Retailers must better service older consumers

Older consumers could drive economic growth in the post-coronavirus pandemic recovery, but business is failing to meet their needs, according to a new report by the International Longevity Centre UK (ILC).

This argues that older people on a fixed income may have not faced as significant a financial shock as their younger counterparts. Yet lockdown has made it difficult for this group, particularly those shielding, to actually spend their money.

The former spent £319 billion (54% of all UK consumer spending) in 2018. But they are also underspending their wealth. ILC projects that while older people have historically put a high proportion of their income towards “essentials”, they are increasingly splashing out more on non-essentials like leisure.

It says that government and industry should: Invest in preventative health; Inclusively design products and places; Help people to get a better understanding of how long they’re likely to live, and create financial products that offer financial security for their whole life.

ILC Director, David Sinclair, says: “As lockdown relaxes, the hospitality industry must better recognise that it is increasingly reliant on older consumers. The night-time economy needs them as do museums and other leisure attractions Even theme parks need to engage better to get them and their families through their doors. Yet these sectors too often ignore the needs of older people.”

“Industry must wake up to this opportunity. Government should deliver a mix of regulatory, legislative and fiscal incentives to support spending and work by older people. It's time for a Grey New Deal,” he concludes.