With the downturn in spending because of the COVID-19 pandemic, seniors in general held off spending on luxury goods and healthcare services. Now that the economy is rebounding, Bloomberg.com reports analysts anticipate a surge in spending from this demographic.
The expected spending boost is related to what some see as a new comfort by seniors for upscale online spending and pent-up demand for medical procedures and devices.
Another reason the spending boost is expected is due to the growing number of people 65 and older globally. Some predict that group will double between now and 2050 to 1.5 billion people.
The pandemic did result in the global consumer class overall shrinking in 2020 for the first time in half a century.
Council of Seniors Knows How Important the Money Earned Is to You
Despite predictions of a spending surge from analysts, retirees have faced years of low COLAs. Retirees haven’t received all the money they deserve. It’s understandable if they don’t run out of the house to spend their money.
More income will help seniors cope with increasing healthcare needs. That’s why Council of Seniors is working constantly to get Congress to pass The SAVE Benefits Act, which will put $581 in seniors’ pockets. Because the Social Security cost of living adjustment (COLA) was not adequately increased in recent years, this proposed bill is more important than ever.
Take time today to sign our petition. We greatly appreciate your support of our efforts.
Do you feel more confident to begin spending more? Leave us a comment and let us know.
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