Aging, ageism

AARP recently published several new reports -- all worth a read.  Rant on. The survey reports, about the 50+ gamers and 50+ tech trends, each identify an age band of the 70+, something AARP began a few years ago and kudos to them, that banding continues among some of their research reports.  Not so the Longevity Economy Outlook, which lumps the wealth of the population for those aged 50-100, but no breakout was offered about the spending potential for the population at the higher end of the age bands. From an economic standpoint -- what will they (or their families) spend money on, how is their health, what is the cost of their care, where do they live? Who knows?

Getty images show advertising’s ageist stereotypes.  A new report from AARP this week zeros in on something we all knew: Advertisers focus on the young – not unlike the tech firms who make products being advertised.  Despite the 50+ population representing one third of the US population, they only show up in 13% of advertising imagery. The AARP report authors analyzed the Getty images – and observed that even though 69% of people aged 65-73 own a smartphone, less the 5% of the images of technology included any older adults. The same held true for images of workers. While one third (53 million) of the labor force is 50+, only 13% showed them working – otherwise they were shown at home, with a partner or in a medical setting. And the kicker: 81% of the employees of advertising agencies are younger than 55 -- their ageism is well-documented.

The last gasp of August and Labor Day's hurricane Dorian is behind us.  Note how a devastating Hurricane Dorian already has become a past tense Wikipedia entry (!). Now we must contemplate the fall season of tradeshows and events, rev up anticipation for impending technology announcements, consider that technology anti-trust investigations are launching in multiple states. Meanwhile, the older adult technology market is still comprised of four main categories, into which the new entrants and inventions, including wearables, sensors, AI, and predictive analytics, will fit. The research report, Voice, Health, and Wellbeing 2020 has now launched and interviews are underway. Interest has grown in the use of technology to mitigate social isolation – more on that topic later this week, and the US population aged 65+ passed 52 million in 2018. What to make of all this? Here are the blog posts from August for consideration:

You see it in the media and hear about it with investors.  Digital Health is in its bubble of $8.1 billion in 2018,  which amounted to 8.6 % of VC investments, despite limited exit strategies – but investors love it.    Startups focused on the aging/technology space, however, receive only 0.7% of venture capital investment, including the big money ($115 million to date) that has gone to just one company.  (And that company is quietly pivoting to become a home care consolidator/platform company).  Meanwhile, over at the $30 billion (2018) home care market, a worsening shortage of workers in the midst of demand growth, is creating a recruiting near-panic among agencies, senior living firms and families, and produced.

You may have seen that rechargeable hearing aid commercial.   What was most striking about the commercial to a hearing industry outsider is the upfront commentary on what sounded like the predatory price of hearing aids – providers “charge whatever they can get.”   Several interesting aspects to that commercial – but the most interesting was that comment.  Who is ‘they’, how much can they ‘get’, and is there insurance that pays for them?  This is in an era where hearing aids have evolved to incorporate embedded AI, fall detection, direct connections for phone calls, and numerous other features and functions.