On the other hand, the life-cycle model of consumption predicts that the ageing of society would spur the consumption of the elderly as they reduce their savings.
In fact, a common observation across economies is that, as a general pattern, the elderly tend to cut their spending on durable goods while they increase demand for services to maintain their quality of life, such as medical and nursing services. We may need to bear in mind, however, that provision of these services tends to be subject to intensive government regulations.