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A recent report from Barclays Corporate Banking has revealed that the UK hospitality sector has lost £16 billion in potential revenue over the last year by failing to respond to the needs of the over 65 age group.
Over 65’s actually spend more on restaurants and hotels than any other age group but the hospitality sector has failed to recognise their market share and have been ignoring their requirements, leading to missed opportunities for crucially boosting revenue.
With the number of people over 65 set to grow 23% by 2020 businesses should be looking to invest in targeting this demographic so that they can capitalise on ever increasing demand.
