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5 Industries that Should be Going up as People Start Retiring
People grow old, people get bored, people retire; this is the truth about life. Most people consider retirement to be sad. Their logic also makes quite a lot of sense. I mean what can be done with so much free time in so many people’s hands? Once upon a time, these same bored individuals were active professionals.
After a full life of doing stuff, an invisible threshold is crossed, and person is then forced to sit around and do nothing. That has to be a big blow to anyone, especially someone who likes being in the thick of things. And it can definitely take a toll both physically and mentally.
However, there are a few better ways to look at retirement. Like they say, it is always better to look at the positives rather than the negatives. Retirement also leads to the growth of specific industries. Retired people most likely have the time as well as the money to invest in things that they weren’t able to do while they were still working.
Once they have time on their hands, they have the opportunity to do things, things like camping and whatnot. If camping is in fact the case, then they should just buy one of the Rockwood RV’s and start exploring! After all, the outdoors can be great, and there is nothing like living a wild and natural life– right?
The top five Industries that will see a growth Spurt
We have a list of five industries that actually benefit from people when they begin to retire.
1. Travel and tourism industry
It’s perhaps the most obvious in this list. With an abundance of free time, as well as money saved up through years of toil, people who have just retired can finally set all their pending travel plans in motion. And that gives a tremendous boost to the travel and tourism industry in general.
Retired people consist of a huge chunk of society, and even if a small percentage makes travel plans, the tourism industry has a massive influx of money. In fact, this section of society is actually so profitable, that companies specializing in tours and traveling are making plans solely keeping these people in mind.
2. Healthcare industry
When we say health care, do not assume doom and gloom. Hospitals and nursing homes are not what we mean when we say that people who have retired are giving a boost to the healthcare industry. With no more work or physical activities to keep them busy, retired people may prefer going to yoga classes and gyms to keep themselves fit. This also gives a boost to healthcare and other affiliated industries.
3. Over the top or OTT platforms
Quite an out of the blue choice for a list like this, but when you think about it, people who are now retired actually DO get a lot of time to watch films and television. And with the digital revolution at its peak according to howmuchis.co.uk, what better to watch apart from Netflix, Amazon Prime, or the like? These people actually end up helping the Over the Top platforms thrive. Because a Netflix marathon is almost always an easy fix for their boredom.
4. Insurance sector
People who have retired will most likely have money, but they are no doubt cautious at to where and how they spend it. Safety and security for themselves as well as their offspring is very important to them. And for that reason, they do end up investing a lot in things like insurance. Health, life, car insurance, you name it, and there is significant possibility that they have it all. Thus, the growth in this area is inevitable.
5. Sports industry
Surprising choice, you think? Not really. Have you seen the number of retired people turning up at football games? Quite possibly, the number may exceed the number of teenagers or young adults.
Retired people are quite passionate about their sports teams, and turn up to support them whenever they can. Apart from that, retired people also take up sports like golf to spend their time engaged in some sort of physical activity. This gives them an impetus to buy sports gear, which ultimately, again, helps to boost the sporting industry as well as things affiliated.
We can, therefore, see, that every cloud has a silver lining. Every time someone retires, he or she does not (or at should not) stop living his or her life. In fact, retiring from work only means that a new and more enjoyable journey is beginning. And by the help of this journey, they also contribute to specific other industries that really do need the inflow of cash to keep growing.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.