Every cloud may have a silver lining – and for many hard-pressed retailers, its the spending of silver surfers online and in the high street that’s keeping them afloat.
Two-thirds of over-50s are resolutely refusing to change their festive financial plans despite the impact of low interest rates and inflation on their spending power.
Finance group Saga asked more than 11,000 over 50s about their Christmas and New Year shopping plans, with 65% said they would spend as usual on food, drink and presents – with another 13% explaining that while they will carry on spending, they would put the tab on their credit card.
“Credit cards and a silver lining for shopkeepers would appear to be the message from older people that they’ll be pushing their shopping trolleys around supermarkets and splashing the cash in gift shops in defiance of the downturn,” said Roger Ramsden of Saga.
“With 21 million over-50s in the UK, and more than two-thirds of them saying they’ll be spending as usual this Christmas, it may not bring the biggest of smiles to retailers’ faces, but it’ll certainly give them some reassurance.”
Meanwhile, the AA is suggesting that everyone plays good neighbours over the holidays after research revealed millions of adults do not know who lives next door – and many are over 65s who have no friends or relatives living within five miles of their home.
The AA’s Tom Stringer said: “Families have moved further apart and it seems neighbourly attitudes have declined to the extent where many people wouldn’t even recognise a lot of their neighbours nowadays. This means many people will spend this winter living alone in their homes with no family or neighbours close by should they suffer a home emergency.
“This winter we’d like to see people look after their neighbours’ welfare more, offer to help them clear snow or ice from their property or help them with their shopping, particularly those who are more vulnerable such as the elderly.”