By Briana Hilton, Contributor
You may be surprised to learn that one generation is powering the economy forward and spending more than any other demographic – the “silver spenders,” aka consumers aged 59 and older.
A new report from Bank of America revealed that silver spenders are the only generation who increased their consumer spending in 2023. They’re spending money on everything, from luxury vacations to meals at a restaurant. Silver spenders are single-handedly moving the economy forward, which is great news for restaurant owners.
If you’re looking to capitalize on this demographic, there are many ways to draw them into your establishment that will keep silver spenders coming back time and time again.
Create a Welcoming Environment
Older generations of restaurant-goers often prefer quieter, comfortable settings. In fact, a quiet atmosphere, along with early dining hours and good food, are the main characteristics that seniors prefer at restaurants. Make sure your restaurant has plenty of places to sit in the restaurant that are cozy, like booths or cushioned chairs, and promotes a peaceful dining experience is key.
You should also consider the accommodations on the outside of the restaurant as well -- meaning accessible doors, walkways, and parking -- to make it extra welcoming for silver spenders.
Offer Senior Discounts
Another great way to draw in silver spenders to your restaurant is to offer age-specific discounts or loyalty programs. This is guaranteed to attract older customers. Knowing that silver spenders tend to shell out more money than other generations, this will likely mean that you won’t hurt your profit margins by implementing this type of program.
By prominently advertising your senior discount on your website, tables, menu, social media, or in local promotions, you can make silver spenders aware of your special offer and draw them in.
Roll Out Health-friendly Menu Options
As we age, diet becomes more important than ever, especially when managing age-related diseases like type 2 diabetes, heart disease, and certain cancers. Thus, it only makes sense to incorporate a few health-conscious meals on your menu if you want to appeal to all silver spenders.
Just as catering to dietary preferences (such as vegan or gluten-free) are increasingly important for younger generations, so too is it a critical aspect of making your restaurant a go-to for seniors. Every section of your menu, from the appetizers and cocktails to the mains and desserts, should offer at least one health-friendly option.
You can even go as far as to indicate the nutritional information for each dish, which may be best housed on your website.
Host Events and Activities for Seniors
Seniors go out to eat more than Millennials in the United States. This means it makes perfect sense to offer special events and activities at your restaurant designed just for silver spenders.
Since older adults tend to enjoy socializing, consider hosting events like senior brunches, afternoon tea, or live music evenings that cater to their interests. You can promote these events through senior community centers or online groups to make people aware and encourage the early attendees to spread the word!
Train Staff to be Friendly and Attentive
Though it may be a stereotype, older generations can be a bit more persnickety about things like customer service. When serving silver spenders, it’s important that your waiters and staff are as accommodating as possible. This includes being patient, personable, and extra attentive to their needs.
As everyone in the restaurant industry knows well, a welcoming and respectful attitude among staff can go a long way towards building customer loyalty – especially among silver spenders.
Extend Takeout and Delivery Services
A final way to appeal to silver spenders is to ensure your restaurant has great takeout and delivery options. While the goal is to bring people into your restaurant, it is common for older demographics to prefer eating in the comfort of their own homes. By extending takeout options that are quick and easy, and by registering your restaurant on the leading delivery platforms, you can entice silver spenders to enjoy your food wherever they please.
