Naritas Finance
Daily Bulletin

Money

  • Written by News Company


We are living in a rapidly ageing population across the globe, with the expected number of people aged 60 and over to more than double by 2020. This population is growing at a much higher rate to younger age groups, which comes down to several factors. Improved healthcare means people are living longer, and the increasing costs of having large families, as well as restrictions on the amount of children families can have in certain countries, has meant that the number of young people has decreased in recent decades. So, should businesses be cashing in on the so-called ‘Grey Dollar’?

According to recent research, the older generation controls 80% of the wealth as they have built up a larger bank balance and have the lowest amounts of debt. So, businesses that want to ensure sales growth should be tapping in to the older generations spending power. Here are some ways to make sure you take advantage of the Grey Dollar.

Accessibility is Key

To take advantage of the grey Dollar, business owners must ensure that their premises are fully accessible to all. The world has adapted to ensure that those with mobility issues can live independent lives, from wheelchair accessible vehicles to public transport assistance, and business owners need to ensure they keep up. Installing ramps and railings and a wheelchair/scooter friendly layout will ensure those customers can access your store with ease. You can make these adjustments at relatively low cost and will see an increase in the number of customers in your store, in turn increasing your turnover.

Appeal To The Target Market

As much as business owners are tempted to slash prices to please millennials with little cash in the bank, it is important to consider the older generation who generally have a bit more cash to splash. Usually, the over 60’s would rather invest in good quality products or services than botch-job bargains, so make sure your business is appealing to this target market. Stock a wide range of good quality items rather than niche or bargain products that narrow your sales opportunity. Going for quality will also ensure customer satisfaction is high – less complaints and happy customers leads to a booming bank balance.

So, to maximise your potential profit, make sure you take advantage of the spending power of the older generation. They hold the largest disposable income across the entire population, so it will hugely benefit your business to tap into the demographic.

Politics

The Coalition will boost support for veterans and their families

SUPPORT FOR OUR VETERANS AND THEIR FAMILIES   The Coalition will boost support for veterans and their families as part of a $63.2 million suite of initiatives to create Veterans’ Wellbeing Centres...

Scott Morrison - avatar Scott Morrison

Prime Minister interview with Natalie Barr, Sunrise

Prime Minister Scott Morrison joins me now. PM thanks for your time this morning. PRIME MINISTER: Thank you. BARR: Do we have any knowledge as to who is responsible for this devastating attack? ...

Natalie Barr - avatar Natalie Barr

Retirees Question Research for Labor Policies

The Association of Independent Retirees questions the research undertaken by the Labor Party in developing a number of their policies including franking credit refunds, negative gearing and capital ga...

Association of Independent Retirees - avatar Association of Independent Retirees

Business News

Running Your Own Internet-Based Clothing Company

The Internet era has completely transformed the way in which the world works. All industries have been affected by the advent of the web, from local restaurants to multi-billion-dollar international...

Eric Horowitz - avatar Eric Horowitz

HOW REALISING RELEVANCE CAN DRIVE ONLINE SUCCESS

Most of us in business have heard the old adage, “half of your marketing spend is wasted, but you do not know which half”.   We now no longer need that to be true. Why? Well, you see we used to ta...

Drew Bowering, Senior Director of Market Management, Expedia Group - avatar Drew Bowering, Senior Director of Market Management, Expedia Group

MoneyGram and 7-Eleven expand partnership

  MoneyGram (NASDAQ: MGI), a global provider of innovative money transfer services, has renewed its partnership with 7-Eleven Australia for an additional five years, ensuring that consumers continu...

Media Release Service - avatar Media Release Service

Travel

Things to Consider Before Emigrating to Australia

Moving abroad is often a big and an overwhelming decision that can hugely change your life and your future. Therefore, it is important to spend some time considering where you want to move to and rese...

News Company - avatar News Company

The Majestic City of Innsbruck

Innsbruck is the capital city of Tyrol and is the fifth largest city in Austria. It is located in western Austria between the high mountains of Karwendel Alps in the north and Patscherkofel in t...

Nico Hoffmann - avatar Nico Hoffmann

Bedsonline hosts Australian events to celebrate new brand launch

SYDNEY, April 15, 2019 Bedsonline(https://www.bedsonline.com/home/en-na), the leading global provider of accommodation and complementary travel products exclusively for travel agents, has hosted a ser...

Bedsonline - avatar Bedsonline

ShowPo