Over-65s represent missed market opportunity

Two-thirds of the hospitality sector is missing out on the ever-growing over-65s market.

New research from Barclays Corporate, cited by Big Hospitality, has found that a staggering 62 per cent of senior executives across the hospitality industry don’t provide services, event spaces or programmes for an older audience.

Perhaps surprisingly, the same poll discovered that older persons contribute massively to the sector, as 160 businesses were found to net 28 per cent of their average yearly income from the over-65s market.

This represents an estimated £25 billion worth of the industry’s income, notes Eat Out Magazine. It is a figure that is surely due to rise as the number of people aged over 65 is expected to increase by a further 1.4 million within the next five years.

“This lack of tangible engagement with a generation that has, for decades, shaped what leisure is in the UK should be something of a wake-up call for the sector,” comments Mike Saul, head of hospitality and leisure at Barclays Corporate.

Mr Saul said that there was no need for a “major overhaul” within the sector; rather, some operations should be more focused and tailored toward an older market. Such age-specific offerings could include easy access to function venues, targeted deals and offers, or direct marketing campaigns for example.

Mr Saul added that “it would be a mistake to overlook the opportunities this healthier ageing population presents” – considering how the demographic is set to explode over the coming decade.