In recognition of a rapidly ageing local population, Lake Macquarie City Council in conjunction with the NSW Department of State and Regional Development, contracted Micromex, a local research and marketing company, to conduct a comprehensive study into the ageing of the Lake Macquarie’s community and the associated opportunities that this may provide to local businesses.
The broad objectives of the study included:
- examining the characteristics of the ageing population in Lake Macquarie
- ascertaining the impact of the ageing population on various industry sectors
- identifying gaps in current and future demands of the 55 plus population.
Twenty nine per cent of Lake Macquarie’s total population is aged over 55. This is expected to increase to 39 per cent of the population by the year 2022.
For many mature consumers, the kids have left home, the mortgage has largely been repaid and other financial commitments are at an all time low. They have more money and time on their hands than at any other stage in their lives and will increasingly dominate the growth in spending throughout Australia.
Business owners and residents over the age of 55 had the chance to discuss and learn about the opportunities that an ageing population can bring to the area’s economy through a series of forums.
Some key findings from the forums with over 55s were that many were still keen to work, they were more likely to consume services than goods, and most preferred to deal with people similar to themselves.
Council’s Manager Economic Development, Graeme Hooper, said that sessions with local businesses found that they underestimated the value of over 55s and are not marketing towards them.
“Research conducted by Micromex has shown that over 60 per cent of Lake Macquarie businesses under estimate the value of the 55 plus age group and the benefits it can offer,” he said. “A lot of businesses did not feel a need to specifically market to a separate group. But those that were had succeeded in reaping the economic benefits.”
This research has provided Council with key information about significant opportunities that this growing age group present to Lake Macquarie businesses.
For further information contact Graeme Hooper on (02) 4921 0425.
