Blog: The future’s bright, the future’s...grey
Leonie Barrie | 28 November 2007
Most retailers probably see older consumers as a bit dull and boring, and certainly not as exciting as younger ones – especially when it comes to fashion. But unless they change their ways they’re missing out on a lucrative seam of growth according to new research. The figures for the UK market alone are staggering, with consumers aged 65-74 set to increase their retail spending by over 75% in the next ten years, with the over 65s market worth GBP64bn (compared to GBP39bn in 2007.)
The research from Verdict Consulting says the market is being driven by an ageing UK population – there’ll be 28% more 65-74s by 2017 – which also has a much younger outlook. And they’re likely to show a greater interest in fashion than in previous generations, with each person spending 64% more over the next decade.
But as the blue-rinse brigade is steadily being replaced by what the researchers call the ‘evergreen shopper’ – those consumers who want to stay young both physically and emotionally – retailers had better shape up to the challenge. With a lifetime of experience behind them, these shoppers certainly won’t be old fools when it comes to knowing what they want.
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