CIT’s Hincks Centre research the Silver Economy
Published on: Wednesday, 31 October 2018
CIT’s Hincks Centre for Entrepreneurship Excellence supported by the School of Business is carrying out research in the Silver Economy, which is estimated to be worth €5.7 trillion by 2025. The Silver Economy (SE) is the economic opportunities that arise from expenditure related to population ageing and is potentially a lucrative market. Over 50s tend to have greater access to resources both financial and time, and have different needs to younger customers.
The Hincks Centre team is researching the value of the SE in the region and across Europe. Headed by Dr Helen McGuirk, the Hincks Centre is one of nine European Union partners taking part in this European Interreg, co-funded SilverSME research.
A European Commission study (2015) estimated the European silver economy is worth €3.7 trillion and will contribute 32% of Gross Domestic Product in Europe and support 38% employment. Based on Central Statistics Office and European Commission figures respectively, the number of people over 50 in Ireland is estimated to increase from 31% in 2018 to 43% by 2050 and by 2060, one in three Europeans will be over 65.
The aim of the SilverSME project is to improve and recommend regional policies for SMEs competitiveness by taking better advantage of opportunities derived from the SE.
The Hincks team will conduct an analysis of the Strengths, Weakness, Opportunities and Threats (SWOT) of each of the nine EU partner regions, and produce a composite report before drawing up recommendations for regional policy. Commenting on the project, the SE CIT researcher, Dr Aisling ConwayLenihan, said this research will inform national and EU policy and will advance opportunities for the domestic and international SME sector.
A key part of the collaboration of the partners across Europe is to identify inter regional examples of Good Practice measures. These measures will support the research and the development of policy. All this valuable information will be disseminated at international workshops/seminars and study visits. The project has benefited greatly from the inputs of John McAleer and Dr Breda Kenny.
A news article on this project was published in the Irish Examiner – 29/10/2018: