In 2014 AARP’s Thought Leadership team released "The Longevity Economy" report, which described the size and spending power of the 50+. The take away message from this eye-opening research was that businesses and investors would risk substantial financial and other related losses if they ignored the spending power of the 50+ consumer.
State-by-state analysis of the longevity economy for each of the 50 states and the District of Columbia were also completed in 2014, and now in 2015, AARP commissioned Oxford Economics to provide the same data on more local level - select MSA's in select states: Jacksonville, FL; Knoxville, TN; Lincoln, NE; Memphis, TN; Miami, FL; Nashville, TN; Omaha, NE; Sioux Falls SD; Tampa, FL; the Tri-Cities, NE.
- The longevity economy (LE)in the United States is composed of 106 million people.
- The LE is responsible for at least $7.1 trillion in annual economic activity.
- The LE represents 46% of U.S. gross domestic product.
- The LE represents 69% of the U.S. workforce and 65% of wages and salaries totaling $4.5 trillion.
Key findings include the following:
- People over 50 contribute to the economy in a positive, outsize proportion to their share of the population.
- People over 50 also make a significant contribution to local workforce.
- The typical categories where Longevity Economy spending accounted for the largest share of total consumer spending were health care, utilities, and trade margins & personal transport services.
For more information contact Jennifer Sauer at JSauer@aarp.org.
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