Older consumers will eventually dominate online sales
04 August 2015 - 10:40 by Graham Miller
Britain has an ageing population, so it is no surprise that a report from Greenlight indicates that by 2025, about 66 per cent of all sales in the retail industry will be generated by people who fall into the over 55 age group.
Furthermore, the report found that 90 per cent of those older than 55 regularly carry out safe shopping online at the moment, using the internet to both research products and make purchases.
A tenth of older consumers splash out a monthly amount in excess of £150 using e-commerce sites, while half have an average spend of up to £80 a month.
Women who are over 55 spend more via safe shopping online than their male counterparts, with the men instead, choosing to head to bricks and mortar outlets in larger numbers.
Nationally, the most prolific online shoppers are concentrated in the East Midlands, according to the study. Meanwhile, it is Northern Irish consumers who are least likely to head to the web to get their retail fix.
By the end of 2015, the consumers aged over 55 will have committed almost £14.5 billion to the online economy in a single year, which is why they are set to continue to have an impact on the market and will dominate it within a decade.
By 2025, about one in three people in the UK will be over 55 years old, yet this group will hold sway over the spending power in the retail market.
It is expected that retailers and advertisers will do more to target this age group, in spite of the fact that, at the moment, they are largely ignored in favour of promotional campaigns which are generally aimed at younger audiences, according to the report published last week.