Jovanka Damoska Sekuloska
- University of Information Science and Technology “St. Paul the Apostle” Ohrid, Partizanska bb Ohrid, North Macedonia
Aleksandar Erceg
- Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Osijek, Trg Ljudevita Gaja 7, Croatia
Abstract:
The aging population presents challenges and opportunities for the modern economy. One such opportunity is the thriving “silver economy,” which caters to the needs of elderly individuals. This market is characterized by a sizable consumer group with relatively stable purchasing power, specific needs, and requirements. The EU predicts that 2025 the silver economy will be worth €5.7 trillion and represent 22% of the world’s population by 2050. The paper examines the smart senior business model as a new approach of SMEs toward elders and identifies the differences between the traditional and smart senior business models. The paper aims to explore the potential of the silver economy for creating new business models and identifying sectors that cater to the needs of older people. To succeed in this growing and emerging market, businesses must be aware of and deeply understand the characteristics and opportunities of the silver economy.
10th International Scientific Conference ERAZ - Knowledge Based Sustainable Development - ERAZ 2024 - ERAZ Conference – Knowlegde Based Sustainable Development: Vol 10. Conference Proceedings , June 6, 2024
Conference Proceedings published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia
ISBN: 9788680194868 , ISSN: 26835568 , DOI: 10.31410/ERAZ.2024
Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission.
