Spending Time at the Cricket
Before the first ball had been bowled at the Fifth Test today, the first three days tickets had been sold out. Is this a taste of what's to come with the spending patterns of the retired Baby Boomers?
The Intergenerational Report raises questions about future spending patterns of the aged over the next 20 years. For businesses and professions who latch on to the trends early, there will be dividends as the patterns unfold.
FinDem proposes that Leisure and Food will be big gainers in how the retired spend their incomes. As indicators we looked at the 1997 Budget standards report by SPRC. This shows that for modest living retired couples in 1997, 24.6% goes on Food and 16.5% on Leisure. This compares to a middle aged couple with two children where the total spend on Leisure and Food is 29.1% compared to the retired 41.1%. Add some variations like communal living of four retired people and the spend on Food and Leisure increases to 51%. An increased income from superannuation is likely to have a similar effect.
Posted Thursday, 2 January 2003
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