In the Middle East, a new market opportunity is taking center stage: seniors. They’re not just an expanding proportion of the region’s population—the over-50 population in GCC countries is projected to reach 18.5% by 2025—but they are also a growing share of active consumers and digital users with massive spending power. 

They are tech-forward, diving into digital banking and online shopping, and seeking a high-quality post-retirement life.

Aging is one of the strongest trends in the market. It is the next big market opportunity as older people tend to be more financially sound.

With the older population increasing, its collective spending capacity follows suit. 

BRANDS ADJUST LENS

Given those factors, they have both the time and money to be a driving force in the market. It’s crucial for brands to adjust their lens to see the opportunities inherent to engaging with and innovating products or services for this dynamic and influential demographic and enabling them to lead fuller, more engaged lives.

Recognizing their value means seeing them as integral to future technological innovations. 

According to experts, the silver economy, which provides goods and services for people over 50, could bolster the region’s growth.

The silver economy in the Middle East is both significant and timely, says Abhishek Sharma, Partner at Oliver Wyman’s Government and Public Institutions Practice for India, the Middle East, and Africa. “The region’s personal tax-free environment makes it an attractive destination for affluent retirees. In recent years, we have witnessed a notable influx of high-net-worth individuals across various age groups, and a portion of this demographic represents a promising market segment that businesses can target and develop.”

GROWTH OPPORTUNITIES

The silver economy offers substantial economic growth opportunities for the Middle East, says Tarek Lotfy, Wealth Leader and President of Mercer, India, the Middle East, and Africa. “By aligning their offerings with the preferences and needs of older consumers, businesses can capture a lucrative market segment that is often overlooked.”

Seniors with higher disposable incomes could benefit from a variety of sectors, including real estate, retail, and investment services. “Innovative approaches and tailor-made financial products in areas such as retirement planning can also act as an important lever to attract and retain ‘silver dollars’,” says Lotfy.

He adds that a well-considered system designed with the right mix of incentives is key to attracting desired capital from older expatriates while also benefiting local economies.

Healthcare and pharmaceuticals stand out as the core sectors poised to benefit from the silver economy. Think of robot carers, smart home products for seniors, and AI-enabled pillboxes. 

In the pharmaceutical industry – particularly those companies focused on chronic illnesses and diseases more common in the elderly, like cardiovascular disease and dementia, and caring for aging eyes and teeth are expected to benefit.

“A robust healthcare system will not only cater to the needs of the aging population but will also thrive as this demographic grows,” says Sharma.

An increasing number of gyms are seeking to attract older fitness enthusiasts by offering equipment suited to their needs, installing real-time health monitoring devices, and offering physiotherapeutic sessions against chronic diseases.

Brands such as Bose and Sony have introduced OTC hearing aids that can be configured through a smartphone application. 

Additionally, the leisure, entertainment, and tourism sectors are well-positioned to meet the needs of the affluent silver segment.

“Cities such as Dubai, Abu Dhabi, and Bahrain, along with emerging hubs in Saudi Arabia and the rest of the GCC, serve as global connectivity centers. These cities create ideal environments for affluent travelers who enjoy the luxury of time, thereby presenting significant opportunities for businesses to serve and benefit from this demographic,” adds Sharma.

“Sustainable and increasingly regenerative luxury travel will be the big winner,” adds Amy Nelson Bennett, CEO at Positive Luxury. “50-plus consumers drive an increasing appreciation of leisure and wellness.” 

“Also, beauty has an edge with this generation over fashion, especially anti-aging products.” 

TECHNOLOGY ADOPTION

The old narrative that seniors and technology don’t mix is obsolete. They’re driving a surge in smart home technology adoption across the Middle East.

“Their purchasing decisions prioritize quality, long-term value, and brand reputation over price sensitivity, making them ideal customers for premium smart home solutions,” says Shafi Alam, Director and Head of Direct-to-Consumer Business & Corporate Marketing at Samsung Gulf Electronics. “They’re not just looking for convenience; they’re seeking solutions that empower them to live more comfortably and securely in their homes.”

Samsung’s IoT-enabled SmartThings platform, which can integrate various home devices, including those from various third-party brands, from security cameras to air purifiers, is tailored to the needs of this demographic. 

“A key feature that particularly appeals to this segment is the ability to create customized routines that automate daily tasks based on time, weather, or device status,” says Alam.

He adds that home safety and security are top priorities among Middle Eastern seniors, who are increasingly safety conscious and desire connected living.

“This demographic maintains a unique position of being both technologically savvy and quality-conscious, creating demand for solutions that combine sophistication with accessibility. For instance, AI-powered energy management automatically optimizes device settings without requiring complex user intervention,” says Alam.

LUXURY MARKET

Financially secure and discerning, their demand for quality, longevity, and exclusive experiences perfectly aligns with the luxury brands. And luxury brands are adapting to this demographic, from innovative marketing strategies to product design changes. Bennett indicates that any innovative luxury brand “will understand these affluent cohorts and design its products, services and messages accordingly.”

Many within this demographic cohort, particularly in the region, have enjoyed decades of economic growth, which has given them a greater accumulation of wealth.

This financial strength translates to an increased capacity for discretionary spending, making them a crucial luxury market segment.

“The silver economy presents more reliable growth opportunities for businesses in the near-term, and with longevity increasing, will remain a source of high-value consumers for decades to come,” says Bennett.