Thrive not just survive: Retailers urged to play a bigger role in supporting healthy ageing and play their part in levelling-up

• Major programme of work announced to support retailers to adapt to an ageing consumer base
• Retailers could thrive, not just survive, if they innovate to adapt to more older consumers, argues the International Longevity Centre (ILC) who are launching a two-year project to transform how the retail sector sees and serves older consumers.

ILC research Maximising the Longevity Dividend published in 2020, revealed that older consumers spent £319 billion (54% of all UK consumer spending) in 2018 – increasing to £550 billion (or 63p of every pound spent by consumers) by 2040.

In advance of the Second Reading of the Levelling Up and Regeneration Bill in the House of Commons, the think tank argues that supporting healthy ageing is key to levelling up. ILC urges retailers to work alongside government, academics and other policymakers to play their part in tackling inequalities with a view to help revitalise our high streets and local economies.

Launching the programme of work. David Sinclair, Director of ILC, explains why it’s imperative for policymaker and retailers to better understand their role in supporting healthy ageing:

“The demography of the high street customer is ageing, and retailers and planners have long failed to adapt or recognise the diversity of older consumers.

“Older people complain that their needs are ignored. Public toilets have been closed, cafes and shops blare loud music, public spaces and shops rarely have anywhere to sit and public transport is poor or non-existent. Our towns and cities are failing us all.

“For our high streets to survive, they must become more inclusive. But our high streets needn’t just survive; they could thrive, playing a role in tackling loneliness and helping the UK economy succeed. Inclusive environments are often a cost-effective way to prevent worsening health among an ageing population.

George MacGinnis, Healthy Ageing Challenge Director at UK Research and Innovation (UKRI) welcomes the project:

“This is a great opportunity to influence the future of our local economies. For as long as there have been towns and cities, retail has been at their heart, yet that is changing. Not just with a move to online. Changes to patterns of work and travel, climate change and even how we manage pollution are all impacting on local economies, while the changing aspirations of a growing population of older people suggests there are new ways for retail to thrive. “

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Contact

Contact press@ilcuk.org.uk or +44 (0) 208 638 0832 for press queries. Spokespeople are available for interview.

Notes

The ILC – the UK’s specialist think tank on the impact of longevity on society – in conjunction with UK Research and Innovation (UKRI)’s Healthy Ageing Challenge and Stirling University – is seeking to employ a dedicated retail impact fellow to work full time engaging with retailers on how they can better cater for an ageing consumer base. ILC will also be organising a business summit on longevity in early 2023

The ILC is also conducting ongoing research into dementia and spending  looking at consumers with dementia and how their needs might be better served to benefit the economy.

The Alzheimer’s Society showed that over 850,000 people live with dementia in the UK, likely to rise to over 1.6 million by 2040. By 2025, an estimated 700,000 people with dementia will live in their local community, with around one in six living alone. In 2019, households with someone living with dementia were expected to spend £16.7 billion, a figure expected to double by 2040.

The 2016 ILC report, The Missing £Billions showed that for each year that we live beyond 55, our average household expenditure (on food and groceries, eating out, clothing and leisure) declines by approximately 1%. The report predicted an overall drop in spending of roughly 17.1% by the time we reach 75. The report argued that adapting the high street could support greater spending by older consumers.

Retail impact fellow

The role of the retail impact fellow will be funded by the UKRI and Stirling University. Working with universities, retailers and other businesses, charities and policy makers, the ILC aims to encourage a focus on healthy ageing by the sectors engaged in town centre placemaking (for example, retail, transport, planning, design)

The context of the project is a challenging one. Across the UK and much of the world, high streets are struggling, and footfall is dropping. Diversity in retail is declining as we buy more from a smaller number of places. Meanwhile, online retail continues to squeeze the high street.

About ILC

The ILC is the UK’s specialist think tank on the impact of longevity on society, and what happens next.

The International Longevity Centre UK was established in 1997 as one of the members of the ILC Global Alliance, an international network on longevity.

Since our inception, we have published over 250 reports, organised over 300 events including the annual Future of Ageing conference.

We work with central government, local government, the private sector, and professional and academic associations to provoke conversations and pioneer solutions for a society where everyone can thrive, regardless of age.