Over half of consumption growth in S'pore to come from those over 60: think-tank

Singapore

THOSE above 60 years old will account for over half of consumption growth in Singapore from 2015 to 2030, suggesting that firms should focus on designing products and services for consumers in that segment to tap future growth.

A similar trend is seen in other developed markets, think-tank McKinsey Global Institute (MGI) noted in its Urban World: The Global Consumers to Watch report. For instance, those above 60 will account for nearly 60 per cent of consumption growth in Western Europe and North-east Asia.