City PM’s journalism is supported by our readers. .

Rich pensioners sitting on £16bn of untapped leisure spending

By:

Add as a preferred source on Google

Wealthy British pensioners added £37bn to the economy in leisure and hospitality spending last year, according to research from Barclays today.

But they could spend an extra £16bn, if firms only realised the consumer group had such financial resources, the report into Britain’s aging population showed.

The average Brit spends £2,486 on leisure and hospitality each year – but businesses routinely underestimate the £3,372 average spent by the over-65s.

Meanwhile data from analytics firm Aimia shows the proportion of Britons using money-saving tactics is falling.

The proportion deliberately taking fewer overseas holidays has fallen from 47 per cent in 2012 to 23 per cent now.

The proportion staying in with friends rather than eating out has dipped from 48 per cent to 31 per cent over the same period.