Let me give you two points to consider:

One, people are living longer, and those 55+ are sitting on wealth that won’t transfer to heirs anytime soon. In some cases the wealth is being left to a spouse or committed to philanthropy. In others, it’s being transferred earlier but in incremental sums tied to a major life event, like college tuition or a down payment.

Two, birth rates are falling. Far enough that we’re trending toward a scenario where people 65 and above will outnumber children.

No doubt, this has implications for the business of apparel and the broader retail category. The first thing that comes to mind is how retailers focused on children are confronting these dynamics.

It’s not just a question of product assortments and pricing. It’s also a question of marketing approach. If grandparents and wealthy aunts and uncles hold more spending power than the parents, how do relevant brands and retailers entice them to spend on their pint-sized relatives?

And because many couples are having children later in life, categories like maternity are directly affected too.

On the other side of the demographic, there’s a question worth asking: what exactly are the opportunities within this golden cohort?

A starting point is the comparison of median household net worth versus annual spend on apparel and apparel-related services.

You see the gap between wealth and spending levels.

I call it The Golden Gap.

If the 65+ cohort spent on apparel at the same rate as the next-younger bracket, the category would capture an additional $44 billion in annual revenue. Of course, this is a theoretical maximum, but the numbers are still compelling.

So, if this is case, how would the gap be closed?

First there are some relevant events taking place within this demographic that every retailer should pay attention to:

1. Retirement doesn’t mean what it used to. For some, staying in the workforce longer is a necessity. For others, it’s a phased-retirement program, a second act on their own terms, or an encore career. And companies with acute skill shortages will increasingly need to seek out “Golden Talent” to meet their needs.

2. Women’s health is finally getting the spotlight it needed. Body changes and health outcomes related to menopause are very real. Sarcopenia (age-related muscle loss) is being combated with more resistance training. Bone-density loss and body composition shifts are real, measurable, and now openly discussed. This is exactly what Fit Volatility is about.

3. GLP-1 usage could explode in this demographic if Medicare’s GLP-1 bridge program launches later this year. The bridge will give eligible beneficiaries access to certain GLP-1s for $50 per month. Fit Volatility accelerates.

4. The 65+ crowd knows how to have a good time. The 65-74 year old customer is the largest profit pool in the cruise industry. 2.1 million pickleball players are 65+. Golf participation in the 65+ cohort has grown 64% over the past decade. And 22.6% of MLB fans are 65+, the highest concentration of any major league.

There are several more I could list, but I think you get the point.

My belief is that there’s an opportunity for retailers and brands to adapt to the dynamics of this demographic.

But only if they’re prepared to capture it.

If processes related to fit are already out of step with younger demographics, they’ll be just as incongruent with older ones.

Fan apparel barely acknowledges that older demographics exist, when they’re often the ones buying the tickets. The Lululemon x NFL collection is a notable exception, with Joe Montana (69) featured in the marketing. He’s the customer the category usually pretends doesn’t watch the game.

Brands that can’t get their basics right won’t know how to respond to any of the trends I’ve mentioned.

The golden opportunity is there.

But with outdated processes, the business of apparel will succeed at one thing only: turning gold into lead.