According to new data the service sector is continuing to feel the benefits of the economic upswing with growing optimism. Business volumes are rising briskly and firms are taking on more staff.
This is according to the CBI’s quarterly Service Sector Survey. In the three months to May firms were gaining confidence about the business situation, with optimism rising at the fastest rate since the start of the survey in 1998.
2014 seems to be shaping up to be the year of growth and positivity is overflowing within the business community. Here at the North East Business and Innovation Centre (BIC) we have certainly experienced this; many businesses this year have expanded their office space to accommodate a larger headcount and even more notable is that these SMEs are from a huge variety of sectors; consultants, marketing and manufacturing. The survey refers to the service sector industries so it is very uplifting to hear that the positive vibe is occurring not just at the BIC but the entire region.
Interestingly the BIC have joined forces with Newcastle University’s Changing Age for Business. The initiative has revealed that the over 50’s are the fastest growing age group in the UK. This really gives businesses the chance to engage and trade with clients whom are living longer and are emerging to be an increasingly demanding group of consumers.
And this is not something that affects just one sector; healthcare, travel, pharmaceuticals, technology and transportation will be transformed by the aging consumer market. Businesses such as product design, target marketing and websites will also have to adapt their consumer products and service strategies to effectively compete for this demographic. This is a huge demographic which needs to be tapped into for with it only comes more growth for businesses.
With this in mind I have a few points for business owners to consider; in the UK, over 50s now account for nearly half of the adults and hold around 80 per cent of the nations’ personal wealth. There is massive potential for any business to grow and expand if they can effectively target this market.
It is therefore, that I would like to extend a personal invite to all business owners who wish to learn more on how they can tap into this market with information on the practicalities of engagement and the opportunity to discuss your personal business circumstances with the BIC and the staff from the university.
A free event not to be missed so come along on the 18th June and discover what opportunities an aging society can offer your business. To register please call 0191 516 6045.