Business Model Development for the Silver Economy Market

This thesis is a business model development and innovation thesis as a part of the Silver Economy Project at Karelia University of Applied Sciences. \n \nThe Silver Economy, which consists of people aged 50 or over, is projected to grow in the coming years. The aging population is often considered as a problem in society. The Silver Economy consumers simultaneously present new opportunities for businesses to develop their products and services to take advantage of the needs of this growing segment. \n \nThe goal of this thesis is to examine the theory behind business model development and how it can be applied to the Silver Economy market. The specific needs of the aging consumers are investigated through the example of the retail industry. Qualitative research in the form of interviews was conducted in order to understand the approach businesses have taken to develop their business models towards the Silver Economy. \n \nAccording to previous research and this thesis, there are some factors shared among Silver Economy consumers in regards to business development. Needs arising from aging, the importance of listening to customer feedback, and consideration of their individual needs are of high priority.