Silver Industries or Platinum Industries?

Do you know that every 7 seconds a Baby Boomer turns 55? This equates to 10,000 new customers per day for businesses catering to the older adult market. The advent of Silver Industries actually began in 1965 with the passage of the Older Americans Act, Medicare, Medicaid, Area Agencies on Aging, and other services for the older population. The result was the emergence of aging enterprises such as nursing homes and community-based services both non-profit and for profit. Examples of successful Silver Industries with a business model are Elderhostel, AARP, and Sun City, companies that have recognized branding identity. In the service category, attorneys are now Elder Law specialists, and geriatric care managers are primarily former nurses and social workers. Realtors and financial advisors have also recognized the value of marketing to seniors and have developed their own specializations. Perhaps we should refer to this market segment as Platinum Industries, as platinum is more valuable than silver or gold. For more on this topic, read the article by Dr. Harry R. Moody, Director of Academic Affairs, AARP, in the Winter 2004/2005 Generations, the Journal of the American Society on Aging. The article is titled Silver Industries and the New Aging Enterprise. More later. Dr. Jan Vinita White, PhD, Gerontologist