Retail in Asia

In Trends

REPORT: What do senior citizens spend the most on?

senior-retail-in-asia

Senior citizens are spending ever more on experiences rather than on material goods, says Fung Global Retail & Technology’s latest analysis on the impact of the growing 65-and-over population on global economies, industries and retail.

The report, “The Silvers Series V: Leisure Services for Seniors”  examines the consumer spending patterns of seniors in the U.S., the U.K. and Japan, finding that seniors across all three nations allocate a higher portion of their consumption expenditure to leisure than the average person does.

Seniors’ increased spending in the leisure industry, including expenditures on events, dining out and travel, is driven by two key factors: increased mobility and money.

SEE ALSO: How seniors are changing the retail landscape 

Seniors in all three studied markets allocate more of their consumption expenditure toward leisure than the average person. Japanese silvers allocate 24.8 percent of their spending to leisure versus 24.1 percent across all age groups.

In addition, the number of senior travelers from Asia-Pacific countries is predicted to double over the next 15 years.

Travel firms catering to senior tours have sprung up, while other firms will need to address this group’s needs and preferences, including their demands for accessibility; like-minded tour groups, access to medical facilities; accommodation of dietary restrictions; and options regarding the intensity and choice of activities offered.

Companies must also prepare for a greater participation in fitness activities among today’s silvers, the report says. More than half (55.2 percent) of Japan’s seniors engage in sports or exercise, especially walking.

“As seniors’ contribution to the recreation and entertainment industry grows, retailers, service providers and other vendors must rethink the ways in which they promote their offerings, and maybe even widen their target audience”.

Read the full report here.

(Source: Pr Web)