With June being Seniors’ Month, Quinte News is looking at the impact that those 65 and over have on our community and more specifically, on local businesses.
Close to 20% of the Quinte Region’s population falls into the senior category, with the area’s cost of living, natural amenities and sometimes slower pace to life, being attractive qualities for the area to have.
But it’s not just seniors relocating here that’s making a difference for the local economy.
Bay of Quinte Regional Marketing Board Executive Director Dug Stevenson says there are plenty of older people who find our area attractive as a place to visit and spend some cash.
“One of the things that’s interesting is when you consider seniors’ spending,” he says.
“Of course they’re on a fixed income, but they have fewer things they need to pay for as well. They probably don’t have a mortgage anymore, the kids are probably gone and they’re not worried about paying for things like education, so they’ve probably got a bit more set aside for that leisure spending.”
Stevenson says from a travel and tourism perspective, the seniors group is actually more comparable to millennials, who range between the ages of 22 and 38.
“A lot of them have no strings attached. They have a fixed income, but have money set aside and they know what they want to do and go do it,” he says.
Quinte West Chamber of Commerce CEO Suzanne Andrews says seniors who live in the area have a strong impact on the economy, but not just as consumers of goods.
“They access a lot of services,” she says. “Things like health services, some of which are privately owned businesses, or they go to hairdressers and restaurants. So definitely they are a huge economic factor when looking at the local economy and consumer spending in our region.”
Andrews also noted that while many seniors do move to our area to retire, not all of them want to get out of work completely, which adds to the local workforce.
“We are finding here in the Quinte Region especially, seniors are choosing to continue to work, maybe not at a full time level, but are available to work and look for positions that fit their experience and knowledge,” she says. “That’s definitely something for employers to think about.”