While there’s still a ton of slack in the labour market, a declining participation rate has cushioned the impact on unemployment to an extent…

… driven in part by a continued rise in monthly retirements, which are up 50% since 2012...

… and should continue, given the baby boomer retirement wave still has legs. At the macro level, that should shrink the pool of job seekers…

… and meaningfully shift the composition of consumer spending. Senior living names have been obvious beneficiaries, massively outpacing the index…

… without a worrisome level of multiple expansion, given strong organic growth and M&A from Sienna (SIA), Chartwell (CSH-U), and Extendicare (EXE).

CareRx (CRRX) sits downstream of that dealmaking as the largest pharmacy services provider to the industry, which should improve unit economics…

… and potentially valuation, given the stock trades just above its long-term average.

Next to prescription drugs are vitamins and supplements, where demand becomes more inelastic with age - supporting Jamieson’s (JWEL) Canadian business…

… with upside from higher growth markets like the US and China, where similar demographic setups should drive fundamentals and valuation - given the three-turn discount JWEL currently trades at.

Another non-negotiable sitting downstream of the aging population theme is Savaria (SIS), whose mobility solutions (chair lifts, elevators, etc.) should see steady demand…

… as seniors opt to age in-place, creating the conditions for a re-rate above the company’s long-term average.

Bottom line, the theme has staying power - and a number of Canadian players are poised to print.