The engine of the retail activity in the near future will be the more mature shopper, according to new research from Verdict Consulting UK.
Consumers aged 65-74 will increase their retail expenditure by over three-quarters across the next ten years. This will make them the fastest growing age segment, although the over 75s will also see above average total spending growth.
According to Verdict, two main trends underpin the growing significance of the older consumer. First, the ageing UK population means that the number of 65-74s in the population will grow by 28% over the next ten years, the over 75s will grow by 19%. Second, a shift in mindset will produce an older consumer with a younger outlook: one who will shop for a far wider variety of products and who will be much more avaricious in their buying habits than older consumers today.
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