Lisa Hooker: ‘Vaccine confidence is driving a golden generation of shoppers’

The last few weekends have had an almost celebratory atmosphere with bustling pub gardens, alfresco dining and snaking queues outside stores. 

It feels as though people are beginning to celebrate a possible end to the pandemic and an eventual return to normality, releasing their pent-up spend on businesses across hospitality, leisure and retail. 

The other weekend, I joined the revelry and went to the salon to get my hair cut. It was exciting to be able to re-explore my high street and frequent my once-regular haunts. I nipped to the local bookshop and beauty store, stopped for a drink in a beer garden and bought my first work suit for over a year. 

A welcome sight after more than a year of disruption, these scenes echo our latest Consumer Sentiment Survey, which suggested consumers were ready to unleash savings and treat themselves on food out, fashion and frivolity. 

Consumer confidence is now at its highest level since we started our Sentiment Index back in 2008,  the first time it’s been positive since before the start of the pandemic. 

And this improvement has been largely driven by those over 50, with a surge in confidence in the over-65s. The reason is two-fold. It’s not just the months of ‘forced savings’ - our research found the majority of those over 50 have either not been financially adversely affected, or have saved - more importantly, it’s that we’re seeing a ‘vaccine effect’. 

With these age groups all having been offered at least a first vaccination, they’re starting to see a way out of the pandemic and back to normality. Those immunised, such as myself, are more comfortable shopping in-store, visiting cafes and pubs, and taking part in other activities. Recently, for instance, I’ve been able to book a Blackpool Airbnb to see my parents for the first time in ages, visit a store to buy them a present, and have even booked a late summer holiday.

Given the over-50s generally have the most money - or at least the most savings - and now being increasingly comfortable to get out and spend, might we be ushering in an era of the ‘golden shopper’?  How relevant is that customer group to you? How will you appeal to and engage with them? Remember, 50 is the new 40.

And it’s not just what they will buy, but how they will shop. Our Retail Briefings earlier in the year showed that the over-50s continue to embrace digital channels not just for shopping, but for engaging. Discovering the convenience of online during the pandemic, ‘silver surfers’ are now just as keen to buy through their smartphones as in-store. 

Being more digitally savvy means there are other ways for retailers to interact with them. You might need to rethink how you engage with your re-energised audience and where you spend hard-earned marketing budgets to drive incremental sales.

How will you bring the store into the home - and digital into the store - and what will be the greatest influence on what they spend money on? Will it be social media, influencers or something else? For me, it’s the Sunday magazines I pick up from the local newsagents, but for others, it’s the personal touch: local shop assistants, great customer service or convenience of local pick-up or delivery.

While there’s still a way to go with vaccinating the entire UK population, we’ve seen some really positive steps for the industry in just the last few months. 

As other age groups begin to be vaccinated, confidence is only likely to continue to grow. If the vaccination schedule can maintain its pace, there should be plenty of confidence - and pent-up spend - to go around. But for now, embrace the rise of the golden shopper.