What do we mean when we say the rise of the experience economy?

We can bullet point some stats here.

How the 50+ Workforce is Shaping Work, Spending, and Growth

• Gig/Independent Work: About 27% of workers 50+ report freelancing or gig work, often blending professional consulting with app-based roles.
• Encore Entrepreneurship: Adults 55–64 make up ~23% of all new U.S. entrepreneurs—a rising share since the 1990s.
• Post-Retirement Work: In 2024, 27.1% of 65–74-year-olds and 8.6% of 75+ remained in the labor force (overall 19.5% of 65+).
• Flexible Patterns: 38.3% of employed 65+ work part-time—fitting the experience economy’s need for relational, flexible roles.
• Consumer Power: Adults 50+ now account for ~42% of global consumer spending, disproportionately in travel, wellness, leisure, and services

The headlines are right: we are living through the rise of the “experience economy.” But here’s the story few are telling—people over 50 aren’t just participants, they’re the backbone. They’re working longer, starting businesses at a clip that would make a 25-year-old blush, and reshaping how we think about purpose, flexibility, and economic power in the second half of life.

The Economic Engine No One Can Ignore

At the time of this writing, 2025, the so-called “longevity economy” is not a side hustle; it’s a $9 trillion-plus juggernaut. Americans over 50 already account for 42% of global consumer spending, with their dollars disproportionately going to travel, wellness, hospitality, and services—the beating heart of the experience economy. That’s not “someday”; it’s here. And it’s only getting bigger as healthier, longer lives collide with a consumer base that wants connection, learning, and experiences over more “stuff.”

Gig Work: Flexibility, Not Just Survival

There’s a persistent stereotype that gig work is for Gen Z hustlers on scooters. Wrong. AARP’s latest numbers show 27% of workers over 50 are freelancing or doing gig work. The kicker? 27% of retirees are doing the same. For many, it’s not about desperation—it’s about control. Older adults lean into gigs that leverage trust, experience, and relationships: consulting, caregiving, coaching, professional services. App-based gigs like rideshare or delivery? A little less so, however, I can’t remember the last time I was driven in a ride share by someone under 50 years old. But the broader definition of “gig” is alive and well among those who’ve traded corporate ladders for autonomy.

Entrepreneurs of the Second Act

Here’s the stat that should stop every VC in their tracks: nearly 1 in 4 new U.S. entrepreneurs are between 55 and 64. Let that sink in. The myth is that startups are the playground of hoodie-wearing 23-year-olds. The reality is the 55-year-old in khakis is more likely to launch—and sustain—a business. Why? Experience, networks, and capital. It’s the encore entrepreneur who sees opportunity in expertise, not just disruption.

The Post-Retirement Workforce

Retirement used to mean golf and grandkids. Today, it increasingly means a second act. The labor force participation rate for Americans 65–74 is 27.1%; for those 75+, it’s 8.6%. Compare that to just a generation ago, when double-digit rates for septuagenarians were unheard of. Importantly, 38% of employed 65+ workers are part-time—proof that flexibility is the currency, not a corner office. This trend isn’t slowing; BLS projects continued growth in older-worker participation into the 2030s.

What It All Means

The rise of the experience economy isn’t a TikTok story. It’s a demographic story. Over-50 Americans are:

• Consumers with disproportionate spending power.
• Workers extending careers with flexibility.
• Entrepreneurs driving a quarter of new business creation.
• Gig participants redefining freelance as expertise, not odd jobs.

In other words, the second half of life is no longer a slowdown. It’s an economic engine. The winners in business, policy, and community will be those who stop seeing older adults as a cost center and start seeing them as the growth market they already are. Also, employers seeking reliable, dependable, and still highly trainable employees and contractors will not find a better cohort of workers than the 50 plus crowd.

If you are over 50 and flexible gig work is something you’ve been thinking about, visit Over50Pros and take our free “find your gig” assessment. Our assessment will take your responses and share a TOP THREE list of recommended gigs. We guarantee that you’ll be ready to apply for your first gig on a major gig platform within 5 days.