A new report by ILC UK explores the market potential of the older consumer, analyzes how the market often does not meed the consumer needs of seniors and highlights how companies can make more of this population.  According to the report “the older consumer market is expected to grow by 81 per cent from 2005 to 2030 while the 18-59 year old market will only increase 7 per cent”.  The researchers also find that “55–64 age group hold a very high proportion of the UK’s wealth and are likely to have significant spending power”.   However, it concludes that, despite these trends, the older consumer continue to face market entry barriers across a wide range of industries.  This conclusion is based on the evidence that “older people are less likely than their younger counterparts to engage in consumer behaviour that has significant potential benefits, such as using the internet for shopping and shopping around for the best deals” and that “there are significant numbers of older people not enjoying the level of social participation they desire, and some who are spending much less than their incomes would appear to allow.”  The report ends by calling on older consumers in the UK to use their market power to demand change.

Share your thoughts on this report with IAHSA. Are businesses in your community responding effectively to the needs of older customers?

Find the full report here.