Advantage GM: Unlocking the longevity economy for Greater Manchester – Interim findings
Jul 10, 2019 | REPORTS
Greater Manchester (GM) is an international leader in ageing. As the UK’s first WHO Age-friendly city region, it is at the forefront of global efforts to adapt to demographic change and promote healthy and active ageing for all. GM’s new Local Industrial Strategy makes clear its ambition to seize the economic opportunities of ageing.
This report sets out the interim findings of research by the ILC, in partnership with the Greater Manchester Combined Authority (GMCA) Ageing Hub, into the nature of these opportunities, and how GM’s innovation infrastructure and other key stakeholders can best respond to them. The report considers both:
- The opportunity within GM to capitalise on the growing 50+ consumer market, and
- The opportunity for GM to develop new products and services to meet the needs of an ageing society, and so support economic growth and prosperity.
The ageing market is increasingly significant. Globally, people aged 50+ spend approximately $15tn each year.3 In the UK alone, consumers aged 50+ spend over £500bn each year.4 This market segment is also growing faster than any other – both in absolute terms, as the number of older people rises, and as a proportion of total consumer spending. In line with these trends, this report looks beyond the stereotypical “older” person to consider the whole 50+ population: people in mid and later life.