10 years ago, the Cetelem Observatory focused on seniors through a study titled “Towards the golden age of the silver economy?”. Today, the question we want to answer through this study is: what is the impact of the demographic shock and the aging of the European population on consumption in the euro zone? What will be the economic and social consequences over the next 20 years?
Carried out with Harris Interactive, the research firm C-Ways and BNP Paribas’ economic research, this study was conducted in 10 European countries with a representative sample of more than 10,000 people. It highlights consumption in a Europe facing a demographic shock.
The full study here.
The essentials of the study in video
Europeans’ optimism on the rise
The macroeconomic context and the morale of Europeans is improving this year, with growth slightly increasing by 1.6% according to forecasts by BNP Paribas’ economic research. This growth is driven by an expected increase in Germany and France as well as by the improvement in the personal situation of Europeans. The intention to consume is also on the rise: 45% of Europeans say they want to increase their spending.
This is good news given that household consumption is central to economic growth in Europe. One point of caution, the savings rate remains higher than pre-pandemics levels.
A declining demographic
Europe is facing a demographic shock marked by a continuous decline in births and an ageing population. The natural balance of deaths and births per year in Europe is now negative with a deficit of 1,260,000 people per year.
However, this issue is still underestimated:
- Only 40% of Europeans and 33% of French people consider the demographic shock to be very significant.
- And 68% of Europeans see this ageing as an opportunity.
It should be noted that this demographic drop will have major consequences in the medium term.
Comfort of life is a priority for seniors
This ageing of the population is transforming consumer behaviour, with expectations focusing on pleasure and comfort of life. Above all, seniors express the desire to age well by enjoying a comfortable living environment on a daily basis.
- 91% of Europeans say they want to treat themselves from time to time.
- 88% want to be comfortable at home, raising the question of home care.
However, the purchasing criteria are similar for all generations: value for money remains the first decision criterion, just ahead of the technical characteristics of the products.
Consumption that is diversifying
The generations that will become seniors in a few years are already familiar with digital uses and will maintain their online consumption habits. Forecasts across France, the UK, Germany, Italy and Spain show that e-commerce would be the big winner of this demographic shift and would grow from just under €400 billion in 2024 to €600 billion by 2030.
The Cetelem Observatory observes a change in European society. The current demographic shock is transforming consumption and opportunities are possible with seniors increasingly connected and eager to age well.
To discover the full study, visit the Cetelem Observatory website.
