Explore the untapped market of over-55s as CACI’s survey reveals their desire for tailored retail experiences on the high street. Discover the regional variations and the importance of striking the right balance in a changing retail landscape.
In the post-pandemic retail resurgence, over-55s emerge as a key demographic with unmet needs on the high street. CACI’s consumer survey unveils a strong desire for improved retail options among this group, emphasizing the importance of catering to their unique preferences.
The survey, conducted by CACI, a leader in people and place analysis, indicates that despite overall satisfaction with local services and leisure activities, over-55s feel neglected in the retail sector. This sentiment is unanimous across the age group, transcending CACI’s Acorn group demographics.
Regional variations highlight a significant demand for better retail options, particularly in the Northeast, where 64% of over-55s express the need for more suitable shops. This trend extends to Scotland (62%), Wales (61%), and the Southeast (60%), underlining a widespread desire for a more tailored high street experience.
Even within Acorn groups featuring an older demographic, dissatisfaction with retail provision is notable. From the ‘mature success’ group (63%) to ‘constrained pensioners’ (68%), ‘semi-rural maturity’ (61%), and ‘stable seniors’ (52%), the survey underscores the need for retailers to address the specific preferences of this age group.
Challenges arise as traditional stores catering to older demographics have closed down, and the shift of fashion provision online overlooks the over-55s’ desire for physical shopping experiences. Understanding these dynamics, Hannah Smith, Principal Consultant at CACI, stresses the importance of a balanced high street offering that aligns with the evolving needs of diverse age groups.
Retailers must recognize the untapped potential of the over-55 market and adapt their strategies accordingly. Brands like Peacocks, Next, Dobbies, and Matalan have successfully captured this demographic’s attention, demonstrating the significance of tailoring retail experiences for the over-55s. Explore the key insights from CACI’s survey and ensure your retail offerings align with the evolving expectations of this valuable demographic.
