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The Longevity Economy: Unlocking the World's Fastest-Growing, Most Misunderstood Market
Oldness : a social construct at odds with reality that constrains how we live after middle age and stifles business thinking on how to best serve a group of consumers, workers, and innovators that is growing larger and wealthier with every passing day.
Over the past two decades, Joseph F. Coughlin has been busting myths about aging with groundbreaking multidisciplinary research into what older people actually want -- not what conventional wisdom suggests they need. In The Longevity Economy , Coughlin provides the framing and insight business leaders need to serve the growing older a vast, diverse group of consumers representing every possible level of health and wealth, worth about $8 trillion in the United States alone and climbing.
Coughlin provides deep insight into a population that consistently defies people who, through their continued personal and professional ambition, desire for experience, and quest for self-actualization, are building a striking, unheralded vision of longer life that very few in business fully understand. His focus on women -- they outnumber men, control household spending and finances, and are leading the charge toward tomorrow's creative new narrative of later life -- is especially illuminating.
Coughlin pinpoints the gap between myth and reality and then shows businesses how to bridge it. As the demographics of global aging transform and accelerate, it is now critical to build a new understanding of the shifting physiological, cognitive, social, family, and psychological realities of the longevity economy.
Over the past two decades, Joseph F. Coughlin has been busting myths about aging with groundbreaking multidisciplinary research into what older people actually want -- not what conventional wisdom suggests they need. In The Longevity Economy , Coughlin provides the framing and insight business leaders need to serve the growing older a vast, diverse group of consumers representing every possible level of health and wealth, worth about $8 trillion in the United States alone and climbing.
Coughlin provides deep insight into a population that consistently defies people who, through their continued personal and professional ambition, desire for experience, and quest for self-actualization, are building a striking, unheralded vision of longer life that very few in business fully understand. His focus on women -- they outnumber men, control household spending and finances, and are leading the charge toward tomorrow's creative new narrative of later life -- is especially illuminating.
Coughlin pinpoints the gap between myth and reality and then shows businesses how to bridge it. As the demographics of global aging transform and accelerate, it is now critical to build a new understanding of the shifting physiological, cognitive, social, family, and psychological realities of the longevity economy.
352 pages, Hardcover
First published November 7, 2017
212 people are currently reading
908 people want to read
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Displaying 1 - 30 of 54 reviews
February 13, 2018
This book is a grab bag of various accounts of the buying habits of old people, and how businesses might sell to them. It seems that these old people have not been marketed-to very well, so this book is essentially a handbook on how to exploit their dollars better. The book repeatedly makes reasonable observations about unfortunate assumptions held about old people: For instance, that old people stop learning, or are not interested in learning; and because of this assumption, no one is marketing education to old people. There are good chapters such as Chapter 4, "A Tale of Two Villages" about how communities of old people help themselves. Chapter 5 is good, too: it's about design. A critical point hammered out through the book is that, owing to demography and habits of engagement and responsibility, the critical consumer of goods and services for older people will be older women. Product and service designers seem only now to be catching on to this, and to compete will need to consider serious revisions to their mental models of who buys in older age.
Yet a lot of it . . . is too breathless and eager to sell to the reader the good news of this poorly-understood market. For a lot of the book, I kept thinking: "Darn, I had such high hopes that when I am old people will stop trying to sell me all this shit." But that's not how it's going to work out. The author notes that the baby boomers have always gotten what they want; so because the boomers want to be brilliantly sold-to, all of the rest of us will have to be sold-to as well. Sorry!
On the whole the book seems to imagine that old people are middle class or better, and have money to spend. There is almost nothing about the vast number of old people who are in poverty (in California, for instance, 21% of the elderly are below the supplemental poverty level (SPM; the SPM is a more modern index of poverty). Maybe they will obtain their OXO kitchen gadgets used at Goodwill.
Anyway, I think the hidden message of this book is: If you're "old" or going to become old any time soon, watch out: Companies will be firing smart ads at you, inventing nifty things for you, and doing it all in such a way that you perhaps won't realize you're being acutely targeted.
Yet a lot of it . . . is too breathless and eager to sell to the reader the good news of this poorly-understood market. For a lot of the book, I kept thinking: "Darn, I had such high hopes that when I am old people will stop trying to sell me all this shit." But that's not how it's going to work out. The author notes that the baby boomers have always gotten what they want; so because the boomers want to be brilliantly sold-to, all of the rest of us will have to be sold-to as well. Sorry!
On the whole the book seems to imagine that old people are middle class or better, and have money to spend. There is almost nothing about the vast number of old people who are in poverty (in California, for instance, 21% of the elderly are below the supplemental poverty level (SPM; the SPM is a more modern index of poverty). Maybe they will obtain their OXO kitchen gadgets used at Goodwill.
Anyway, I think the hidden message of this book is: If you're "old" or going to become old any time soon, watch out: Companies will be firing smart ads at you, inventing nifty things for you, and doing it all in such a way that you perhaps won't realize you're being acutely targeted.
January 4, 2018
Similar to how millennials have changed the "way we work", Coughlin argues that baby boomers will demand disruption in the "way we age". Coughlin's story is effectively narrated in two parts: the first focused on the problem(s), and the second describing ways that businesses, governments, healthcare institutions and communities can change how society approaches aging. While there's obviously no magic bullet, Coughlin's critical questions and suggested approaches give the reader plenty to think about, regardless of her age.
February 1, 2025
За цільовою аудиторією ця книжка для людей з бізнесу, зокрема маркетологів, які на думку автора та всіх демографів зовсім скоро будуть просувати товари і послуги не молодим і активним споживачам, а старим і активним споживачам. Принаймні в тій частині світу, де люди старші за 60-70 років є фінансово забезпеченою верствою населення. Радісно мені за американських пенсіонерів, гірко - за наших. Менше з тим, в книзі багато цікавого і корисного про сприйняття старших споживачів в маркетингу та упередження щодо них.
December 31, 2017
Coughlin has fallen victim to the issue he accuses businesses of ignoring. The cohort of older/aging adults he advises business leaders to focus on are baby boomers born between 1946 and 1964. Those of us who are part of the silent generation(1925-1945)are apparently chopped liver although many are living active, productive lives and are still consumers.
The book is readable but doesn't say anything new.
The book is readable but doesn't say anything new.
November 27, 2017
A terrific and authoritative exploration of the $8 trillion market of old folks by the director of MIT's AgeLab
March 8, 2020
The Longevity Economy: Unlocking the World’s Fastest-Growing, Most Misunderstood Market by Joseph F. Coughlin
The author of this book is the founder and director of the MIT AgeLab, which focuses on economics and policy issues related to aging. This book looks at the social trends relating to aging from a business point of view.
The central theme of the book is debunking the prevailing narrative that old people are “needy and greedy,” a problem that needs solutions, instead of an opportunity that can be leveraged. Such revelation is manifested in two significant propositions.
First, we should not focus on the physical needs (medical, safety, and overcoming physical disabilities) of the aged population. We should also serve their higher-level needs: meaning and self-actuation. We should empower them to continue to be productive members of society even after retirement since retirement is an artificial social institution that ignores individual differences. We should also build communities and other institutions to support the desire of the older people for living independently, giving back to society, and leaving a legacy.
Second, avoid developing products specifically for the aged population “to help them out.” Such products carry a stigma and are rejected by the targeted user. Instead, we should explore ways to develop “transcendent” products. These products are inspired by the needs of the aged but are beneficial to all age groups. To this end, we also need to study the older population with empathy, to understand their actual needs and the origin of their problems, especially their cognitive difficulties. Such an effort is especially important because the current tech companies are populated by young workers. One approach is paying attention to the “lead users” who hack current products or develop new products for their own needs. Especially, the lead users are often older women who play major roles in purchase decisions and caregiving.
In addition to stating and elaborating on the theme topics, the book also provides many examples of businesses and products that successfully or unsuccessfully penetrate the aged population. Therefore, the book can also serve as a reference and resource for people in the related fields.
This book is journalistic in style, although it includes experiences of the author and the AgeLab under his direction. One can tell that the available material is severely limited. The book gives uneven treatment to the various parts, apparently depending on the material at hand. Some materials used are not germane to the subject. For example, when the author talks about transcend products, most examples are products that revolutionalize the ways we do things but are not inspired by the needs of older people. Such a defect actually demonstrates the value of the book: it addresses a topic that is not well developed. In this sense, the book is pioneering.
This book also serves as a general business book, in which the aged population market can be viewed as case studies. The book contains a general theoretical introduction to Christensen’s model of disruptive innovations and Marslo’s theory of need pyramid.
This book is complementary to “Disrupt Aging” by Ann Jenkins, CEO of AARP. While this book focuses on business and the latter book on social movements, both hold the view that the aged generation should be viewed as valuable, productive members of society. In fact, AgeLab and AARP are working together to promote such a vision. It would be helpful to read both books in combination.
The detailed outlines follow.
1. Introduction: the longevity paradox
● It is a global trend that the old-aged population increases rapidly and will continue to increase
○ People live longer
○ Birthrate decreases
○ Baby boomers get old
● Businesses are not catching up with product development and marketing to serve this population
● The reason: we have a misconception of “old” people as needy (need help and care) and greedy (not work, just enjoy life). So products focus on these two aspects. There is no focus on helping older people to excel in their life goals.
● Baby boomers have been a strong force in social changes. They will continue to be so even when they are old. So the business and society need to understand their needs and aspirations.
2. Vital force
● The current concept of “old people” as a stereotype is new, starting from the beginning of the 20th century. Before that, older people are considered individually. Everyone has his own way and time table of aging. But since the society established institutions to “take care fo the old,” such as pension and medicare, people are put into the bin of “old” just by age.
● The first development was in the late 19 century and early 20 century when medical professions start to treat “oldness” as a disease without a cure. They consider people over a certain age as physically and mentally incapable of leading a normal life.
● The next comes institutionalized medical care for the aged. The senior houses reinforced the impression that older people are needy.
● Then pension and social security were introduced, making retirement after a certain age the norm or even enforced practice.
● The business provides products of leisure to fill in the vacuum caused by retirement.
3. Myths
● When society pays attention to the aged population, they focus on their physical needs, not their high-layer needs, such as self-esteem and self-fulfillment.
● That’s why many products aimed at older people failed: hearing aid, food for the aged, personal safety button, and cellphone for the aged. When you make products specifically for the older people, they carry a stigma that is repulsive, even to the user himself.
● The only successful product seems to be the smartphone, which is versatile enough to satisfy individual needs, while sufficient mainstream to avoid any stigma.
● Government policies also treat the aged as patients, focusing on their medical and financial needs, not their spiritual desires.
● The age lab used to follow the same practice until it realized that the aged are also consumers, family members, aspiring individuals, and many other roles in society. Their other needs should to be met, as well. [I am yet to see how their other needs are unique and can be met by products specially designed for them.]
4. The future is female
● The females are critical in the market for the aged because they form a large portion of the aged population and constitute the majority of caregivers and financial decision-makers.
● However, females have been severely ignored in product design and marketing. An important reason is that the workers and executives in the consumer technology companies are much over-represented by men.
● When it comes to aging, men and women have a significant difference in the thinking process.
○ Men focus on outcomes such as leisure, enjoyment, and independence. Women focus on processes to achieve the outcomes, such as saving and planning.
○ Men are more optimistic, focusing on good things such as freedom and fun. Women are more pragmatic and worry about potential problems.
○ Men’s vision of retirement is to stop working. Women’s vision is more active roles in society.
● Women elderly have particular mentalities and needs that are not easily understood by others. For example, since many of them served as caregivers for many years, they are not necessarily looking for a new family. Instead, they savor the freedom and look for friendships and casual romance that does not come with the responsibility of another caregiving period.
● Currently, many products indented for the women market are designed by men and woefully off-target because they fit the stereotype of women, not real women.
● The theory of user task: the consumer focuses on the tasks he needs to do, not the tools he uses to do the tasks. So a good tool has no value if you get the task assumption wrong.
● There is hope, however.
○ Womon and man elderlies are good at innovation themselves. They can hack the existing product for different needs. A good example is the sharing economy, which was intended for younger tech-savvy users. However, it serve the need of many elderlies, so they can continue to live independently instead of in institutions.
○ There are many success stories about venture capitals and startups addressing this ignored market. Companies run by older entrepreneurs are usually underpriced in the investment market and represent great profit opportunities for those investors without such bias.
5. A tale of two villages
● Senior communities are an attractive option for retirees. However, it threatens to crowd out other options. Product developers should not limit their horizons to senior communities. However, they can learn from these communities about what senior lifestyles entail.
● Senior communities are good: they create a new social setting that is equalitarian and community-oriented, providing a solution to the identity problem that retirees face.
● Senior communities are bad: they isolate aged people from society at large, encouraging the view that retirees are needy and greedy.
● An alternative: “age in place” arrangement: senior community within the neighborhood. It organizes not only social gatherings but also mutual help among the senior members. Such an organization was set up in Boston’s Beacon Street and is spreading over the county.
● It is difficult to say for now which, or both, models will prevail. However, these examples do show that we should think out of the box about the aging trend.
6. Radical empathy and transcendent design
● How to design products and services for the aged population?
● First, we need empathy to understand what difficulties aged people have. Special suits were designed to emulate physical deteriorations that aged people face.
● However, we also need to solve the problem without marking the products and services, especially for the “old people.”.
● For physical problems, CVS realized the difficulties for older shoppers to read the signs, move along the isles, and lift goods into and out of shopping carts. Instead of installing grabbing bars in the isles to help old shoppers stabilize themselves, which would mark the stores as “aged-oriented,” they shortened the isles.
● For cognitive problems, older people are not necessarily unable to learn new techniques. However, they do have a set way of doing things and a relatively fixed mental model of how the world works. So unless strongly motivated, they don’t want to change the way of doing things.
● For example, BMW’s iDrive console control system was not age-friendly because it does not fit into the existing metaphors that older people are used. Furthermore, older people are not used to the “trial and error” approach to navigating the layered menu structure. In response, BMW added the “home” key that can always take the user to the familiar top menu. This helps not only the older users but everyone.
● Transcendent design is a design that may be inspired by the problem that older people face but benefits the whole population in an exciting and revolutionary way. It helps all people, while older people may benefit the most from the relief of physical demands. But they are not stigmatized for using these products. Such products will have a great market.
● Examples of transcendent products: potato peelers with rubber handles, garage door opener, microwave oven, etc. [Except for the potato peeler, it is not clear from the book that these products were motivated by the needs of seniors.]
7. Health, safety, and the triumph of magical thinking
● It is commonly thought that old people have passed there productive years and should “hurry up and die.”
● The prevailing thinking is “compressed morbidity,” or a late and short period of a terminal illness. However, at least currently, this is not under our control. In general, aging is considered as a cost: it is expensive to prolong a life that has little value.
● Social prejudice against old age hurts the latter: the seniors are expected to live a very limited life, constrained by their mental and physical abilities. Such lifestyle ascerbates capability deterioration. On the other hand, modern technologies and products that can help the aged people lead a fuller life have great demand.
● When people talk about promising technologies to help the seniors, they usually focus on two: medicine reminders and homecare robots. These are good tools that target on the mental and physical difficulties. On the other hand, they run the risk of further reducing human interactions of seniors. More importantly, these technics stem from the mindset of treating the elderly as problems that are best “taken care of” without distracting social attention and resources. They don’t treat the seniors as a part of society and seek to make their life better, leading to a better society.
● Another kind of technology: backend. This means using data management and coordination to improve the processes. An example: Honor funded by Sternberg. They use technologies similar to Uber to match caregivers with those in need.
● Getting into the medical care area is especially challenging because of the myriad of regulations. They also meet resistance from doctors, hospitals, and other stakeholders who feel they are threatened or have the change the way they work.
● We must be careful not to exclude human in the process, at least at the current stage. Other than the social aspects, we also need people as a safety check. Machines can encounter unexpected situations and make wrong decisions. In the medical field, such errors can be devastating.
● We need to overcome the mental barrier of older people. Not only they don’t want products that bring stigma of “for elderly only,” but also they resist giving up privacy to monitoring. So the best strategy is developing a product with other uses and also serve the security needs. For example, a fall detection system can also be a gesture input device for smart homes.
● There is a balance between being helpful and being intrusive. Some intrusive monitoring at home can avoid the more intrusive option of living in an institution. So older people may accept assistive devices as a condition to gain or maintain independence.
● When we consider products for older people, we should not limit ourselves to removing the negatives. We should also think about adding the positive: enabling the elderly to achieve their goals and to have fun. [These are not mutually exclusive: removing problems they have to deal with would enable them to achieve positive goals.]
8. The pursuit of happiness
● The pursuit of happiness is a higher-layer need for everyone, including older people.
● Setting life goals and inspirations for older people is difficult. One reason is that longevity is a relatively new phenomeno
The author of this book is the founder and director of the MIT AgeLab, which focuses on economics and policy issues related to aging. This book looks at the social trends relating to aging from a business point of view.
The central theme of the book is debunking the prevailing narrative that old people are “needy and greedy,” a problem that needs solutions, instead of an opportunity that can be leveraged. Such revelation is manifested in two significant propositions.
First, we should not focus on the physical needs (medical, safety, and overcoming physical disabilities) of the aged population. We should also serve their higher-level needs: meaning and self-actuation. We should empower them to continue to be productive members of society even after retirement since retirement is an artificial social institution that ignores individual differences. We should also build communities and other institutions to support the desire of the older people for living independently, giving back to society, and leaving a legacy.
Second, avoid developing products specifically for the aged population “to help them out.” Such products carry a stigma and are rejected by the targeted user. Instead, we should explore ways to develop “transcendent” products. These products are inspired by the needs of the aged but are beneficial to all age groups. To this end, we also need to study the older population with empathy, to understand their actual needs and the origin of their problems, especially their cognitive difficulties. Such an effort is especially important because the current tech companies are populated by young workers. One approach is paying attention to the “lead users” who hack current products or develop new products for their own needs. Especially, the lead users are often older women who play major roles in purchase decisions and caregiving.
In addition to stating and elaborating on the theme topics, the book also provides many examples of businesses and products that successfully or unsuccessfully penetrate the aged population. Therefore, the book can also serve as a reference and resource for people in the related fields.
This book is journalistic in style, although it includes experiences of the author and the AgeLab under his direction. One can tell that the available material is severely limited. The book gives uneven treatment to the various parts, apparently depending on the material at hand. Some materials used are not germane to the subject. For example, when the author talks about transcend products, most examples are products that revolutionalize the ways we do things but are not inspired by the needs of older people. Such a defect actually demonstrates the value of the book: it addresses a topic that is not well developed. In this sense, the book is pioneering.
This book also serves as a general business book, in which the aged population market can be viewed as case studies. The book contains a general theoretical introduction to Christensen’s model of disruptive innovations and Marslo’s theory of need pyramid.
This book is complementary to “Disrupt Aging” by Ann Jenkins, CEO of AARP. While this book focuses on business and the latter book on social movements, both hold the view that the aged generation should be viewed as valuable, productive members of society. In fact, AgeLab and AARP are working together to promote such a vision. It would be helpful to read both books in combination.
The detailed outlines follow.
1. Introduction: the longevity paradox
● It is a global trend that the old-aged population increases rapidly and will continue to increase
○ People live longer
○ Birthrate decreases
○ Baby boomers get old
● Businesses are not catching up with product development and marketing to serve this population
● The reason: we have a misconception of “old” people as needy (need help and care) and greedy (not work, just enjoy life). So products focus on these two aspects. There is no focus on helping older people to excel in their life goals.
● Baby boomers have been a strong force in social changes. They will continue to be so even when they are old. So the business and society need to understand their needs and aspirations.
2. Vital force
● The current concept of “old people” as a stereotype is new, starting from the beginning of the 20th century. Before that, older people are considered individually. Everyone has his own way and time table of aging. But since the society established institutions to “take care fo the old,” such as pension and medicare, people are put into the bin of “old” just by age.
● The first development was in the late 19 century and early 20 century when medical professions start to treat “oldness” as a disease without a cure. They consider people over a certain age as physically and mentally incapable of leading a normal life.
● The next comes institutionalized medical care for the aged. The senior houses reinforced the impression that older people are needy.
● Then pension and social security were introduced, making retirement after a certain age the norm or even enforced practice.
● The business provides products of leisure to fill in the vacuum caused by retirement.
3. Myths
● When society pays attention to the aged population, they focus on their physical needs, not their high-layer needs, such as self-esteem and self-fulfillment.
● That’s why many products aimed at older people failed: hearing aid, food for the aged, personal safety button, and cellphone for the aged. When you make products specifically for the older people, they carry a stigma that is repulsive, even to the user himself.
● The only successful product seems to be the smartphone, which is versatile enough to satisfy individual needs, while sufficient mainstream to avoid any stigma.
● Government policies also treat the aged as patients, focusing on their medical and financial needs, not their spiritual desires.
● The age lab used to follow the same practice until it realized that the aged are also consumers, family members, aspiring individuals, and many other roles in society. Their other needs should to be met, as well. [I am yet to see how their other needs are unique and can be met by products specially designed for them.]
4. The future is female
● The females are critical in the market for the aged because they form a large portion of the aged population and constitute the majority of caregivers and financial decision-makers.
● However, females have been severely ignored in product design and marketing. An important reason is that the workers and executives in the consumer technology companies are much over-represented by men.
● When it comes to aging, men and women have a significant difference in the thinking process.
○ Men focus on outcomes such as leisure, enjoyment, and independence. Women focus on processes to achieve the outcomes, such as saving and planning.
○ Men are more optimistic, focusing on good things such as freedom and fun. Women are more pragmatic and worry about potential problems.
○ Men’s vision of retirement is to stop working. Women’s vision is more active roles in society.
● Women elderly have particular mentalities and needs that are not easily understood by others. For example, since many of them served as caregivers for many years, they are not necessarily looking for a new family. Instead, they savor the freedom and look for friendships and casual romance that does not come with the responsibility of another caregiving period.
● Currently, many products indented for the women market are designed by men and woefully off-target because they fit the stereotype of women, not real women.
● The theory of user task: the consumer focuses on the tasks he needs to do, not the tools he uses to do the tasks. So a good tool has no value if you get the task assumption wrong.
● There is hope, however.
○ Womon and man elderlies are good at innovation themselves. They can hack the existing product for different needs. A good example is the sharing economy, which was intended for younger tech-savvy users. However, it serve the need of many elderlies, so they can continue to live independently instead of in institutions.
○ There are many success stories about venture capitals and startups addressing this ignored market. Companies run by older entrepreneurs are usually underpriced in the investment market and represent great profit opportunities for those investors without such bias.
5. A tale of two villages
● Senior communities are an attractive option for retirees. However, it threatens to crowd out other options. Product developers should not limit their horizons to senior communities. However, they can learn from these communities about what senior lifestyles entail.
● Senior communities are good: they create a new social setting that is equalitarian and community-oriented, providing a solution to the identity problem that retirees face.
● Senior communities are bad: they isolate aged people from society at large, encouraging the view that retirees are needy and greedy.
● An alternative: “age in place” arrangement: senior community within the neighborhood. It organizes not only social gatherings but also mutual help among the senior members. Such an organization was set up in Boston’s Beacon Street and is spreading over the county.
● It is difficult to say for now which, or both, models will prevail. However, these examples do show that we should think out of the box about the aging trend.
6. Radical empathy and transcendent design
● How to design products and services for the aged population?
● First, we need empathy to understand what difficulties aged people have. Special suits were designed to emulate physical deteriorations that aged people face.
● However, we also need to solve the problem without marking the products and services, especially for the “old people.”.
● For physical problems, CVS realized the difficulties for older shoppers to read the signs, move along the isles, and lift goods into and out of shopping carts. Instead of installing grabbing bars in the isles to help old shoppers stabilize themselves, which would mark the stores as “aged-oriented,” they shortened the isles.
● For cognitive problems, older people are not necessarily unable to learn new techniques. However, they do have a set way of doing things and a relatively fixed mental model of how the world works. So unless strongly motivated, they don’t want to change the way of doing things.
● For example, BMW’s iDrive console control system was not age-friendly because it does not fit into the existing metaphors that older people are used. Furthermore, older people are not used to the “trial and error” approach to navigating the layered menu structure. In response, BMW added the “home” key that can always take the user to the familiar top menu. This helps not only the older users but everyone.
● Transcendent design is a design that may be inspired by the problem that older people face but benefits the whole population in an exciting and revolutionary way. It helps all people, while older people may benefit the most from the relief of physical demands. But they are not stigmatized for using these products. Such products will have a great market.
● Examples of transcendent products: potato peelers with rubber handles, garage door opener, microwave oven, etc. [Except for the potato peeler, it is not clear from the book that these products were motivated by the needs of seniors.]
7. Health, safety, and the triumph of magical thinking
● It is commonly thought that old people have passed there productive years and should “hurry up and die.”
● The prevailing thinking is “compressed morbidity,” or a late and short period of a terminal illness. However, at least currently, this is not under our control. In general, aging is considered as a cost: it is expensive to prolong a life that has little value.
● Social prejudice against old age hurts the latter: the seniors are expected to live a very limited life, constrained by their mental and physical abilities. Such lifestyle ascerbates capability deterioration. On the other hand, modern technologies and products that can help the aged people lead a fuller life have great demand.
● When people talk about promising technologies to help the seniors, they usually focus on two: medicine reminders and homecare robots. These are good tools that target on the mental and physical difficulties. On the other hand, they run the risk of further reducing human interactions of seniors. More importantly, these technics stem from the mindset of treating the elderly as problems that are best “taken care of” without distracting social attention and resources. They don’t treat the seniors as a part of society and seek to make their life better, leading to a better society.
● Another kind of technology: backend. This means using data management and coordination to improve the processes. An example: Honor funded by Sternberg. They use technologies similar to Uber to match caregivers with those in need.
● Getting into the medical care area is especially challenging because of the myriad of regulations. They also meet resistance from doctors, hospitals, and other stakeholders who feel they are threatened or have the change the way they work.
● We must be careful not to exclude human in the process, at least at the current stage. Other than the social aspects, we also need people as a safety check. Machines can encounter unexpected situations and make wrong decisions. In the medical field, such errors can be devastating.
● We need to overcome the mental barrier of older people. Not only they don’t want products that bring stigma of “for elderly only,” but also they resist giving up privacy to monitoring. So the best strategy is developing a product with other uses and also serve the security needs. For example, a fall detection system can also be a gesture input device for smart homes.
● There is a balance between being helpful and being intrusive. Some intrusive monitoring at home can avoid the more intrusive option of living in an institution. So older people may accept assistive devices as a condition to gain or maintain independence.
● When we consider products for older people, we should not limit ourselves to removing the negatives. We should also think about adding the positive: enabling the elderly to achieve their goals and to have fun. [These are not mutually exclusive: removing problems they have to deal with would enable them to achieve positive goals.]
8. The pursuit of happiness
● The pursuit of happiness is a higher-layer need for everyone, including older people.
● Setting life goals and inspirations for older people is difficult. One reason is that longevity is a relatively new phenomeno
April 3, 2021
Takeaways:
The aging of the world’s populations has profound and predictable implications.
The 20th-century narrative of aging depicts elders as “needy” and “greedy.”
Technological innovation for older consumers focuses on their physiological needs, excluding their psychological desires.
The male-dominated tech sector fails to innovate for older female consumers who make the majority of purchasing decisions.
Age-based retirement communities aren’t necessarily as good as “aging in place.”
“Transcendent design” is improving the lives of users of all ages and abilities.
The introduction of innovative, empathetic and affordable products will help seniors remain healthy, safe and independent.
Not everyone wants to retire; firms suffer when productive, experienced staffers age out.
Join the “longevity economy” by creating products and services that enable mature adults to lead productive and fulfilling lives.
Summary:
The aging of the world’s populations has profound and predictable implications.
People are living longer as life expectancies reach all-time highs. Child mortality rates are declining steadily, as are deaths among people in their 30s, 40s and 50s. Worldwide birth rates are decreasing. The baby boomer population bump is entering its senior years. By 2030, more than 20% of the US population will be older than 65 and responsible for 50% of consumer spending. This burgeoning consumer group requires products and services that cater to its needs, and it has the money to pay for them.
Today, we’re stuck with a notion of oldness that is so utterly at odds with reality that it has become dangerous.
Strategists fail to take global aging into account; marketers tend to ignore consumers older than 49. Companies usually make products and services that serve a younger demographic, often producing offerings that offend older peoples’ self-image. Few companies innovate in areas that would improve life for mature adults. Implicit bias against the elderly is pervasive, reinforced by media accounts of the aging as a crisis in the making. Baby boomers, a generation that demanded innovation at every life stage, are rewriting the aging narrative.
The 20th-century narrative of aging depicts elders as “needy” and “greedy.”
The common perception of the elderly is of a homogeneous people who are needy and greedy, a narrative about the elderly rooted in the late 19th century. In the early 20th century, physicians began to study older people as “geriatrics,” coining that medical term in 1909. The government began to view older people in economic and political terms. Pensions appeared after the Civil War. In the early 1900s, the private sector began to provide pension plans, believing that older workers were less productive. The concept of retirement solidified in the collective zeitgeist with the US Social Security Act in 1935.
Our narrative of age has always been arbitrary: a social construct that is equal parts historical hangover and marketing ploy. But now more than ever, it’s limiting how we think about solutions for older demographics.
By the 1950s, retirees enjoyed financial security but had yet to define what they wanted to do with their time. The private sector, led by life insurance companies, created a vision of retirement as the “golden years.” In 1960, Sun City, Arizona, devoted itself to leisure and became a destination for people older than 65.
Technological innovation for older consumers focuses on their physiological needs, excluding their psychological desires.
Tech designers develop products for seniors that address medical and safety needs without considering that older people want to have fun, engage in romance and pursue professional ambitions. Overlooking high-level desires such as social connection has debilitating effects on those consumers.
The only thing worse than getting lost in the woods of the longevity economy is staying home and doing nothing.
For example, in the late 1950s, H.J. Heinz Company introduced Senior Foods: inexpensive, easy-to-eat canned food for older adults. Understandably, seniors didn’t want anyone to see them buying the stuff. The marketing for Chrysler’s DeSoto, hawked by Groucho Marx, then 68, emphasized ease-of-use but not performance. But buyers didn’t want an old-guy vehicle. Most people older than 75 don’t think of themselves as elderly. They don’t want products like alert pendants that label them as old. Baby boomers use computers at work and home, navigate the internet, and like digital devices. The most successful products for older consumers will rely on technology. Yet young people rule Silicon Valley, and the median age of Google and Amazon employees is 30. Venture capital goes to the young; founders older than 45 struggle to obtain funding.
The male-dominated tech sector fails to innovate for older female consumers who make the majority of purchasing decisions.
Older women outnumber older men. In every age cohort, women make most purchasing decisions. They’re more likely to provide elder care, so they control the spending of several generations. Only 3% of tech companies have female CEOs, and the 10 biggest Silicon Valley companies are 70% male. Young men in tech don’t innovate for women. For example, the first iteration of Apple Health, a health-tracking app, measured every bodily function except menstruation. Most companies improve on existing products rather than innovate for seniors’ desired lifestyle. When products fail to meet their needs, older consumers have become expert hackers. Sally Lindover, 88, for example, capitalizes on the sharing and on-demand economy. She orders groceries through Instacart, watches Netflix and hires helpers through service providers such as Hello Alfred. She remains independent for less than the cost of an assisted living facility.
The baby boomers, in short, will act as a sorting mechanism in the longevity economy, ruthlessly separating the companies that solve their real demands from those acting on a tired, false idea of oldness.
Stitch, a dating site for people older than childbearing age, also facilitates platonic social connections and is successful with active, 50-plus women. Founder Marcie Rogo learned what her target demographic wanted. In addition to dating, women wanted new female friends, so Stitch also facilitates group gatherings. On the provider side, innovative products and services enable older people to participate and contribute to society. Visionaries like Rogo learn what mature adults want. After founding Stitch, she pinpointed social isolation as “the archenemy of healthy older living.” She then launched ConnectAround, a private social network that helps residents of active-living communities connect with each other.
Age-based retirement communities aren’t necessarily as good as “aging in place.”
The world’s largest retirement community, The Villages – in the heart of central Florida – is home to more than 124,000 people who are older than age 55. This leisure-focused community includes 50,000 detached homes. Most residents have a golf cart, which they ride on the community’s pathways and roads to visit and shop, as well as to play golf. This lifestyle choice reinforces the stereotype of the needy or greedy leisure-seeking retiree. But instead of moving to a retirement community, 87% of people older than 65 prefer to age in place in the homes and communities where they have lived their lives.
Innovation that creeps along one beige, injection-molded medicalized device at a time will not help us achieve better, longer lives.
Another model of aging is taking root. It began in the upscale Boston neighborhood of Beacon Hill and follows the premise that seniors want to stay in their homes, socialize with their lifelong friends, and patronize their favorite restaurants and shops rather than move to a retirement community. A group of volunteers formed an organization that helps with the tasks of daily living, provides a full schedule of social activities, and curates a list of health care and service providers, often at a negotiated discount. The Beacon Hill model spawned the Village to Village Network, a national organization based on aging in place. Whether it will scale up sufficiently to compete with places like The Villages remains to be seen. Nonetheless, older adults who remain vital members of their home communities are dispelling the misconception that the best place for the aging is in segregated retirement developments.
“Transcendent design” is improving the lives of users of all ages and abilities.
Products that fail to address the needs of older consumers may alienate seniors, but products that fulfill their needs can be equally alienating if they stereotype seniors or appear patronizing. The solution lies in pleasing and intriguing users with transcendent, accessible design.
The fact is, older adults do get technology, and by the time the baby boom fully enters its 60s and 70s, it will be the most tech-savvy group of elders ever to have existed.
Products or services – like lever-style door handles – that benefit all users fall under the heading of “universal” or “inclusive” design. Transcendent design improves everyone’s lives, regardless of people’s physical or mental state. For example, retired cookware executive Sam Farber initially designed arthritis-friendly kitchen tools for his wife. The wider, oval-shaped handles of his OXO utensils and their ease of use became popular with consumers of all ages. Other examples of transcendent design include electric garage door openers and smartphones, which bring life-changing technology to all generations of consumers.
The introduction of innovative, empathetic and affordable products will help seniors remain healthy, safe and independent.
One of the authors of the US Affordable Care Act, oncologist and bioethicist Ezekiel Emanuel, describes why older people are a drain on economies, health care systems and families in his article, “Why I Hope to Die at 75.” He itemizes how the physical and mental degeneration that can come with age can undermine quality of life. While society views elder care as an unreasonable burden, people will spend their last cent keeping loved-ones alive. Technology is improving and reducing the costs of health and safety products, which relieves some of the burden.
In the big, wet, chemical experiment that is modern life, older people now fall out of solution and settle on the bottom of the test tube – even as dazzling reactions continue overhead, unabated.
When people put the words “technology” and “elder care” in the same sentence, the idea of robots may spring to mind. Companies and governments are developing robotic caregivers with some success, although carebots are unlikely to become ubiquitous anytime soon. It’s more likely that humans and computers will work together as caregivers. Automation will improve care while relieving demands on informal caregivers and professionals.
Transcendent products, in particular, are like the rising tide that lifts all ships, regardless of whether they’re brand new or have braved decades of stormy seas.
Unfortunately, the highly regulated nature of health care is a barrier to technological innovation in the industry. Tech start-ups must deal with physicians, hospital management, insurers and patients – a daunting task for ambitious innovators. Yet despite resistance from the health care field, technological progress has led to life-changing products and services such as smart-home systems. New thoughtful and compassionate products are keeping seniors healthy, safe and independent longer as they age.
Not everyone wants to retire; firms suffer when productive, experienced staffers age out.
Employees leaving the workforce create a void. The theory of “socioemotional selectivity” suggests that most people feel happier and more fulfilled as they grow older. With less time remaining, they want to devote themselves to activities they find most meaningful. The assumption that meaningful activities include only leisure activities is false. Many older adults want to put their energy and experience toward fulfilling endeavors not bound by societal expectations. For some, this means continuing to work, but the nature of the job market makes that difficult.
At times when a long future doesn’t feel guaranteed, we don’t venture forth on voyages of discovery. We focus in on what we know to be meaningful.
Even as industries lament the retirement of productive, experienced employees, older workers have a harder time finding jobs. Companies suffer when highly skilled, valuable employees age out of the workforce since the loss harms overall productivity. Unfortunately, ageist attitudes and policies keep companies from hiring qualified seniors in meaningful roles. Simple fixes, such as offering flexible hours, remote work or less physically taxing work environments would allow seniors to remain in their jobs longer or start new ones. Workplace age discrimination lends credence to fallacies such as that seniors can’t learn new skills or take direction from younger team leaders. Older adults must overcome entrenched workplace rules to gain the opportunity to earn money, to find fulfillment through meaningful work and to continue to contribute to the economy.
Join the longevity economy by creating products and services that enable mature adults to lead productive and fulfilling lives.
In addition to pursuing meaning through work and relationships, older people strongly feel the drive to create a positive legacy. Businesses that give them the ability to leave something to posterity, such as the self-publishing book industry, are thriving. Volunteerism and philanthropy are socially sanctioned avenues for giving back. Organizations that provide such opportunities should recruit older adults already seeking ways to redirect their time, energy and experience.
Life, liberty and the pursuit of happiness are supposedly unalienable rights, but services for older people were only set up to support life. Liberty and happiness just weren’t a priority.
To exploit the opportunities of the longevity economy, reject the prevailing narrative of aging. Engage test users – a small group of older, ordinary consumers who try products before general release to see if they can use them in unintended new ways that are more adapted to their needs. The aging population is relevant to every company and will affect every aspect of society. Don’t miss the chance to help create a new narrative of aging that, instead of diminishing older adults, empowers them by making them an integral part of the longevity economy.
The aging of the world’s populations has profound and predictable implications.
The 20th-century narrative of aging depicts elders as “needy” and “greedy.”
Technological innovation for older consumers focuses on their physiological needs, excluding their psychological desires.
The male-dominated tech sector fails to innovate for older female consumers who make the majority of purchasing decisions.
Age-based retirement communities aren’t necessarily as good as “aging in place.”
“Transcendent design” is improving the lives of users of all ages and abilities.
The introduction of innovative, empathetic and affordable products will help seniors remain healthy, safe and independent.
Not everyone wants to retire; firms suffer when productive, experienced staffers age out.
Join the “longevity economy” by creating products and services that enable mature adults to lead productive and fulfilling lives.
Summary:
The aging of the world’s populations has profound and predictable implications.
People are living longer as life expectancies reach all-time highs. Child mortality rates are declining steadily, as are deaths among people in their 30s, 40s and 50s. Worldwide birth rates are decreasing. The baby boomer population bump is entering its senior years. By 2030, more than 20% of the US population will be older than 65 and responsible for 50% of consumer spending. This burgeoning consumer group requires products and services that cater to its needs, and it has the money to pay for them.
Today, we’re stuck with a notion of oldness that is so utterly at odds with reality that it has become dangerous.
Strategists fail to take global aging into account; marketers tend to ignore consumers older than 49. Companies usually make products and services that serve a younger demographic, often producing offerings that offend older peoples’ self-image. Few companies innovate in areas that would improve life for mature adults. Implicit bias against the elderly is pervasive, reinforced by media accounts of the aging as a crisis in the making. Baby boomers, a generation that demanded innovation at every life stage, are rewriting the aging narrative.
The 20th-century narrative of aging depicts elders as “needy” and “greedy.”
The common perception of the elderly is of a homogeneous people who are needy and greedy, a narrative about the elderly rooted in the late 19th century. In the early 20th century, physicians began to study older people as “geriatrics,” coining that medical term in 1909. The government began to view older people in economic and political terms. Pensions appeared after the Civil War. In the early 1900s, the private sector began to provide pension plans, believing that older workers were less productive. The concept of retirement solidified in the collective zeitgeist with the US Social Security Act in 1935.
Our narrative of age has always been arbitrary: a social construct that is equal parts historical hangover and marketing ploy. But now more than ever, it’s limiting how we think about solutions for older demographics.
By the 1950s, retirees enjoyed financial security but had yet to define what they wanted to do with their time. The private sector, led by life insurance companies, created a vision of retirement as the “golden years.” In 1960, Sun City, Arizona, devoted itself to leisure and became a destination for people older than 65.
Technological innovation for older consumers focuses on their physiological needs, excluding their psychological desires.
Tech designers develop products for seniors that address medical and safety needs without considering that older people want to have fun, engage in romance and pursue professional ambitions. Overlooking high-level desires such as social connection has debilitating effects on those consumers.
The only thing worse than getting lost in the woods of the longevity economy is staying home and doing nothing.
For example, in the late 1950s, H.J. Heinz Company introduced Senior Foods: inexpensive, easy-to-eat canned food for older adults. Understandably, seniors didn’t want anyone to see them buying the stuff. The marketing for Chrysler’s DeSoto, hawked by Groucho Marx, then 68, emphasized ease-of-use but not performance. But buyers didn’t want an old-guy vehicle. Most people older than 75 don’t think of themselves as elderly. They don’t want products like alert pendants that label them as old. Baby boomers use computers at work and home, navigate the internet, and like digital devices. The most successful products for older consumers will rely on technology. Yet young people rule Silicon Valley, and the median age of Google and Amazon employees is 30. Venture capital goes to the young; founders older than 45 struggle to obtain funding.
The male-dominated tech sector fails to innovate for older female consumers who make the majority of purchasing decisions.
Older women outnumber older men. In every age cohort, women make most purchasing decisions. They’re more likely to provide elder care, so they control the spending of several generations. Only 3% of tech companies have female CEOs, and the 10 biggest Silicon Valley companies are 70% male. Young men in tech don’t innovate for women. For example, the first iteration of Apple Health, a health-tracking app, measured every bodily function except menstruation. Most companies improve on existing products rather than innovate for seniors’ desired lifestyle. When products fail to meet their needs, older consumers have become expert hackers. Sally Lindover, 88, for example, capitalizes on the sharing and on-demand economy. She orders groceries through Instacart, watches Netflix and hires helpers through service providers such as Hello Alfred. She remains independent for less than the cost of an assisted living facility.
The baby boomers, in short, will act as a sorting mechanism in the longevity economy, ruthlessly separating the companies that solve their real demands from those acting on a tired, false idea of oldness.
Stitch, a dating site for people older than childbearing age, also facilitates platonic social connections and is successful with active, 50-plus women. Founder Marcie Rogo learned what her target demographic wanted. In addition to dating, women wanted new female friends, so Stitch also facilitates group gatherings. On the provider side, innovative products and services enable older people to participate and contribute to society. Visionaries like Rogo learn what mature adults want. After founding Stitch, she pinpointed social isolation as “the archenemy of healthy older living.” She then launched ConnectAround, a private social network that helps residents of active-living communities connect with each other.
Age-based retirement communities aren’t necessarily as good as “aging in place.”
The world’s largest retirement community, The Villages – in the heart of central Florida – is home to more than 124,000 people who are older than age 55. This leisure-focused community includes 50,000 detached homes. Most residents have a golf cart, which they ride on the community’s pathways and roads to visit and shop, as well as to play golf. This lifestyle choice reinforces the stereotype of the needy or greedy leisure-seeking retiree. But instead of moving to a retirement community, 87% of people older than 65 prefer to age in place in the homes and communities where they have lived their lives.
Innovation that creeps along one beige, injection-molded medicalized device at a time will not help us achieve better, longer lives.
Another model of aging is taking root. It began in the upscale Boston neighborhood of Beacon Hill and follows the premise that seniors want to stay in their homes, socialize with their lifelong friends, and patronize their favorite restaurants and shops rather than move to a retirement community. A group of volunteers formed an organization that helps with the tasks of daily living, provides a full schedule of social activities, and curates a list of health care and service providers, often at a negotiated discount. The Beacon Hill model spawned the Village to Village Network, a national organization based on aging in place. Whether it will scale up sufficiently to compete with places like The Villages remains to be seen. Nonetheless, older adults who remain vital members of their home communities are dispelling the misconception that the best place for the aging is in segregated retirement developments.
“Transcendent design” is improving the lives of users of all ages and abilities.
Products that fail to address the needs of older consumers may alienate seniors, but products that fulfill their needs can be equally alienating if they stereotype seniors or appear patronizing. The solution lies in pleasing and intriguing users with transcendent, accessible design.
The fact is, older adults do get technology, and by the time the baby boom fully enters its 60s and 70s, it will be the most tech-savvy group of elders ever to have existed.
Products or services – like lever-style door handles – that benefit all users fall under the heading of “universal” or “inclusive” design. Transcendent design improves everyone’s lives, regardless of people’s physical or mental state. For example, retired cookware executive Sam Farber initially designed arthritis-friendly kitchen tools for his wife. The wider, oval-shaped handles of his OXO utensils and their ease of use became popular with consumers of all ages. Other examples of transcendent design include electric garage door openers and smartphones, which bring life-changing technology to all generations of consumers.
The introduction of innovative, empathetic and affordable products will help seniors remain healthy, safe and independent.
One of the authors of the US Affordable Care Act, oncologist and bioethicist Ezekiel Emanuel, describes why older people are a drain on economies, health care systems and families in his article, “Why I Hope to Die at 75.” He itemizes how the physical and mental degeneration that can come with age can undermine quality of life. While society views elder care as an unreasonable burden, people will spend their last cent keeping loved-ones alive. Technology is improving and reducing the costs of health and safety products, which relieves some of the burden.
In the big, wet, chemical experiment that is modern life, older people now fall out of solution and settle on the bottom of the test tube – even as dazzling reactions continue overhead, unabated.
When people put the words “technology” and “elder care” in the same sentence, the idea of robots may spring to mind. Companies and governments are developing robotic caregivers with some success, although carebots are unlikely to become ubiquitous anytime soon. It’s more likely that humans and computers will work together as caregivers. Automation will improve care while relieving demands on informal caregivers and professionals.
Transcendent products, in particular, are like the rising tide that lifts all ships, regardless of whether they’re brand new or have braved decades of stormy seas.
Unfortunately, the highly regulated nature of health care is a barrier to technological innovation in the industry. Tech start-ups must deal with physicians, hospital management, insurers and patients – a daunting task for ambitious innovators. Yet despite resistance from the health care field, technological progress has led to life-changing products and services such as smart-home systems. New thoughtful and compassionate products are keeping seniors healthy, safe and independent longer as they age.
Not everyone wants to retire; firms suffer when productive, experienced staffers age out.
Employees leaving the workforce create a void. The theory of “socioemotional selectivity” suggests that most people feel happier and more fulfilled as they grow older. With less time remaining, they want to devote themselves to activities they find most meaningful. The assumption that meaningful activities include only leisure activities is false. Many older adults want to put their energy and experience toward fulfilling endeavors not bound by societal expectations. For some, this means continuing to work, but the nature of the job market makes that difficult.
At times when a long future doesn’t feel guaranteed, we don’t venture forth on voyages of discovery. We focus in on what we know to be meaningful.
Even as industries lament the retirement of productive, experienced employees, older workers have a harder time finding jobs. Companies suffer when highly skilled, valuable employees age out of the workforce since the loss harms overall productivity. Unfortunately, ageist attitudes and policies keep companies from hiring qualified seniors in meaningful roles. Simple fixes, such as offering flexible hours, remote work or less physically taxing work environments would allow seniors to remain in their jobs longer or start new ones. Workplace age discrimination lends credence to fallacies such as that seniors can’t learn new skills or take direction from younger team leaders. Older adults must overcome entrenched workplace rules to gain the opportunity to earn money, to find fulfillment through meaningful work and to continue to contribute to the economy.
Join the longevity economy by creating products and services that enable mature adults to lead productive and fulfilling lives.
In addition to pursuing meaning through work and relationships, older people strongly feel the drive to create a positive legacy. Businesses that give them the ability to leave something to posterity, such as the self-publishing book industry, are thriving. Volunteerism and philanthropy are socially sanctioned avenues for giving back. Organizations that provide such opportunities should recruit older adults already seeking ways to redirect their time, energy and experience.
Life, liberty and the pursuit of happiness are supposedly unalienable rights, but services for older people were only set up to support life. Liberty and happiness just weren’t a priority.
To exploit the opportunities of the longevity economy, reject the prevailing narrative of aging. Engage test users – a small group of older, ordinary consumers who try products before general release to see if they can use them in unintended new ways that are more adapted to their needs. The aging population is relevant to every company and will affect every aspect of society. Don’t miss the chance to help create a new narrative of aging that, instead of diminishing older adults, empowers them by making them an integral part of the longevity economy.
This entire review has been hidden because of spoilers.
June 8, 2023
yea, if you want older consumers to buy your stuff you probably should not treat them like they are just medical patients
April 9, 2018
The author explained that the doom and gloom narrative is not the only way. As more and more older people live longer and healthier lives, they would want to have fun and also contribute to society instead of just playing golf every day.
Coughlin noted that companies that try to have old people-specific products invariably fail badly. Ageism is so rampant that nobody, not even the elderly, want to buy something that is specifically made for old people. Instead, designs must be universally easy to use so that even the elderly with joint problems can use the tools.
The author described the usual retirement village, how they can be resented by the young for dodging education taxes. He suggested a few other models, like co-ops that can support the elderly while letting them stay in their own homes.
He also touched on robotics and external skeletons. However he thinks those would be simply too expensive for companies to use in bulk.
Coughlin lamented that we are going to see a huge skull deficit as baby boomers retire. He thinks companies should find new ways to engage the able elderly to let them continue to contribute. The danger is that certain scholars think that work is a zero sum game when it is not.
Ultimately though, I did not find Coughlin give me much solid advice on how to proceed to be successful in the longevity economy. So 3 stars.
Coughlin noted that companies that try to have old people-specific products invariably fail badly. Ageism is so rampant that nobody, not even the elderly, want to buy something that is specifically made for old people. Instead, designs must be universally easy to use so that even the elderly with joint problems can use the tools.
The author described the usual retirement village, how they can be resented by the young for dodging education taxes. He suggested a few other models, like co-ops that can support the elderly while letting them stay in their own homes.
He also touched on robotics and external skeletons. However he thinks those would be simply too expensive for companies to use in bulk.
Coughlin lamented that we are going to see a huge skull deficit as baby boomers retire. He thinks companies should find new ways to engage the able elderly to let them continue to contribute. The danger is that certain scholars think that work is a zero sum game when it is not.
Ultimately though, I did not find Coughlin give me much solid advice on how to proceed to be successful in the longevity economy. So 3 stars.
March 29, 2018
It's a business book that describes how the old demographics are untapped market.
May 13, 2018
Analyzing the baby boomer cohort from the marketing perspective and how it will impact the work force and services of the present and future.
May 21, 2018
As with basically all resonable capitalists - I agree with the problems, but dislike most of the solutions. Good to have people talking about this.
November 13, 2019
Excellent content and insightful. It was a bit repetitive—it could have been perhaps 50% of the length but overall very good.
February 26, 2021
Over the next 30 years, the global population of people over the age of 65 will double to 16.7 percent. Japan, one of the oldest countries, will have an elderly population of approximately one-third of its total. In his book, Coughlin suggests that one of our biggest cultural flaws is looking at these stats as a problem. Elderly people are not a problem to be solved, but rather a vibrant community to be served. As the Baby Boomer generation embraces their later years, they are poised to redefine our cultural appreciation of what late life can look like.
There are two main themes to this book. The first is the need to restructure our attitudes towards the final chapters of life. Over the past hundred years or so, Americans have come to associate retirement with the phase of life commencing after their career has ended and before they die. What to do with this seemingly empty time is a question that everyone must answer for themselves, but Coughlin posits that we are currently failing to help people answer this question adequately. This leads into the second theme, which is centered around the problem of keeping older people involved in the economy as both producers and consumers.
As it stands right now, products and technologies targeted at the older generation are pretty uninspiring. As long as we continue to view older adults as helpless consumers who need products that solely remind them to take their meds, they’re not going to want to buy. Older consumers generally want the same things that younger consumers do, i.e. products that support and promote a fun and engaging lifestyle. If they just so happen to also help them remember to feed the cat, so much the better. Many older people are still ambitious, both personally and professionally. Many still have the desire for new experiences in life and are still discovering new things about themselves. Some want to travel, some want to be caregivers for younger generations of their family, and many want to continue working past the age of 65 because they like their jobs. Believe it or not, they still have sex just like the rest of us. They deserve to have products on the market that make all of these aspects of their lives easier and more enjoyable.
A huge benefit to older people is the rise of modern technology and more specifically the smartphone. For example, Coughlin writes: “no recent technology has done more for deaf people than the text message.” It will come as no surprise to anyone that a majority of deaf and hard of hearing people are older. There also comes a time in many people’s lives when their eyesight becomes too poor to drive safely. Once upon a time, this meant isolation. Now, however, with apps like Lyft and Uber, a car is only moments away. If they don’t want to leave their house, anything and everything is deliverable today, including groceries and medications. Perhaps they are missing friends and family. No problem! Advancements in video communications like Skype, FaceTime, and Zoom can provide the antidote to loneliness. What if they need help installing a large television on the wall? There’s an app for that too. And what if an older person feels that they need a professional care provider? There are multiple apps on the market for on-demand in-home care as well.
One of the biggest gaps between marketplace producers and older consumers is not just age, but also gender. Silicon Valley, the heart of the tech industry, is overwhelmingly young men. Conversely, the majority of consumers are women, a large portion of which are older women, who often take on the role “of Chief Consumption Officer for two, three, or even four generations of people in their families. Add to that the sheer numerical advantage older women have over men” and you can see the disconnection. Part of the problem is that older people are often excluded from the marketplace of ideas. If someone is going to be creating products for consumers over the age of 65, shouldn’t that someone also be in the same demographic? As long as it is young men (and some women) creating products for older women (and some men), the marketplace will suffer.
So, how do we remedy this? To bring it full circle, we must start with redefining old age and what it means to ‘retire’ or to live through the final stages of life. As long as we see it as a problem to be fixed, older people will remain unhappy with their economic opportunities. Why have apps like Uber, Airbnb, and Postmates been so successful with older people? Because they are successful with everyone. Older people, obviously, are included in everyone. Further future successes will come from a deeper understanding of the wants and needs of older adults and the continual development of products and technologies that offer up fun and engaging ways to provide for them.
There are two main themes to this book. The first is the need to restructure our attitudes towards the final chapters of life. Over the past hundred years or so, Americans have come to associate retirement with the phase of life commencing after their career has ended and before they die. What to do with this seemingly empty time is a question that everyone must answer for themselves, but Coughlin posits that we are currently failing to help people answer this question adequately. This leads into the second theme, which is centered around the problem of keeping older people involved in the economy as both producers and consumers.
As it stands right now, products and technologies targeted at the older generation are pretty uninspiring. As long as we continue to view older adults as helpless consumers who need products that solely remind them to take their meds, they’re not going to want to buy. Older consumers generally want the same things that younger consumers do, i.e. products that support and promote a fun and engaging lifestyle. If they just so happen to also help them remember to feed the cat, so much the better. Many older people are still ambitious, both personally and professionally. Many still have the desire for new experiences in life and are still discovering new things about themselves. Some want to travel, some want to be caregivers for younger generations of their family, and many want to continue working past the age of 65 because they like their jobs. Believe it or not, they still have sex just like the rest of us. They deserve to have products on the market that make all of these aspects of their lives easier and more enjoyable.
A huge benefit to older people is the rise of modern technology and more specifically the smartphone. For example, Coughlin writes: “no recent technology has done more for deaf people than the text message.” It will come as no surprise to anyone that a majority of deaf and hard of hearing people are older. There also comes a time in many people’s lives when their eyesight becomes too poor to drive safely. Once upon a time, this meant isolation. Now, however, with apps like Lyft and Uber, a car is only moments away. If they don’t want to leave their house, anything and everything is deliverable today, including groceries and medications. Perhaps they are missing friends and family. No problem! Advancements in video communications like Skype, FaceTime, and Zoom can provide the antidote to loneliness. What if they need help installing a large television on the wall? There’s an app for that too. And what if an older person feels that they need a professional care provider? There are multiple apps on the market for on-demand in-home care as well.
One of the biggest gaps between marketplace producers and older consumers is not just age, but also gender. Silicon Valley, the heart of the tech industry, is overwhelmingly young men. Conversely, the majority of consumers are women, a large portion of which are older women, who often take on the role “of Chief Consumption Officer for two, three, or even four generations of people in their families. Add to that the sheer numerical advantage older women have over men” and you can see the disconnection. Part of the problem is that older people are often excluded from the marketplace of ideas. If someone is going to be creating products for consumers over the age of 65, shouldn’t that someone also be in the same demographic? As long as it is young men (and some women) creating products for older women (and some men), the marketplace will suffer.
So, how do we remedy this? To bring it full circle, we must start with redefining old age and what it means to ‘retire’ or to live through the final stages of life. As long as we see it as a problem to be fixed, older people will remain unhappy with their economic opportunities. Why have apps like Uber, Airbnb, and Postmates been so successful with older people? Because they are successful with everyone. Older people, obviously, are included in everyone. Further future successes will come from a deeper understanding of the wants and needs of older adults and the continual development of products and technologies that offer up fun and engaging ways to provide for them.
June 25, 2025
The Longevity Economy describes the current problems in the American market and culture when it comes to old age: historical attitudes and policies around aging, the emergence of retirement and Social Security, and modern ideas about what older people's goals, interests, and capabilities are. The book's central thesis is that the current conception of old age is deeply out of touch with reality, and that companies are exceptionally bad at understanding the needs and desires of this market and catering to them.
The author examines products which have failed to market to older adults, such as the LifeAlert product of "I've fallen and I can't get up" fame - a product which demeans its user and marks the user as an aged invalid, resulting in no one wanting to use it. He contrasts this with products which meet the needs of older people in a way that is more appealing, and often have broader use outside of a single age demographic. Two examples given were a dating site with strong support for both romantic meet-ups and non-romantic social events, as well as OXO kitchen products which solved problems of grip for arthritic hands while also being pleasant to use regardless of age or hand condition.
The book delves into the reasons that companies are currently failing to meet the needs of older people - cultural misunderstandings of old age, a lack of diversity in company leadership and venture funding, limited efforts to conduct user research with older users. And it talks about the ways in which companies as well as non-commercial organizations can and are springing up to fill these gaps.
While writing on marketing and the economy doesn't generally interest me, this book was a light and easy read with some well-made points and eye-opening stories.
The author examines products which have failed to market to older adults, such as the LifeAlert product of "I've fallen and I can't get up" fame - a product which demeans its user and marks the user as an aged invalid, resulting in no one wanting to use it. He contrasts this with products which meet the needs of older people in a way that is more appealing, and often have broader use outside of a single age demographic. Two examples given were a dating site with strong support for both romantic meet-ups and non-romantic social events, as well as OXO kitchen products which solved problems of grip for arthritic hands while also being pleasant to use regardless of age or hand condition.
The book delves into the reasons that companies are currently failing to meet the needs of older people - cultural misunderstandings of old age, a lack of diversity in company leadership and venture funding, limited efforts to conduct user research with older users. And it talks about the ways in which companies as well as non-commercial organizations can and are springing up to fill these gaps.
While writing on marketing and the economy doesn't generally interest me, this book was a light and easy read with some well-made points and eye-opening stories.
January 29, 2020
This book is a unique narrative that turns previously defined expectations/limitations of aging on their collective ear. I see this book as a roadmap/GPS for how to age in the new age! This book is insightful, unique and most importantly, fun to read.
I am 60 years old and am a firm believer in that number as just that. A number!! It does not define me or limit me. There are some days that I reminisce about being 25 years old again(who doesn't). But most days I am grateful for who I have become and what I have experienced along the way.
The Longevity Economy should be required reading for anyone pursuing their education in any of the Social Sciences, medicine or a variety of other pursuits. Really, anyone who wants to experience a wonderfully new take on aging should read this. It is a textbook(but more fun to read) on the economic implications and financial benefits of understanding the new aging population and how to provide what it craves.
Robert Frank Ries
I am 60 years old and am a firm believer in that number as just that. A number!! It does not define me or limit me. There are some days that I reminisce about being 25 years old again(who doesn't). But most days I am grateful for who I have become and what I have experienced along the way.
The Longevity Economy should be required reading for anyone pursuing their education in any of the Social Sciences, medicine or a variety of other pursuits. Really, anyone who wants to experience a wonderfully new take on aging should read this. It is a textbook(but more fun to read) on the economic implications and financial benefits of understanding the new aging population and how to provide what it craves.
Robert Frank Ries
May 2, 2018
Unique take on the "gray tsunami" (large number of Baby Boomers who are poised to retire over the next several decades) focusing on how corporations will be affected. The author gives many examples of how seniors have historically been ignored by corporations and marketers. He contends that as consumers, seniors are viewed as needing mostly leisure products or health products, and even these products are poorly marketed.
I really liked all the examples he had of new products and technology that are going to make it easier not only for seniors, but for everyone, to live a more fulfilling life.
I really liked all the examples he had of new products and technology that are going to make it easier not only for seniors, but for everyone, to live a more fulfilling life.
December 9, 2018
This book was eye opening and a great viewpoint on the future of the world in terms of economic power, marketing, and business.
Some takeaways:
The elderly don't want to buy products for the elderly. They want cool, practical, understandable, enjoyable stuff.
The elderly are stigmatized to not have goals and aspirations worth pursuing, other than leisure and family based activities.
The elderly are sexuality experts, having had more sex than any of the young people who chuckle at the thought of them making love.
The book was a bit of an infomercial / expertise building platform for M.I.T. Author was clever and engaging.
Some takeaways:
The elderly don't want to buy products for the elderly. They want cool, practical, understandable, enjoyable stuff.
The elderly are stigmatized to not have goals and aspirations worth pursuing, other than leisure and family based activities.
The elderly are sexuality experts, having had more sex than any of the young people who chuckle at the thought of them making love.
The book was a bit of an infomercial / expertise building platform for M.I.T. Author was clever and engaging.
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August 30, 2020A little long-winded - probably could have been distilled to an article or a webpage where you can click on themes to see examples - but this is likely because the author is trying to make a buck from a book ... which is also a good business, if the book sells
Central premise is old people are large, misunderstood and thus untapped market. To serve them, businesses really need to put themselves in old people’s shoes
Interesting facts
- aging work force represents 5% decline in productivity, not because old people are slow but because losing most knowledgeable workers
- many (40% I think) retired workers don’t want to be retired
Central premise is old people are large, misunderstood and thus untapped market. To serve them, businesses really need to put themselves in old people’s shoes
Interesting facts
- aging work force represents 5% decline in productivity, not because old people are slow but because losing most knowledgeable workers
- many (40% I think) retired workers don’t want to be retired
July 3, 2022
Listened to this book via Audible at the recommendation of a friend. Essentially, this is a callout to entrepreneurial businesses to consider the very large and often misunderstood baby boomer generation. The author runs a business oriented lab at MIT, and sprinkles many anecdotes through the book that flow from the work at MIT. Many of the author’s ideas center around innovation and universal design (products that are well purposed for all consumers, not just older folks). There is an interesting evaluation of The Villages, conveying the idea that perhaps the community, while popular, leaves some social fulfillment to be desired.
March 11, 2024
People are aging and business - yes, you guys running the big corporations - are sadly lacking in understanding that as this massive demographic grows old, they want products that work with them and for them. So says Joseph F. Coughlin in The Longevity Economy, a thought-provoking book that digs into how and why business is failing people as they age, and how they could better serve this slice of the population. It's a great read if you're at or nearing retirement, and the only criticism I have is that Coughlin comes at some of the same points from different directions, and that gets a bit repetitious. Still, worth investing the time to give it a go.
January 13, 2025
Super interesting read. Coughlin's writing here displays a serious subject matter expertise that many non fic writers lack. His day job as Director of the AgeLab and his personal interest in the lives of the olds make this perfect cocktail where, I have to assume, he's one of the best voices on the matter today. Not only is this book inspiring me to think differently about my parents, but about the lives of all people in their golden years. Only ding is I would have loved a little more real world discussion, similar to the appendix that Sunstein and Thaler did in Nudge where they list off a couple dozen real world nudges at the end.
November 28, 2018
I was enthralled with this book. It dig deep into issues I have pondered and worried over since retiring. It gave me hope. It thrilled me with new products in the development pipeline. And, most importantly, it addressed the pivotal role that grey-haired women will bring to creating meaning into their lives and the lives of others. I was often amused at the "hacking" of products or services to meet the desires of seniors in unexpected ways. Truly an exceptional book.
May 17, 2019
As a senior. I can appreciate how seniors are overlooked or misunderstood as potential consumers by the market. We baby boomers, however, intend to tell them what we want and need , so if they miss the message, it is their own fault. I had the pleasure of hearing the author speak in person at an AARP event on Boston , where we both live. Congratulations on the excellent work being done on behalf of seniors at MIT.
December 30, 2020
Really enjoyed this thought provoking book about the product changes that could be driven by older consumers hacking products not originally designed for them; also interesting to consider the change in narrative around what it means to be old. Book does not reflect on affordability or older people who find themselves in poverty, but that isn’t what it is trying to solve, it is about understanding the shift that a population with expectations and aspirations may do to change markets and what we go on to view as ‘later life’ in the future.
June 6, 2019
I had high hopes for this book as the author is the founder of MIT's Agelab. I found this book to be riddled more opinion based views on aging in America with not enough qualitative insight on what is needed for the future of care. I highly recommend The Age of Dignity: Preparing for the Elder Boom in a Changing America by Ai-Jen Poo a similar read with more relevant data.
August 17, 2022
I read this book as a professional growth goal. I found myself wanting to share so many pieces of information that I learned when reading this book. As you age it becomes harder to see yellow. What does retirement even mean? Stitch.net sounds like a very cool website to meet people when you’re over 50. And there were so many more amazing resources that they reference.
July 1, 2018
The narrator of this book was medium to large annoying, doing accents and voices throughout and regularly pronouncing things in nonstandard ways. But it was by and large good insight. Repetitive in places and overlong.
August 24, 2019
This book have an useful content, but the way it is written is so boring...so repetitive that make me feel me bored like I have already retired, what’s the need of saying empathetic every single minute and use this adjectives without presenting any real objective data? Gosh...
March 9, 2021
Had to read this for my job - has some useful insights into product design for older and disabled consumers and some interesting anecdotes about previous failed items/services with this demographic in mind
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