Most retailers have yet to notice the buying power of older Americans, too often dismissing people aged 55 and older as non-buyers. American Demographics magazine, July 1997, says the elderly are the biggest spenders and have been all along. Householders aged 65 to 74 spend more per capita than those 25 to 34 on most major categories of goods and services, despite the stereotype that spending plummets in retirement.
Existing Homes Sales Will Boost Retailing
Because retailing's fortunes are linked so closely to the turnover of homes, a recent National Association of Realtors report comes as really good news. The association says existing home sales rose 2.2 percent in July, at a seasonally adjusted annual rate of 4.2 million homes. Contributing factors to the increase were a dip in mortgage rates and low unemployment, both encouraging home buyers.
Creative Hiring Strategies for Small Businesses
One of five small businesses plan to hire more employees, but it won't be easy. The National Federation of Independent Business says 30 percent of its members have hard-to-fill openings -- especially in retail and manufacturing. New hiring strategies by employers include: * offering more flexible hours; * seeking non-traditional workers such as retirees and college students; * paying recruitment bonuses; * offering paid time off to care for property following floods.