For modern lifestyles

The number of desperately poor people on a global scale, is increasing, especially as a result of the corona pandemic. According to the World Bank, more than nine percent of humanity has to survive on less than 2.15 US dollars a day.

However, despite all regional differences, the world population has been becoming increasingly wealthy on a global average for a long time. More and more people are moving into the middle class. At the same time, life expectancy is increasing. The group of “silver agers” who often have purchasing power is growing rapidly.

This also increases the need for products, technologies and solutions that are tailored to the needs of this population group. Which in turn makes innovative, sustainable materials necessary. Covestro responds to this with high-quality plastics to enable as many people as possible to enjoy a modern lifestyle – sustainable and healthy, comfortable and connected.

Higher education, more women in the workforce, advances in medicine – these are some of the factors why humanity as a whole is becoming wealthier. In 2030, 4.8 billion people around the world will be middle class – most of the world population and 700 million more than in 2020.

The vast majority of the newcomers are expected to live in Asia. And there, China and India are likely to experience the biggest growth.

This will have noticeable consequences for the economy. The middle class accounts for around two thirds of private consumption. According to a study by the US think tank Brookings Institution, their spending could increase by 50 percent between 2020 and 2030.

While the middle class is growing, people, on average, are living longer. In 2019, life expectancy worldwide was 73 years – nine years more than in 1990 and 20 years above the 1960 average.

This has clear consequences for the composition of the world population. While one in eight people was at least 60 in 2017, according to the UN, one in six will be in this age group by 2030 and one in five in 2050.

The “Baby Boomers” (those born between 1946 and 1964) are also the wealthiest generation to date, and the so-called Silver Economy is booming. For example, the economic activities of people over 60 in all EU countries would form the third largest economy in the world.

Of course, there are also opposing developments. In rich countries such as Japan or Germany, for example, the aging of society poses significant problems for social security systems. As a result, working lifetimes will probably continue to increase.

More people over 60 and in the middle class: In order to meet their demands for a sustainable, healthy, comfortable and connected lifestyle, the right materials are needed. Covestro is responding to these socio-demographic developments with high-quality plastics and components.