According to new research from Barclays Corporate, 62 per cent of senior executives across the hospitality industry do not provide specific offerings for older customers, with 82 per cent claiming to have no plans to introduce anything either.
“This lack of tangible engagement with a generation that has, for decades, shaped what leisure is in the UK should be something of a wake-up call for the sector,” said Mike Saul, head of hospitality and leisure at Barclays Corporate.
“As the hospitality industry struggles against multiple headwinds, it would be a mistake to overlook the opportunities this healthier ageing population presents.”
The survey also highlights the increasing importance of the ageing population, with the 160 businesses surveyed seeing an average of 28 per cent of their income coming from the over-65 market. This represents an estimated £25bn of the hospitality industry’s income.
Saul added: “Given the level of income the over-65s currently provides the industry it would be remiss to ignore investing in a demographic that is expected to grow so significantly in the next few years.
“This doesn’t necessarily mean a major overhaul of operations. Simple considerations that take this group into account will go a long way towards securing their spend.”
The top three age-specific offerings that businesses are focusing on include tailored facilities, such as easy access, targeted deals and offers, and direct marketing campaigns.
In terms of employment in hospitality, the majority of hospitality businesses (60 per cent) expect to employ more over-60s. This contrasts with the UK job industry as a whole, where only 36 per cent of those surveyed stated that they will be employing more over 60s in the next five years.