For the first time in Canada, there are more persons aged 65 and over than children under the age of 15. The aging of the population presents both opportunities and challenges here in Ottawa and around the world. Although this trend is not new, it is receiving increased attention from governments, communities, and businesses, as most of the large Boomer cohort is now over the age of 55. Much has been written about the impact of population aging on government expenditures, especially those related to health, pensions, and economic growth in general. Many cities are also addressing the needs and challenges of an older population as evidenced by the 2013 Federation of Canadian Municipalities report. In 2012, the City of Ottawa established an Older Adult Plan6 and in 2017, the City worked with The Council on Aging of Ottawa to produce an evaluation report on How Age-Friendly is Ottawa?
However, businesses have given much less attention to the older population, generally concentrating their marketing and consumer service efforts on the young millennial population.
The report presents the:
- demographic profile of Ottawa’s rapidly growing, changing, and aging population based on the 2016 Census
- growing spending power of older consumers in Ottawa
- business opportunities to meet the changing needs of diverse older consumers as well as five things businesses can do to market to and serve older consumers better