The Grey Pound to Boost St Andrews

by Stuart Milne

Tuesday, May 16th, 2017

Grey Pound to Boost St Andrews by Scottish Public Relations Agency

ST ANDREWS could soon reap the benefits of the ‘grey pound’ with the arrival of a prestigious retirement apartment development in the heart of the town.

The ‘grey pound’, referring to the economic power of older people, now accounts for £320bn of annual household spending with the over-50s retaining more than three-quarters of the nation’s financial wealth.

With the he launch of 78 luxury apartments at The Walled Gardens – whose prices start at £176,250 – being targeted at retired singles and couples, it is hoped they will bring a significant economic boost to St Andrews and the surrounding area.

Not only is the UK’s ageing population growing, it is also becoming increasingly active.

Older consumers are going out to eat more which could result in increased custom and business for the restaurants and bars of the seaside town. The Centre for Economics & Business Research forecasts that, by 2018, the total spending in this sector alone could reach £54.6bn.

Sandy Milne, Managing Director of local baker’s business Fisher and Donaldson, said: “The spending power of an ageing population shouldn’t be underestimated and, in a town like St Andrews, it can be particularly important.

“We’re not a huge town but we can be very busy given all that goes on throughout the year but the backbone of our economy is undoubtedly the locals, a good proportion of whom are over-50s, like myself.”

With around 60 restaurants and bars to choose from, including a number of award winning fine dining venues, the town truly punches above its weight on the culinary scene.

On the coast, with easy access to its award-winning beaches, the Fife Coastal Path and cycling routes, St Andrews is also the perfect place for those eager to enjoy the outdoors during their retirement.

Over the last ten years consumer spending from over-50s has grown on average 4.4% each year, making them the fastest growing demographic. Alongside this they are also the highest-earning age group in the UK with a larger disposable income.

The Walled Gardens are designed for retired singles and couples looking to downsize to modern, easy to maintain and safe apartments.

To find out more, please visit the or call Sales Consultant Laura on 01334 460644 for The Walled Gardens.

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