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Consumer Uncertainty 2003

Datamonitor
September 24, 2003
46 Pages - SKU: DFMN934333

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Europe

Introduction:
Consumers review their financial situations frequently during their lives. However, there are certain life stages when the need to reassess one’s financial situation becomes far more pronounced. At these time consumers become uncertain, looking for solutions to their problems. Targeting consumers at these life stages therefore provides significant opportunities to acquire new and loyal customers.

Scope:
* Detailed analysis of consumer uncertainty at key life stages within the twenty-something (18-29 years) and mid-lifer (35-49) age groups

* Key data on market sizes in 7 leading European countries: France, Germany, Italy, The Netherlands, Spain, Sweden, UK plus forecasts to 2007

* Essential implications and action points for financial services companies looking to target these key consumer groups

* European wide surveys of consumers in key age groups to determine the variations in international experience

Report Highlights:
Financial concerns plague twenty-something consumers because they suffer a conflict between wishing to enjoy their youth and their hard-earned money, and the pressure to save responsibly. Marketing to younger consumers should therefore take into account the insecurity caused by these pressures.

For mid-lifers financial insecurity is a serious concern due to greater financial commitments such as mortgages, families and impending retirement. However, they also want to be able to enjoy the fruits of their labor. Marketing should therefore focus on the financial concerns of planning for the future and indulging oneself to the fullest extent.

Financial uncertainty is driven by key events in life, but it is at its peak before the events occur - consumers adapt rapidly to new situations once they happen. The right time to target consumers with age-driven marketing, therefore, is just before these stages when consumers are most open to marketing that offers solutions to their problems.

Reasons to Purchase:
* Identify the current and potential size of key consumer segments then increase market share by pinpointing and targeting consumers ready for change

* Improve the relevance of marketing through an appreciation of consumer needs

* Use Datamonitor's analysis to enhance your product offering to suit the precise needs of these consumer groups.

TABLE OF CONTENTS
CHAPTER 1 INTRODUCTION 7
CHAPTER 2 THE LIFE STAGES 8
Defining life stages 8
CHAPTER 3 TWENTY-SOMETHINGS: PREPARE FOR TAKE-OFF 10
Financial attitudes 10
Market size 11
The key life events 12
Higher or further education 13
Starting a permanent job 16
Buying a house 19
Co-habitation/marriage 22
CHAPTER 4 MID-LIFERS: HOPING FOR A SMOOTH LANDING 26
Financial attitudes 26
Market size 27
Key life events 28
Emptying the nest 28
Retirement 30
Planning for the family’s future 34
CHAPTER 5 CONCLUSIONS 37
Twenty-somethings 37
Mid-lifers 37
Action points 38
CHAPTER 6 APPENDIX 41
Supplementary data 41
Research methodology 43
Further reading 43
Datamonitor Reports 43
Do you need further information? 45
Datamonitor financial services consulting 45
FS writing team 46

LIST OF TABLES
Table 1: Size of twenty-somethings (18-29 year olds), 1997-2007, million 12
Table 2: Students aged over 15 in western Europe, 1997-2007, million 13
Table 3: Students as a percentage of 15-29 year-olds 14
Table 4: Career starters, 18-24 year olds, 1997-2007, million 17
Table 5: Career starters as a percentage of 18-24 year olds, 1997-2007 17
Table 6: First-home buyers, 1997- 2007, million 20
Table 7: First home buyers as a percentage of 20-29 year-olds, 1997-2007 20
Table 8: Average age of marriage, and percentage ever married aged 20-24, by country 23
Table 9: Number of mid-lifers (35-49 year olds), 1997-2007, million 28
Table 10: Empty nesters, 1997-2007, million 29
Table 11: Retirees, 1997-2007, million 31
Table 12: The most important factor influencing the choice of student account/provider 41
Table 13: Financial decision making amongst co-habiting 18-29 year olds 41
Table 14: Saving for retirement 42
Table 15: “I’m afraid I won’t have enough money to retire” 42
Table 16: “How important is it for you to plan for your family's future at your death or disability?” 42
Table 17: “I’m afraid my family will be financially insecure when I die” 43

LIST OF FIGURES
Figure 1: Twenty-somethings and mid-lifers as a proportion of the overall population, by country and year 9
Figure 2: Twenty-somethings are reasonably concerned but are putting very little by 11
Figure 3: Most students choose their student bank account due to experience with a provider 15
Figure 4: Students and new career starters as a percentage of 15-29 year olds, 2002 18
Figure 5: Financial decision making amongst co-habiting 18-29 year olds 24
Figure 6: Older consumers are far more concerned about financial insecurity and save a greater proportion of their income 27
Figure 7: By middle-age most consumers have begun planning for retirement 32
Figure 8: I’m afraid I won’t have enough money to retire 33
Figure 9: The importance of planning for the family’s future in case of death or disability 35
Figure 10: I’m afraid my family will be financially insecure when I die 36
Figure 11: Targeting consumers at key life stages 39

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