The Economic Perspective: “The Impact of Aging on Consumer Spending”

This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at the impact of aging on consumer spending.  Mike, one forecast that experts feel very confident making is that we are an aging society.  A much higher percentage of households will be older in the future.  What ramifications does this have on where money is spent?

Mike:  Summary Answer

  1. Looking at % of spending category in the economy
  2. Healthcare will see big gains in spending
  3. Also, personal services for the elderly – from finance to home care
  4. Construction of residences specifically for the elderly
  5. On other side, less spending on transportation, and on education
  6. Indeed, many worry about potential for closure of educational institutions
  7. So a time of great flux
  8. I’m MW

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics