The 50-Plus Population Will Surge by 2050
September 20, 2016
By 2050, the number of adults over the age of 50 is expected to double, reaching up to 3.2 billion, according to a new report by the American Association of Retired Persons (AARP) and Oxford Economics. This growing age group is expected to dominate and could have a big impact on the design of homes, particularly in the embracing of universal design home features.
Already, the 50-and-over age groups carry a lot of power in the economy. They control 83 percent of wealth and more than 50 percent of spending in the U.S. The 55-64 age group creates more companies too; one in three businesses were started by people 50-plus in the past decade.
Read more: What Would Make Baby Boomers Move?
“The amount of value driven by the 50-plus cohort in the U.S. is huge, even viewed on a global scale,” according to the report. “If the U.S. Longevity Economy [which totaled $7.6 trillion in 2015] were to stand alone, it would, in GDP terms, be the third largest economy in the world – behind only the U.S. and China and nearly $3.5 trillion larger than Japan.”
As such, AARP is urging the public to pay closer attention to the needs of this “Longevity population.” It urges the public to come up with “dynamic approaches in understanding and delivering the types of goods and services demanded” to meet this population’s needs.
“With a growing cohort that will dominate the country’s wealth, designing homes for the over-50 buyer will become more important than ever and could drive housing trends for years to come,” BUILDER notes in reporting the study’s findings.
Source: “By 2050, There Will Be Double the Number of People Over 50,” Fast Company (Sept. 14, 2016)
Updated: July 19, 2018