The 60+ will generate over half of all urban consumption growth in the developed countries

It is always nice to have a new quote from McKinsey about the ageing business.

This one come from a very recent publication Navigating a world of disruption.

The retired and elderly over 60 in many developed countries are increasingly important drivers of global consumption. The number of people in this age group will grow by more than one-third, from 164 million today to 222 million in 2030. We estimate that they will generate 51 percent of urban consumption growth in developed countries, or $4.4 trillion, in the period to 2030. That is 19 percent of global consumption growth. The 75-plus age group’s urban consumption is projected to grow at a compound annual rate of 4.5 percent between 2015 and 2030. In addition to increasing in number, individuals in this group are consuming more, on average, than younger consumers are, mostly because of rising public- and private-healthcare expenditure.