People aged over 65 are spending almost £100 billion per year, according to new figures.
Data from the Office for National Statistics (ONS) revealed that the age group parted with £97 billion in 2008.
Age concern and Help the Aged has predicted that the figure is now likely to have surpassed the £100 billion mark.
Andrew Harrop, head of policy at Age Concern and Help the Aged, said: "While the contribution older consumers make to the UK economy has grown over the last few years, the attention the wider business world pays to this age group has remained stubbornly low.
"Clearly older people are not a homogeneous group, as some enjoy a comfortable retirement while others scrimp and save to get by. However, these figures help to illustrate that the economic power of our older population has grown into a market force to be reckoned with.
Older people who are struggling to finance their retirement could turn to additional funding options such as equity release plans.
Such schemes can boost the income of a homeowner with money taken from the value of their property assets.
