economy Summit in Chile brought together businessmen, entrepreneurs, academics, government, and civil society representatives, as well as any public interested in this crucial issue, to transform the ageist perception of older people and thus recognize them as one of the engines of economic development of countries.

Among the foreign panelists at the event were:

– Flora Proverbio (Argentina). Strategy and innovation consultant. A specialist in Silver Economy, she has helped companies and organizations incorporate the age perspective within work teams.

– Juan Carlos Alcaide (Spain). Sociologist, lecturer, and author. Senior marketing and customer experience expert. Probably one of the most relevant authoritative voices on Silver Economy in Europe.

– Ana Castillo Leska (Uruguay). Agricultural engineer with more than 20 years of experience in project management in the public and private sectors. She is currently a senior specialist at the IDB Lab, the innovation laboratory of the IDB group.

To review the recording of the two days of the silver summit, please visit the following link: https://www.youtube.com/@SeniorLabUC/streams