‘Grey pound’ has room to grow

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 “significant opportunity” for businesses, adding that many were currently missing out potential growth by “failing to target older customers effectively.”

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: “Our 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.”