Canada’s aging population could result in opportunities for small and medium sized businesses

An aging population means changes to our economy and opportunities for businesses, including newspapers. Consumption patterns change with age and some industries will perform better than others. BDC’s December Economic Letter highlights some of the impacts:

“Obvious winners include industries like health care, pharmaceuticals and home care that are needed to care for an ageing population. Travel and leisure businesses that offer “bucket list” type of experiences are also expected to do well.

Elsewhere, post-secondary institutions are also capitalizing on the trend by developing courses geared towards older adults. Referred to as the “University of the Third Age” (U3A), institutions are offering courses on such subjects as languages, philosophy, history and music that are specifically adapted to older adults.

Other sectors are likely to face more headwind. Research shows that older adults tend to buy higher quality goods and keep them longer. This will have an impact on consumption patterns and sales cycles in consumer products (think cars and appliances) and could represent an opportunity for manufacturers and retailers of higher-end, longer life brands.”

Newspaper readership increases with age and according to the Fall 2019 Vividata study eight out of ten older adults read newspapers each week, in print and digital formats.  While older adults tend to read more in print, they are also embracing digital access to read newspaper content.