The Intergenerational Report provides food for thought for retailers, which face an ageing population, slower population growth and the impact of climate change.
but for those with an eye on the long-term future for the retail sector, the 276-page report will be thought-provoking.
The number of people aged 65 and over will more than double and the number aged 85 and over will more than triple in 40 years, according to the report. “The type of products that are being sold will shift a bit,” says Kuestenmacher, director and co-founder of Melbourne-based The Demographics Group. An ageing population will also have implications for industries accustomed to employing younger workers, including retail and hospitality.eased to 32,200 in May after soaring to 49,900 last November because of competition from other sectors and the fall in migration during the pandemic.Some retailers, such as Bunnings, are hiring older staff to fill the gaps. Thirty per cent of Bunnings’ store staff are aged over 50 and 14 per cent are over 60.
“They will have been hard-core digital natives, they will be very understanding of how to use technology to consume, they’ll be very comfortable with digital-based communities, and they will not have the same view of shopping that we do,” Walker says.
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