AARP CEO Jo Ann Jenkins discussed the huge role older adults play in driving economic opportunity on The Conference Board’s CEO Perspectives podcast this week. Adults 50-plus accounted for $8.3 trillion in economic activity in 2018, she noted, and are on track to drive $28 trillion by 2050.
“I think it’s so important for marketers and products and service providers to be looking at this generation as an opportunity,” Jenkins said. She noted that the pandemic has changed the needs and behaviors of older adults, creating new opportunities for health care and technology companies seeking their business.
Telehealth has exploded, particularly after Medicare expanded coverage to include more remote services. Older adults have increasingly turned to video calls and other technology to safely check in on family members and loved ones. And after the pandemic swept through long-term care facilities, resulting in the deaths of more than 200,000 nursing home residents and staff, more attention has gone toward finding at-home care services and ways to age in place.
“They’re not an afterthought," Jenkins said. "They’re not a nice-to-have. They really should be looked at as a major market segment that marketers should be attracted to."
Listen to her full interview.
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