Trade ready for grey pound

SCOTLAND’s pubs, restaurants and hotels are well-positioned to capitalise on an untapped income source from the older generation, a new report has claimed.

Couple seated in outdoor restaurant

Research by Barclays showed the over 65s added £37 billion to the UK economy through hospitality and leisure spending in the last year. However, the report suggested businesses missed out on a further £16 billion by “underestimating the spending power of the older generation”.

According to the ‘An ageing population: the untapped potential for hospitality and leisure businesses’ study, Scotland is “well-positioned” to cater for over 65s, with more than two fifths (42%) of hospitality businesses currently offering products and services specifically for the older generation.

Ally Scott, head of corporate banking for Barclays in Scotland, said: “It is clear from the report that the over 65 age group is a huge and untapped opportunity for the hospitality and leisure sector within the UK.”