Over 50s European shoppers spend 71% more per visit than other age demographics in shopping centres, despite visiting 25% less, according to new data. The research, from shopping centre loyalty providers Coniq indicates that while “Grey Pound” shoppers spend less time in shopping centres overall – with -3% dwell time compared to other age demographics […]
Over 50s European shoppers spend 71% more per visit than other age demographics in shopping centres, despite visiting 25% less, according to new data.
The research, from shopping centre loyalty providers Coniq indicates that while “Grey Pound” shoppers spend less time in shopping centres overall – with -3% dwell time compared to other age demographics – they spend 71% more per visit, averaging £146 per trip.
The over 50s also complete almost twice as many (45%) transactions per trip compared to other consumer age groups in shopping centres. This, Coniq suggests, demonstrates the rising power of the Grey Pound, with recent research also suggesting the over 50s now account for 47% of all UK consumer spending.
The Grey Pound also leads the way in terms of loyalty programme usage. Shopping centres see the over 50s making use of 31% more offers than younger age demographics, which, in turn, will encourage higher spend across tenants.
Ben Chesser, CEO at Coniq, commented: ‘These figures are indicative that brands and retailers mustn’t overlook the lucrative opportunity that the Grey Pound presents. With over 50s engaging highly in shopping centre loyalty programmes, retailers should ensure that there are offers and brands involved that will attract these high spenders and ensure that these shoppers are converted into brand advocates in the same way as silver surfers have become a key target for ecommerce.’
Chesser continued, ‘And with the over 55s expected to make up two thirds of all retail activity by 2025, spending amongst this demographic is not expected to slow down any time soon, especially when coupled with the rise of the ‘third age economy’, where people are working longer meaning they have even more disposal income available to them.’
Source: Coniq
