Over-65s are a 'key growth driver' for the sector, according to report
Operators should focus on how to win business from the over-65 category as it is a "key growth driver" for the sector, according to new research from the Future of Foodservice, a foodservice analytics and data company.
The findings were presented by Simon Stenning, founder of the Future of Foodservice, at the 2023 FEA Industry Conference, held last week at the Chesford Grange hotel in Kenilworth, Warwickshire.
Stenning went on to say the older population is enjoying greater affluence, leisure time and better health than previous generations. As such, opportunities for businesses to cater to the age group's needs continues to grow.
While enjoying greater affluence, time, and prolonged health, the group is also growing in number; according to the Office for National Statistics, the over-65s currently account for one in five of the UK population. That is projected to become one in four by the end of the next decade.
Far from ignoring this cohort, Stenning said the over-65s are a "good thing for the hospitality market".
Stenning cited that lifestyle and staycation venues which offer "elevated casual dining" could do well, particularly around coastal towns where older people retire to or have second homes.
He referenced the Potted Lobster, which has a site in Abersoch on the north west coast of Wales and another in Bamburgh in Northumberland, and Rockwater in Hove, East Sussex, as the sort of venues which attract this growing cohort.
He also stated that by 2035, a third of the population in England, in areas including Devon and Cornwall, parts of East Anglia, and in the northeast of England in Northumberland, will be over 65. That increases to 40% in locations including the Isle of Wight, Weymouth, and on the north coast of Norfolk.
Image credit: Shutterstock/AlessandroBiascioli
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