Silver Economy: Sectors Involved and Opportunities for the Economy of Treviso and Belluno

Source: Dr. Giada Gubert intern at the chamber of commerce of Treviso-Belluno|Dolomiti

The aging of the global population is one of the demographic trends that will influence our age the most, and not only in terms of costs for the community but also regarding the opportunities for the economic system. Italy, in fact, ranks among the longest-living countries in the world, ranking first in the EU for life expectancy, with more than 13 million people in the 50-64 age group and 24% of the total population over65, set to grow by 35% by 2050 (Istat data). Therefore, the Silver Economy, or “the set of economic activities related to the production, consumption and trade of goods and services dedicated to the over-50s,” represents an opportunity for growth and development that should be exploited.

Data in hand, the Silver turn out to be the largest holders of wealth in Italy, with total movable and immovable assets of the over-65s alone touching 4,173.2 billion euros and a net spendable worth of 288.7 billion euros. In addition, the Centro Studi Itinerari Previdenziali in its Quaderno di Approfondimento on the Silver Economy 2023 estimated at 583 billion euros the impact of goods and services aimed at the over-50s on the Gross Domestic Product (equal to 32.7 percent of GDP 2021), which generates the employment of 4.6 million workers.

Regarding the major areas of Silver’s spending, the European Commission forecasts a greater increase in consumption by 2025 in the areas of health (+50%), food&beverage (+46%), recreation&entertainment (+45%) and furniture (+42%).

The provinces of Treviso and Belluno:

Looking at the territory of Treviso and Belluno, Istat data compiled by the Treviso-Belluno Chamber of Commerce Studies and Statistics Office report that in both provinces the majority of the population is concentrated in the 55-59 and 50-54 age groups, followed by the 60-64 and 65-69 age groups.

For these very reasons, the two provinces of Treviso and Belluno have the capacity to generate very positive economic and social returns for investments in the strategic sectors of Silver development. In particular:

• Tourism, food&beverage and recreational activities: the provinces are dotted with art cities and UNESCO World Heritage landscapes (the Dolomites and the Prosecco Hills), all enclosed within a few kilometers. Also contributing to the attractiveness of the area are the food and wine excellences, such as Prosecco DOCG and Radicchio Rosso di Treviso IGP, but also many other products offered by restaurants, trattorias and agritourisms. These are therefore real investment opportunities in the area to be exploited to promote and meet the growing demand for tourist services and dedicated cultural and sports activities of the over-50s.
• Health services: in this respect, the provinces lend themselves to be spokesmen for innovative technological tools and telemedicine.
• Personal services: the two provinces are developing on the basis of human-scale cities, with areas set up to accommodate many useful and handy services, including fitness and wellness centers, beauty services and hair salons. Relatedly, not to be underestimated are the investments in personal care services and home delivery of food, drugs, medical supplies, groceries, and laundry, which are increasingly welcomed by the Senior segment of the population.
• Business activities: we must not forget the wealth that revolves around small neighborhood commerce and small businesses in the area, as well as larger enterprises. It is no coincidence that Treviso and Belluno can boast several established manufacturing districts of excellence, such as Wood Furniture, Sportsystem and Eyewear. This system, also thanks to the outlets scattered throughout the territory, is able to attract Silver consumers and meet their spending needs, which, as illustrated, focus mainly on furniture products and those related to leisure and sports activities.

It is clear, then, how the territories of Treviso and Belluno are extremely attractive in the context of the Silver Economy. It remains essential to invest in proper business transmission, in the strenghtening of exports and in new technologies that allow to continue cultivating excellence and incrising the quantity and quality of proposals aimed precisely at the Silver population.

Sources:

Poste Italiane: https://www.posteitaliane.it/files/1476516925983/silver-economy-executive-summary.pdf

Confprofessioni: https://confprofessioni.eu/economia-e-fisco/silver-economy-croce-e-delizia/

Intesa San Paolo: https://group.intesasanpaolo.com/content/dam/portalgroup/repository-documenti/ricerche-comportamentali/Silver%20Economy,%20una%20nuova%20grande%20economia.pdf

Spazio50: https://www.spazio50.org/e-la-silver-economy-bellezza/

Confartigianato: https://www.anap.it/silver-economy-opportunita-per-le-imprese-artigiane

Il Sole 24 Ore: https://www.econopoly.ilsole24ore.com/2022/12/28/silver-economy-lavoro-fisco/

Quaderno di Approfondimento “Silver Economy, la grande economia del prossimo decennio” 2023, Itinerari Previdenziali: https://www.itinerariprevidenziali.it/site/home/biblioteca/pubblicazioni/silver-economy-nuova-grande-economia-2023.html

Itinerari Previdenziali: https://www.itinerariprevidenziali.it/site/home/ilpunto/economia-societa/chi-sono-cosa-fanno-e-cosa-desiderano-un-ritratto-degli-over-50-italiani.html

La Repubblica: https://www.repubblica.it/economia/rapporti/obiettivo-capitale/mercati/2022/12/12/news/siver_economy_la_spesa_in_italia_e_la_piu_alta_al_mondo_impatto_diretto_sulleconomia_di_434_miliardi_di_euro-378757192/

Silver Economy Forum: https://www.silvereconomyforum.it/

StatisticAll: https://www.festivalstatistica.it/notizie/19-20-21-22-ottobre-2023-online-le-date-della-nona-edizione-di-statisticall/#

Article and translation by Giada Gubert, intern at the Chamber of Commerce of Treviso-Belluno|Dolomites

READ THE ARTICLE IN CHINESE LANGUAGE:
Translated by Cecilia Flaccavento, intern at the Chamber of Commerce of Treviso-Belluno|Dolomites

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Silver economy: settori coinvolti e opportunità per l’economia di Treviso-Belluno