Older, Wiser, and Wealthier: The Over-50 Entrepreneurs Driving Market Change
Shopify reveals that entrepreneurs aged over 50 are identifying market needs by leveraging their experience and targeting the lucrative older consumer demographic.
Notable Examples of Reinvention
Martha Stewart, at 84, is reinventing herself once again. She is expanding her empire with a new skincare venture through Elm Biosciences. Halle Berry is developing a menopause care brand called Respin, while Pamela Anderson has launched Sonsie, a skincare brand. These women are part of a growing movement of over-50 entrepreneurs bridging gaps in industries traditionally focused on youth.
Trends Among Older Entrepreneurs
- One in five Shopify merchants over 55 started their business within the last year.
- The over-50 demographic controls 42% of global spending, according to nonprofit research group Brookings.
- Despite brands chasing younger consumers, savvy founders from all backgrounds are shifting focus to serve this powerful market.
Why Older Founders Succeed
Entrepreneurs over 50 enjoy unique advantages:
- Financial stability
- More free time
- Decades of accumulated wisdom
These factors combine to create a strong foundation for new ventures.
“Older founders have a unique advantage: a combination of financial stability, free time, and decades of hard-earned wisdom. Together, it makes for a bulletproof resume.”
The over-50 demographic, with its growing online shopping interest and multi-trillion-dollar spending power, represents a critical segment for business innovation and growth.
Author's Summary
The rise of entrepreneurs over 50 highlights how experience and financial strength drive successful ventures appealing to a powerful, yet often overlooked, consumer market.