'Empty Nesters' sitting on £288m of disposable income
Empty nesters are classified as those whose children or step children have moved out of the family home in the past five years.
There are currently 3.7 million empty nesters in the UK with a total disposable income of £288 million, more than double that of those with children still living at home (£102 million), according to new research.
The research, from Emptynesting.co.uk, a magazine and community website for mums whose children have left home, reveals that one million (28%) of empty nesters say their disposable income accounts for up to 10% of their total household income.
732,000 say their disposable income accounts for between 11-20% of their household income and 319,000 stated the figure was as high as 21-30%.
The research shows that 17% (644,000) of ‘new’ empty nesters saw their disposable income increased by up to 10% when their children left home. Almost 300,000 (8%) said it increased by between 11-20% and 322,000 (9%) said by 21-30%.
Of the 3.7 million empty nesters in the UK, 2.7 million are aged between 45-64. The majority of empty nesters are female (2.5 million) compared to 1.2 million males.
When it comes to spending their disposable income, holidays rank as the most popular, followed by new clothing and footwear and eating out.
Sue Houghton, Managing Director of Emptynesting.co.uk, “The research offers brands a clear insight into the priorities and spending power of this valuable consumer group. In an economy where most people are cutting back on unnecessary spending, it’s reassuring for the economy and the retail industry that, as the ever-expanding baby boomer generation now become empty nesters, there is significant growth in this sector of the consumer market.
“For many empty nesters, this phase of life is both an exciting and unsettling time, presenting new opportunities for more ‘me’ time and the increased funds to treat themselves.”