As part of our ongoing series “The Age of Work” about how demographic shifts are shaking up the global economy, “Marketplace” host Kai Ryssdal and ADP chief economist Nela Richardson visited London, England. The U.K. has a higher percentage of people over 65 than the United States, and thus holds insights into our economic future as our own population ages.
So far, we’ve looked at two ways an economy can keep growing even as the number of people hitting retirement age outpaces new workers entering the labor force. Companies can find ways to keep older people working longer or use technology to make workers more productive. But there is another option: increasing the labor force through immigration.
Ryssdal and Richardson visited Peckham, a neighborhood in South London that’s long been home to generations of immigrants from all over the world. On Choumert Road, just off the high street, they stepped into a small store selling rice, spices, pounded yams, dried plantains, and other imported goods.
“The Merciful God African Market” in South London, which specializes in imported goods.
Maria Hollenhorst/Marketplace
Ola Sanusi, the store’s owner, said he mostly imports from Africa, especially Nigeria. As costs have increased as a result of inflation, tariffs, and fluctuating foreign exchange rates, he said he’s had a harder time making a living. “That scares customers away,” he said.
As a result, he’s had to make lifestyle changes, like canceling his television subscription. Now, at age 67, he worries that he’ll never be able to retire. “I think I will continue working until I die,” he said. “I don’t know what else to do.”
Across the street, Ryssdal and Richardson met Patience Godwin, who opened up her own hair salon, Hair Palace LDN, this April after years of working in other salons nearby.
“Peckham is changing now,” Godwin said. “It’s not like before, where anybody can just get a shop. You can’t even rent a flat in Peckham, it’s gotten so expensive.”
She thinks it will be another six months to a year until her salon is profitable, but she still sends money home to her parents in Nigeria. “Every month I have to,” she said.
There was one business on Choumert Road that had a line out the door the whole time we were there. Pure Cane, a pressed sugarcane juice business, was buzzing with activity.
Patrick Williams, the store’s co-owner, stepped out from behind the counter to talk. “It’s gonna get busier later,” he said. “It’s all supply and demand at the moment.”
Williams and his wife opened up this store about 10 months ago but have been selling cane juice at markets and festivals for years. He said they’re proud to be part of the next generation of business owners on Choumert Road.
“We’re standing on the shoulders of giants,” he said.
Click the audio player above to hear the conversations.