Study: Responsibility and price do not drive purchases among over-55s in Finland
The financial position of Finland’s pensioners has strengthened, and their spending now approaches the level of the working-age population. Price and responsibility factors influence the clothing, footwear, and sports equipment purchases of those over 55 less than they do for younger consumers.
A new consumer study shows that sustainability and ethical considerations carry little weight in the clothing, footwear, and sports equipment purchases of people aged 55 and above. Price also plays a smaller role for them than for younger buyers.
Commissioned by the Federation of Finnish Special Commodity Trade ETU, the study examined how purchasing habits for clothes, shoes, and sports gear evolve with age. The results show that the financial standing of pensioners has improved considerably, and their consumption levels are now close to those of the working population.
Among 55–65-year-olds, spending patterns differ little from other age groups, and a clear decline appears only after retirement. The higher retirement age seems to have delayed this drop. Older women spend significantly more on clothes and shoes than men, though less on sports equipment. In both genders, consumption falls sharply at the point of retirement.
Chinese online stores only third most popular for clothes and shoes
Having children still living at home significantly increases clothing and footwear purchases among people over 55. Those with children at home are three times more likely to shop for these items than those whose children have moved out.
In online shopping, Chinese e-commerce sites rank only third, after domestic and EU-based stores. Online purchases decrease with age, especially among men, while women remain much more active shoppers. Still, as mobility decreases, online shopping tends to gain importance among older consumers.
Responsibility and ethics not decisive in purchase decisions
Over-55s are no more bargain hunters than other age groups, and brand loyalty tends to remain strong with age. Social media has minimal influence on their shopping choices – only 3 percent of respondents in this age group said they seek inspiration there, compared with 25 percent among those under 24.
While three years ago price was the main driver of purchases, it now ranks only third among the over-55s. Responsibility and ethical considerations are mentioned but rarely determine the final buying decision for clothes or shoes.
Customer service gains importance in retirement
The role of sports equipment in consumption declines with age, particularly among women. According to Verian’s 2024 survey, 7 percent of those aged 55 or over bought sports equipment every six months or more often; that share has now risen slightly to 9 percent.
Women most often buy fitness equipment, while men purchase a wider range of sports gear. Fourteen percent of over-55s report buying from Chinese online shops. Search engines are only the third most common source of product information, while social media, blogs, and AI tools have almost no influence.
As people age, price becomes less important and the quality of customer service gains weight – especially around retirement. Older men spend more on sports gear than women, though overall spending declines steadily with age.
Pensioners are a growing consumer group
“Based on this and earlier studies, we can clearly see that older consumers still want to dress well and stay active. They represent Finland’s most affluent and fastest-growing demographic, and their purchasing behaviour has a major impact on the fashion and sports retail sectors,” says Veli-Matti Kankaanpää, Managing Director of the Finnish Fashion and Sports Commerce Association in a press release.
Although retirement reduces consumption, the decline may not be as steep in the future.
“The financial situation of old-age pensioners in Finland is generally good and has improved markedly in recent decades. This development is especially visible among those who reached retirement age in the early 2000s, whether measured by income, wealth, or spending,” Kankaanpää notes.
“The rise in living standards is clearly reflected in the spending of pensioners. Their consumption is now approaching that of working-age people. Retirement is increasingly seen as an active and participatory stage of life,” adds Kati Ahonen, Economist at the Finnish Centre for Pensions.
Survey, conducted by Verian and commissioned by the Federation of Finnish Special Commodity Trade ETU, is based on interviews with 3,330 residents of Finland.
