The purchasing power of persons with disabilities is increasing, driven by greater access to employment and entrepreneurship opportunities, says Madhavi Latha Prathigudupu. As more individuals with disabilities enter the workforce or start their own ventures, their ability to spend on products and services tailored to their needs is growing, she points out
The global landscape is changing rapidly, with two significant segments of the population – persons with disabilities and senior citizens – growing in both size and influence. By 2050, 16 per cent of the world’s population will have some form of disability, while 22 per cent will be aged 60 years and older, together making up 38 per cent of the global population (approximately 4.1 billion people). In India, by 2050, these two groups will comprise nearly 30.8 per cent of the population, or approximately 547 million people.
While the Indian Census 2011 reported a lower percentage of persons with disabilities (around 2.2 per cent), WHO (World Health Organization) estimates that the actual prevalence may be closer to 10 per cent, due to under-reporting and unrecorded disabilities. Since there are no specific projections for persons with disabilities in India for 2030 and 2050, the same 10 per cent estimate has been used for these periods. Such statistics highlight a massive opportunity for businesses, big and small, to rethink strategies.
The purchasing power of persons with disabilities is increasing, driven by greater access to employment and entrepreneurship opportunities. As more individuals with disabilities enter the workforce or start their own ventures, their ability to spend on products and services tailored to their needs is growing. Businesses that offer inclusive products, services and experiences can not only tap into this expanding market but also build strong brand loyalty within a largely underserved group.
Similarly, there is a growing concern for the comfort and well-being of aging parents among many families. Children today are more willing to invest in products and services that enhance the quality of life for their elderly parents. Whether it is accessible homes, assistive devices or services designed for seniors, demand for such solutions will only increase as the population ages. Products, services and environments must be designed to meet the diverse needs of persons with disabilities and senior citizens, as they represent a significant portion of the market that businesses cannot afford to overlook. These groups represent a large and growing portion of the consumer base.
Companies that focus on inclusivity today are positioning themselves for long-term success. It’s not just about doing the right thing—it’s about recognising and embracing a market that is rapidly expanding, with billions of potential customers waiting for solutions that meet their needs.
(The writer is a banker and former national para-swimming champion. She is the founder-president of the Wheelchair Basketball Federation of India.)
from Webdoux