Retail ‘misses older market’

The retail sector will need to address the UK’s ageing population, according to a new report by retail consultant Verdict.

The study claims that retailers have failed to respond to fundamental shifts in consumer behaviour and spending, and still focus on their target market of 25- to 34-year-olds which is currently shrinking.

At the same time they are guilty of ignoring the growing numbers of over 40s – now the most affluent group in Britain – with a million more set to join the age bracket in the next five years.