GREY BIG SPENDER
Older shoppers can save high streets, say experts
OLDER shoppers hold the key to revitalising high streets, says a report. The grey pound could rise to twothirds of consumer spending over the next 20 years, research suggests. But better facilities like public transport and toilets are needed to lure older people. Spending by over-50s was £319billion last year, 54 per cent of the national total, says the International Longevity Centre–UK. That could rise to £550billion, or 63 per cent, by 2040, it says. And making high streets more attractive to those aged 75-plus could add at least £47billion a year. But the think tank’s director David Sinclair said: “We need leadership from retailers, planners and government to deliver this dividend.
“Older people complain that their needs are being ignored. From closed public toilets to noisy cafes and from nowhere to sit to poor transport, our towns and cities are failing us all.
“A fear of crime is too often keeping people away from towns, particularly in the evenings. And too often spaces on the high street just don’t feel welcoming for older people.”
The report, released tomorrow, will also show that total spending for households aged 65-plus grew by 75 per cent from 2001 to 2018.
Gareth Shaw, head of money at consumer magazine Which?, said: “The spending power of older consumers should not be ignored.
“And while many are digitallysavvy shoppers, there are still millions who really value the experience of hunting for a bargain on their local high street.” He warned that widespread bank branch and cash machine closures are making it hard for people to access money for a day at the shops. Only last week TSB announced 82 branches are set to close. Nearly 3,400 bank branches have shut since January 2015, according to Which?
The Daily Express Save Our High Streets crusade is demanding better service, including re-opened banks.
And an alliance of charities and campaign groups have written an open letter to the new prime minister. It says: “The death of our high street is not inevitable. In fact, there is a major economic opportunity from our ageing world.
“A revitalised high street can help reduce loneliness, improve our health and even deliver more housing.
“If we make the high street work for older people it will also work for younger people.”
Signatories include Age UK, Independent Age, and campaign group United For All Ages.
‘A revitalised high street can boost health and reduce loneliness. If it works for older people, it will also work for younger people’