Silver Economy as an Opportunity for SME Growth

Jovanka Damoska Sekuloska– 1 University of Information Science and Technology “St. Paul the Apostle” Ohrid, Partizanska bb Ohrid, North Macedonia

Aleksandar Erceg- Josip Juraj Strossmayer University of Osijek, Faculty of Economics and Business in Osijek, Osijek, Trg Ljudevita Gaja 7, Croatia

Abstract: The aging population presents challenges and opportunities for the modern economy. One such opportunity is the thriving “silver economy,” which caters to the needs of elderly individuals. This market is characterized by a sizable consumer group with relatively stable purchasing power, specific needs, and requirements. The EU predicts that 2025 the silver economy will be worth €5.7 trillion and represent 22% of the world’s population by 2050. The paper examines the smart senior business model as a new approach of SMEs toward elders and identifies the differences between the traditional and smart senior business models. The paper aims to explore the potential of the silver economy for creating new business models and identifying sectors that cater to the needs of older people. To succeed in this growing and emerging market, businesses must be aware of and deeply understand the characteristics and opportunities of the silver economy.

10th International Scientific Conference ERAZ 2024 – Conference Proceedings: KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT,  hybrid – online, virtually and in person, Lisbon, Portugal, June 6, 2024

ERAZ Conference Proceedings published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia

ERAZ conference partners: Faculty of Logistics, University of Maribor, Maribor (Slovenia); University of National and World Economy – UNWE, Sofia (Bulgaria); Center for Political Research and Documentation (KEPET), Research Laboratory of the Department of Political Science of University of Crete (Greece); Institute of Public Finance – Zagreb (Croatia); Faculty of Tourism and Hospitality Ohrid, University of St. Kliment Ohridski from Bitola (North Macedonia)

ERAZ Conference 2024 Conference Proceedings: ISBN 978-86-80194-86-8, ISSN 2683-5568,

DOI: https://doi.org/10.31410/ERAZ.2024

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-Non-Commercial 4.0 License (https://creativecommons.org/licenses/by-nc/4.0/) which permits non-commercial use, reproduction and distribution of the work without further permission. 

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