It is almost inevitable that the human population will decline. Birth rates are falling at much higher rates than initially projected, across rich, poor, and middle-income countries alike. A reduction in childhood mortality, better contraception and healthcare, as well as women’s increasing financial independence in many parts of the world are among the reasons contributing to this phenomenon. A decrease in the world’s population, unseen since the Black Death during the 14th century, is now an imminent reality. Naturally, this leads to the discussion of ideas that once seemed farfetched, with world leaders Xi Jinping and Vladimir Putin caught discussing immortality through organ transplants, the notion that an aged population will lead to fewer wars, and broad implications for the labour force especially with the hurtling pace of technological developments including artificial intelligence.

With the peak of human population expected to be in 2084, a much closer reality is that an increasingly larger proportion of the human population will be elderly. As healthcare improves, people will be “older for longer”, thereby changing the demographic structure of the human population. The average department store consumer is middle-aged; however, the narrative surrounding serving these consumers has often skirted around or relied on subverting age stereotypes. The age-old (pun-intended) question has been: how do we serve elderly customers without calling them old? However, some retailers and brands are in the process of rebranding being old and leaning into combatting ageism by beginning mainstream discussions. With generations typically increasing their spending power as they age, currently concentrated in Gen X and beyond, department stores have a unique advantage in addressing consumption for ageing populations.

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