POTENTIAL FOR THE DEVELOPMENT OF THE SILVER ECONOMY
UNDER THE CONDITIONS OF THE SLOVAK REPUBLIC

Peter Sika – University of Economics in Bratislava, Dolnozemská cesta 1, Bratislava, 852 35, Slovakia

DOI: https://doi.org/10.31410/EMAN.2020.81

4th International Scientific Conference – EMAN 2020 – Economics and Management: How to Cope With Disrupted Times, Online/Virtual, September 3, 2020, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-30-1, ISSN 2683-4510

Abstract:

The economic behaviour, needs and preferences of people vary in the individual phases of
their lives. The silver economy market is made up of consumers, employees or employers aged 50+.
The share of this population is an important target group for entrepreneurs, brings a wide range of
new products and services to businesses and has a significant role for the national economy as there
is a change in the understanding of the ageing process from a threat towards economic opportunities.
Although the ageing workforce and seniors in the Slovak Republic do not represent a strong demand
for market goods yet, their economic potential may not be negligible. The rapid ageing of the Slovak
population represents, among other things, an economic potential that can be exploited in favour of innovation
and improvement. Despite not a high level of pensions, seniors have considerable purchasing
power, which will generate an increasing demand for specific goods and services, which is an opportunity
for the labour market. In this paper we try to describe selected areas in which the silver economy
and the ageing population itself should be viewed as a challenge to new business opportunities. In particular,
these include health service and health care, spa care, the pharmaceutical industry, tourism,
the financial sector and, last but not least, construction industry. The silver economy will change the
rules of market forces in existing sectors and create a wholly new industry at the intersection of demographic
and technological changes with a high export potential.

Keywords:

Silver economy, Aging, Economy, Labour market, Development areas.

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