Grand Kids and the Grand Quids The New Force in the Leisure Economy

The term "Grey Pound" has long been recognised as a significant economic force, referring to the spending power of the over-50s demographic. In 2020, Saga estimated the value of the Grey Pound at an impressive £320 billion annually. However, there's a new player in town—the "Grand Quid." As someone intimately familiar with this concept, let me explain why I coined the phrase and its significance and why businesses and other organisations should pay attention.

The Emergence of the Grand Quid

The Grand Quid represents the spending power of grandparents, particularly those over 50, who are increasingly involved in the lives of their grandchildren. This involvement stems from both a deep affection for their grandchildren and the practical need to support busy parents juggling work and other responsibilities. According to a recent YouGov poll conducted for Age UK, two-fifths (40%) of grandparents over the age of 50—around five million people—regularly provide childcare for their grandchildren.

This caregiving role translates into substantial economic activity. Grandparents are not just babysitters; they are active participants in the leisure economy. They spend significant amounts of money on outings, treats, and activities with their grandchildren. From cafes and museums to theme parks, art galleries, stately homes, and seaside towns, grandparents and their grandchildren are a common sight, especially during school holidays.

The Impact on the Leisure, Arts, and Hospitality Sectors

The economic impact of the Grand Quid is both significant and growing. Grandparents are willing to spend generously on their grandchildren, creating a substantial market for businesses in the leisure, arts, and hospitality sectors. This trend is evident in the bustling activity seen at family-friendly venues during school breaks, where the presence of grandparents is increasingly prominent.

The Business Opportunity

For businesses and other organisations, recognising and catering to the Grand Quid demographic is not just a nicety; it's a necessity. Here are some key areas where businesses can adapt to better serve this valuable market:

1. Inclusivity and Welcoming Atmosphere: Venues need to be more inclusive and welcoming to grandparents. This includes providing amenities that cater to both the older and younger generations, such as comfortable seating, accessible facilities, and activities that appeal to a wide age range.
2. Staff Training: Staff should be trained to understand and meet the needs of modern grandparents. This includes being sensitive to the dynamics of grandparent-grandchild relationships and providing excellent customer service tailored to this demographic.
3. Infrastructure Improvements: The physical infrastructure of venues should be designed with grandparents in mind. This includes ensuring easy accessibility, adequate parking, and child-friendly facilities that also accommodate the needs of older visitors.
4. Targeted Marketing: Marketing literature should reflect the importance of the Grand Quid. Grandparents should be portrayed positively and valued as key customers. Marketing campaigns should highlight activities and offers that appeal to both grandparents and grandchildren, emphasising the fun and bonding opportunities available.

The Grand Quid is a powerful economic force that deserves recognition and respect. Grandparents play a crucial role in the leisure economy, and their spending power is only set to increase. By adapting to meet the needs of this demographic, businesses can tap into a lucrative market and create memorable experiences for grandparents and grandchildren alike.

It's time for the leisure, arts, and hospitality venues to recognise the potential of the Grand Quid. By doing so, they can ensure that their venues are not only more inclusive and welcoming but also better positioned to thrive in an increasingly competitive market. Grandparents are ready and willing to splash the cash—businesses and venues just need to be ready to soak it up.

Richard O'Neill #GrandQuid #leisure #Hospitality