A West Country coach company is among businesses that have benefited from the economic influence of the ‘grey pound’.
Weston-super-Mare-based Bakers Dolphin has seen many more bookings from the over-65s in the past year, with an estimated 37bn boost in the UK’s ‘grey pound’ economy within the hospitality and leisure sector.
A recent report by Barclays Corporate Banking identified affluent people in the over-65 age group as a â€œsignificant opportunityâ€ for businesses, adding that many were currently missing out potential growth by â€œfailing to target older customers effectively.â€
The report also revealed that the total annual spend of over-65s could grow to at least 57bn by 2025, based upon the projected 34% increase in the number of older people.
Sales and Marketing Director of Bakers Dolphin, Amanda Harrington, says: â€œOur coaches are in demand from the comfortably retired, with many recognising they can avoid some of the stresses associated with travel by switching to use the coach.â€