Finland’s service sectors to benefit from ageing population

The travel, health and wellbeing services are expected to enjoy a major boost in demand thanks to the increased spending power of Finland’s senior citizens.

Finland has more people over 65 and with more spending power than ever before. The people reaching retirement age in Finland are wealthier than ever due to better work pensions and more inheritance, according to Timo Lindholm, chief economist at the Federation of Finnish Enterprises.

This means that the country’s service sectors can prepare for greater demand worth billions of euros as the population over 65 is constantly increasing. The annual demand from the senior citizens is estimated at EUR 5-10 billion after deducting their unavoidable expenses.

The rising demand from the senior citizens can already been seen in several sectors of the Finnish economy. For example, in fitness centres the focus is now much more on activities striving for a balance of emotional and physical wellbeing, rather than on increasing physical strength. With more leisure time than ever, the demand for travel services is also set to increase, with a focus on group travel, as well as safety and security.

Other growth sectors are expected to be restaurants and private health services, including the possibility of providing more home care and visits to patients.