In the next few years, the world will see dramatic transformations in how people consume and buy. These changes will be brought about by gradual aging of the population. The imminent retirement of the “baby boom” generation, combined with longer life expectancies, will place extraordinary pressures on the economic resources necessary to sustain the rising standard of living that most people have come to expect.
This demographic change has become more significant at the start of the new millennium than at any time since the end of World War II. The world population is aging, which means that the average age is increasing at a rate that is unprecedented in the history of civilization. Indeed, seventy percent of everyone who has ever lived is alive today.
The prolonged graying of the world, with an escalating ratio of elderly to young people, will have profound social, economic, medical, and personal consequences. More importantly, this demographic change will change the face of small business.
