Baby-Boomer bashing has become a favourite Millennial and Gen Z past time. Yes, yes, we know they’ve taken our futures, they own everything, have everything and our lives won’t materialistically match theirs, but they should be aspired to rather than looked at enviously and begrudgingly. This is the youngest generation of older people ever and they are staying in good health for longer.
Left - The Young Old - It's very hard to find an image which isn't patronising or a stereotype of the elderly
They are also choosing to work longer. A recent survey by jobs website, ‘Rest Less’, shows almost one in 12 of people in their 70s are working, compared with one in 22 a decade ago. Admittedly, there are more older people, overall, but, it is a growing trend driven partially by skills shortages. There has been an increase of 285,000 workers over 70 over the past ten years.
Due to better health and an appetite for a certain standard of lifestyle many of this generation is lucky enough to enjoy working and are using the additional income on luxury holidays and prestige cars. I look at my parents and they are both working past traditional retirement ages. Mortgages paid off, free travel, fuel allowance! and in good health, they see no reason to retire. This is the energetic generation of the 1960s and they don’t want to slow down just because they are getting older.
Stuart Lewis, of Rest Less, said, ‘Gone are the days of working hard five days a week for four and a half decades before suddenly stopping. We can see that part-time work is growing in popularity among the over-70s, both male and female.’
Baby boomers were born between 1944 and 1964. They're currently between 55-75 years old. They are the most successful generation of people ever and represent nearly 20% of the American and UK public.
Netwealth, a wealth manager, analysed the Office for National Statistics’ Wealth and Assets surveys between 2006 and 2016 (the most recent data available) and found those aged over 65 owned 28 per cent of the UK’s household wealth in 2006, a figure which had increased to 36 per cent 10 years later. The analysis also found that one in five (20 per cent) of over-65s in the UK to be a millionaire, compared with 7 per cent in 2006. The total wealth owned by over 65s nearly doubled - from £2.4trillion to £4.7trillion - in the decade between 2006 and 2016, while in comparison, those between 25 and 54 years old saw their wealth increase by just 9 per cent in real terms during the same time. That means that for every £1 of UK household wealth, Baby Boomers own the biggest share of 36p.
Author, Camilla Cavendish, has just published a new book called ‘Extra Time: 10 Lessons For An Ageing World’. She cites Mick Jagger, still touring at the age of 75, as an example of the so-called “young-old”; the growing number of people who extend an active and healthy middle age into their late Seventies. According to Cavendish, dementia rates have actually fallen by 20 per cent in the past 20 years in the UK.
“It’s not old age that’s getting longer, it’s middle age,” she writes. “We need to . . . stop lumping everyone from 60 to 100 together, and accept its normal to be vibrant and capable in your 70s”.
During the same period we’ve seen a massive decrease in traditional killers of older men and women. According to the British Medical Journal, between 1990 and 2013 cardio vascular disease death rates in England declined by 52%, coronary heart disease (CHD) by 60%, and stroke by 46%. The reason has been attributed to the reduction in smokers and also the banning of smoking in public places in 2007.
Many people lose their sense of purpose when they no longer work and if you don’t want to retire why should you when we live in a country of record employment and the demand is there for workers with experience? Old age should be a balance and many of these people are choosing to work part time which goes to pay for their more indulgent free time. So, what does it mean for businesses and brands?
I think we saw an example late last year when LVMH bought the travel company Belmond. LVMH, paid $25 per Belmond share, a premium of more than 40 percent on the company’s closing price, a deal valued at $2.6 billion. Established over 40 years ago with the Hotel Cipriani in Venice, Belmond owns and operates a collection of the world’s finest hotels and luxury travel companies in 24 countries including Hotel Splendido in Portofino, Copacabana Palace in Rio de Janeiro, Le Manoir aux Quat’Saisons in Oxfordshire, plus the Venice Simplon-Orient-Express and Belmond Royal Scotsman luxury trains and cruises such as Belmond Afloat in France fleet and Belmond Road to Mandalay.
Bernard Arnault, Chairman and Chief Executive Offer of LVMH, said, “Belmond delivers unique experiences to discerning travellers and owns a number of exceptional assets in the most desirable destinations. Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the Group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities. This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.”
This “ultimate hospitality world” is targeted squarely at those with the time and disposable incomes. LVMH has just unveiled plans to open a Cheval Blanc hotel in Mayfair. The Cheval Blanc brand was created in 2006 and has locations in Courchevel, the Maldives, Saint-Barthelemy and Saint Tropez. The former department store La Samaritaine in Paris is due to reopen as a Cheval Blanc hotel later this year. Estimated to cost £500 million, the development would be a joint project between LVMH and real instate investor O and H Group, which owns the sites on 8-14 Grafton Street, 163-164 New Bond Street and 22-24 Bruton Lane. If planning permission for the London hotel is granted, work would begin at the start of 2020, with a view to opening the Foster and Partners designed hotel in the third quarter of 2022.
A natural progression from owning and running the luxury retail stores of Bond Street for LVMH, another new luxury hotel and apartment development is The Residences at Mandarin Oriental Mayfair. Currently being built, and due to open in 2021, they are next door to Fenwicks on Hanover Square and residents will enjoy privileged access to a full suite of services and amenities provided by the integrated Mandarin Oriental Mayfair Hotel, including in-residence dining & house keeping, 24/7 Concierge, valet parking, an opulent spa and roof terrace bar overlooking Mayfair.
Left - The Old Old - One way not to hit 100?!
A big opportunity for brands is there. A move away from material goods to holidays and experiences actually makes more sense for this older generation than it does for Millennials. These people have enough stuff and they’ve often outgrown the novelty and fripperies of fashion while at the same time having the leisure time to take more holidays and at higher price points. This ‘Young Old’ generation has the luxury of time and money. They are healthier and more active. They’ve worked hard and have been blessed with the rise of property values and generous pension schemes. By choosing to work longer they are topping up their incomes and as such are a very attractive demographic for businesses specialising in life's luxuries. Sadly, for subsequent generations, working past traditional retirement ages could be less of an option and more of a necessity.
Read more expert ChicGeek Comments - here
Opposite the Duke of Westminster’s magically misty plane trees, and, in, what is, the epicentre of moneyed fashion in London, 5 Carlos Place already feels established. The handsome red brick, late Victorian townhouse curves as it welcome you into its exclusive enclave and sits at the entrance of Mayfair’s most exclusive shopping area.
Left - The entrance to 5 Carlos Place
This is matchesfashion.com's all singing, all dancing townhouse. It’s part retail, part cafe, part personal shopping, part experiential, part showcase, part exhibition space, but totally the buzzy physical heart of the online phenomenon matchesfashion.com has become.
matchesfashion.com previously had a townhouse in Marylebone, but it was more an exclusive personal shopping concept with no retail. That has now closed. The majority of its stores were always in the periphery of London in wealthy neighbourhoods, while 5 Carlos Place is slap, bang in the middle of the middle and illustrates how far matchesfashion.com has come.
While the signage outside is discreet, it’s the amount of people coming and going that will draw your attention. Not exactly something this area is used to - high footfall - it will definitely ripple out to the adjacent retailers and give that energy these types of areas often lack.
Right - The third & fourth floor houses these bookable shopping suites
The five-story townhouse has been redesigned by architect Philip Joseph, partner of fashion designer Erdem Moralioglu, while retaining many original features like the plaster ceilings and fire places. The first two floors are retail. More a showroom than a traditional store, it is currently showcasing an exclusive partnership with Prada - bananas and all! But, it’s not all big budget names, the next designer to have the space is Marine Serre.
Left - The Regency like plaster ceilings
The items are displayed with QR codes next to them so you can simply link to the appropriate page and then order. Everything can be sent to the townhouse within 90 minutes or get sent to your home address. If matchesfashion.com prices are a little out of your league, they currently have a Prada X matchesfashion.com vending machine dispensing matches, coloured markers and the like. This space will change every two weeks, which is really the speed of online being reflected in physical retail.
The ground floor leads out to a garden at the back with a spacious patio surrounded with Australian tree ferns, lush planting and the higgledy-piggledy backs of this row of London townhouses and all the architectural quirks many years of alterations have produced.
Behind glossy, lipstick red doors and woodwork, two further floors house private shopping suites. These can be booked online and you can have items sent to be there waiting for you to try on when you arrive. The changing rooms - more like mini-suites - can be customised to the customers' Spotify accounts and look even more comfortable than the luxurious Connaught hotel opposite.
Upstairs in the attic is the café area and with its roof window feels like a nursery space Mary Poppins would be caring for the children. This is the most flexible floor and will host talks and different catering concepts plus the home of matchesfashion.com's new broadcasting suite and podcast centre.
The current café is Marchesi, the Prada-owned patisserie brand, to tie in with the retail downstairs. The next takeover is the Holiday Café followed by the vegan Maisie Café both from Paris.
Right - The first two floors are retail, currently showcasing an exclusive 120 piece collection from Prada
Highlights from the ‘What’s On’ event schedule for September and October - you can apply for the tickets online - include Theresa Wayman in an acoustic set, Mario Sorrenti book launch, Sarah Mower in conversation with Richard Quinn, a supper club with Australian chef Skye Gyngell and a Phillips preview of their ‘London Design’ auction.
The first impression of 5 Carlos Place is that it’s busy. Not just with people, but events and the energy of hosting so many talks, dining concepts and introducing new designers.
Left - The ground floor patio with garden
This is retail as inclusive members club and feels much livelier than their previous space. I’d be surprised if they can sustain this speed of turnover of retail spaces and events, but it’s exciting to see so much on the agenda.
This feels like online really spilling out into physical retail and understanding the reasons stylish people leave the house. They want to learn and experience as well as shop. London is the home of matchesfashion.com and it will be interesting to see whether this idea could be rolled out to other major centres like New York or Hong Kong.
This has been really well done, is in a great location and encapsulates the energy of a retailer really enjoying its standing in the luxury e-commerce sphere. I can’t wait to return and that’s exactly the point.
Flaming June made her appearance as Jermyn Street was transformed into a blazing celebration of men’s style. The festival spirit took over the Mayfair thoroughfare as the usual hum of traffic was replaced by the buzz of a catwalk space and a handpicked selection of British food and drink vendors.
The third open air catwalk show from St James’s London showcased the best of the current season from retailers within the St James’s area. Key pieces from contemporary brands Paul & Shark and Norwegian Rain were mixed with heritage favourites such as New & Lingwood and Turnbull & Asser. Styled by Grace Gilfeather, Fashion Editor at GQ, it ran the full wardrobe gamut from formal to holiday.
I took my place on the front row and saw the updating of timeless British style using knitwear from JohnSmedley, luxury basics from Sunspel and key outerwear styles. Reimagined for the 21st century gentleman, while rooted in the foundations of St James’s which has drawn men’s shoppers for centuries, this showcase was a timely reminder how very relevant and important this part of London is to the British menswear industry.