Aging Consumers and the Commercial Structure
By Dr. Tony Hernandez, Jim Simmons and Shizue Kamikihara
Canada's population will age significantly over the next few decades. As a result there will be a steady increase in the proportion of age 55 plus consumers in the Canadian marketplace. This demographic trend has been on the radar screen for many years because, unlike many elements of the retail and service economy, the aging population can be projected and anticipated. This is the second report from the CSCA focusing on the impacts of the aging population. The first drew comparisons with the demographic profile of Victoria, British Columbia (a present day retirement haven) and the rest of Canada, demonstrating that by 2031 the current demographic profile of Victoria will be typical across Canada. This report provides a more detailed analysis of the demographic shift by focusing on what 'aging' means for consumers (changes to incomes, expenditures, mobility) and the commercial structures that serve them.