The report, by Verdict Research, found the strength of the 'grey pound' was growing, with people aged 65 to 74 spending an average of £4,379 in the shops this year.

Verdict predicts an almost 40% rise in spending in this age group by 2017, with these older shoppers each parting with £6,055 at the tills.

The current retail market for the over 65s is currently worth £37 billion but is expected to rise to £64 billion in the next decade, The Scotsman reported.