Consumers over 60 years old represent a group which is not sufficiently taken into account by the clothing industry, yet this can generate a lot of profit in this sector because:

• Consumers over 60 are increasing in number in the western world. In less than four decades, more than one third of Europe’s population will be over 60 years old and more than one quarter of the population will be older than 65 years with Germany and Italy to record the largest elderly population.

• Many elderly people over 65 continue to work primarily in agriculture, public administration, education, health and social services due to the economic crisis. Indicatively, although overall employment in the EU fell during 2008 and 2011, the number of employed persons aged 50-64 years has increased by 5.8%, while the number of employed persons aged 65 and over has increased by 4.1%.

• Many Europeans after their retirement engage in physical activities to enhance their health and look for the right sports equipment. Typically, 30% of the European population aged 55 years and over, play sports at least once a week and 43% say they regularly perform alternative physical activities (cycling, dancing, swimming, gardening or golf).

• The elderly Europeans travel more and desire to buy clothes that will serve that purpose. Indeed the number of European tourists over 65 years increased by 10% in 2011 compared to 2006, while their tourist spending increased by 33% over the same period, accounting for 20% of the total European tourism expenditure (the corresponding rate for 2006 was 15%).

• Elderly Europeans are willing to pay a high price for comfortable fabrics of a great quality (e.g. cashmere, silk, and organza), clothing (e.g. wool sweaters, jackets, coats) and accessories (scarves, hats) all with a prolonged lifetime.

Πηγές: CBI (2014), World Bank (2013), Eurostat, 2011