• 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.


Prime Minister interview with Alan Jones

Good morning Alan.   ALAN JONES: Thank you for your time. Could I just begin by saying that politicians rarely get praise. I have been speaking to farmers during the course of the weekend. You wen...

Alan Jones - avatar Alan Jones

Scott Morrison on Shorten's Border Protection backdown

Border Protection   PRIME MINISTER: Less than 24 hours ago, I warned Australia that Bill Shorten would make Australia weaker and the Labor Party would weaken our border protection. That they could...

Scott Morrison - avatar Scott Morrison

Funding to support women and children escaping domestic violence

Hundreds more women and children escaping domestic and family violence will have a safe place to sleep with a $78 million investment by the Morrison Government.   This investment includes a $60 mi...

Scott Morrison - avatar Scott Morrison

Business News

Sharing the Load - A Guide to Outsourcing as an SME

As a small and medium-size enterprize you need to be able to keep pace with changing technologies and stay ahead of the game. Generally, this means there is a definite need to outsource your SME’s I...

News Company - avatar News Company

Why Branding is vital to your family owned business

Once available only to large corporations, branding is now more accessible and vitally important to every size (and type) of family business, including yours. But what is branding and how does it ...

Stella Gianotto - avatar Stella Gianotto

Statewide Super announce Tony D’Alessandro as CEO

Tony D’Alessandro Tony D’Alessandro will be the new Chief Executive Officer of Statewide Super, effective 1 March 2019. Mr D’Alessandro will replace Richard Nunn, who in January announced his ...

Media Release Service - avatar Media Release Service


Older generation Australians are embracing solo travel

Allianz predicts a rise in solo travel in 2019, revealing those most likely to ‘go -it-alone’ among the 50+ age group   The popular ‘solo travel’ trend is predicted to continue in 2019 with mor...

Media Release - avatar Media Release

Fun Things You Must Do In Perth

Perth: Sun, sand and 19 beaches might seem to sum up the city, but not quite. The sunniest capital city in Australia offers so much more for you to do. Regardless of what your idea of fun is, you wi...

News Company - avatar News Company

ex-HMAS Tobruk dive site Fraser Coast

Fraser Coast Has a New Sunken Treasure for Divers to Explore A rush of scuba divers from around Australia is expected to begin exploring the underwater wonderland created by the ex-HMAS Tobruk after...

Tracey Joynson - avatar Tracey Joynson

You might also like