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Grey Market - IrelandPublished by: Mintel International Group Ltd. Published: Jul. 1, 2004 - 129 Pages Table of ContentsIntroduction Lifestage definitions Geographical, national and regional definitions Conversion factors Population Exchange rates BMRB target group index sample sizes Abbreviations Executive Summary The Grey Market: large, affluent and growing Financial circumstances are changing 45+ consumers more likely to use most financial products and services The Grey Consumer Grey consumers are taking more holidays Internet use increasing Grey consumers resistant to the idea of being in debt Television more important than time with family 'Homes and holidays' are the main spending priorities Factors Influencing Lifestyle NI population growth due to growing grey market Figure 1: NI population, by age category, 2000-16 Figure 2: NI population, by age category, 2000-16 RoI Grey market growth drives population Figure 3: RoI population, by age category, 2000-16 Figure 4: RoI population, by age category, %, 2000-16 Parental responsibility more prevalent as families are starting later Figure 5: Average age of women at marriage and birth of first child, NI and RoI, 1993-2002 Longer life-expectancy will place a strain on pension funds Figure 6: Life expectancy at birth, by gender, NI and RoI, 1981-2002 Greys have higher average earnings Figure 7: Average weekly earnings, by age group, NI, 1992-2002 Figure 8: Average weekly earnings, by age group, NI, 2002 Over-45s will make up greater percentage of the workforce Figure 9: Economic activity breakdown, by age, RoI and NI, 2003 Grey consumers lose out to lower interest rates Rising house prices make over-45s feel more affluent Figure 10: Home ownership, by age group, NI and RoI, 2003 Figure 11: Average house prices in June, NI and RoI, 1998-2003 Market Size Northern Ireland Figure 12: Population aged 45+, by age group, in thousands, NI, 2000-08 Republic of Ireland Figure 13: Population aged 45+, by age group, in thousands, RoI, 2000-08 Grey Consumer Finance Clusters Financial Cluster Analysis - Republic of Ireland Figure 14: Market size of cluster groups, as percentage of 45+ population, RoI, 2003 Figure 15: Cluster groups - Statements related to financial behaviour (percentage point difference from average), RoI, 2003 RoI clusters demographic analysis Figure 16: RoI Financial Clusters, by demographic sub-group, 2003 Gender differences are not significant Financially Frivolous have the most responsibilities Thoughtful Financers are the most affluent Senior Spenders are 'unconstrained' Financial Cluster Analysis - Northern Ireland Figure 17: Market size of cluster groups, as percentage of 45+ population, NI, 2003 Figure 18: Cluster Groups - Statements related to financial behaviour (percentage point difference from average), NI, 2003 NI clusters demographic analysis Figure 19: NI Financial Clusters, by demographic sub-group, 2003 Flippant Financers are the least likely to be retired Senior Savers tend to be more affluent Half of Prudent Purchasers are retired Lifestyle Lifestyle attitudes Figure 20: Agreement with selected lifestyle statements, NI and RoI, 2003 Substance rather than style Grey consumers understand the importance of lifelong learning Grey consumers favour the smoking ban RoI Cluster responses to lifestyle statements Figure 21: Agreement to selected lifestyle statements, by cluster groups (percentage point difference from average), RoI, 2003 Financially Frivolous show negative responses Thoughtful and 'Content' Financers Senior Spenders have a positive outlook on life NI cluster responses to lifestyle statements Figure 22: Agreement to selected lifestyle statements, by cluster groups (percentage point difference from average), NI, 2003 Flippant Financers show reserved lifestyle Senior Savers are happy with who they are Prudent Purchasers are still striving Holidays Figure 23: Holidays in the last 12 months and number of holidays, RoI, 2003 The grey holiday market is growing... Figure 24: Holidays in the last 12 months and number of holidays, NI, 2003 ...with many taking more than one holiday a year Figure 25: Have been on holiday in the last 12 months, by socio-demographic groups, RoI and NI, 2003 Holidaying decreases during retirement More affluent consumers are the most able to holiday Figure 26: Have been on holiday in the last 12 months, by cluster groups, RoI and NI, 2003 Using the Internet Figure 27: Average number of hours on the Internet per year, by age and cluster groups, RoI and NI, 2003 Internet use still higher among under 45s... ...yet Internet use among 45+ adults is growing Figure 28: Used the Internet in the last 12 months, RoI and NI, 2003 Leisure activities Figure 29: Top ten leisure activities, RoI and NI, 2003 RoI Leisure Activities Figure 30: Leisure activities, by gender, RoI, 2003 Figure 31: Leisure activities, by age group, RoI, 2003 45-54 enjoy going out Figure 32: Go to pubs and bars for a meal or a drink, RoI and NI, 2003 Figure 33: Leisure activities, by socio-economic group, RoI, 2003 DEs easier to target through television NI leisure activities Figure 34: Leisure activities, by gender, NI, 2003 Women prefer more social activities Figure 35: Leisure activities, by age group, NI, 2003 Figure 36: Leisure activities, by socio-economic group, NI, 2003 Affluent greys are more active outside the home Attitudes Towards Finance Figure 37: Agreement with selected finance statements, RoI and NI, 2003 RoI finance attitudes Figure 38: Agreement with selected finance statements, by all adults and gender, RoI, 2003 Men and women tend to share similar attitudes to finance Figure 39: Agreement with selected finance statements, by age, RoI, 2003 45-54 need more help with finances than 55+ consumers Figure 40: Agreement with selected finance statements, by socio-economic groups, RoI, 2003 Most affluent consumers show tightest finances Figure 41: Agreement with selected finance statements, by income groups, RoI, 2003 Tighter wallet encourages tighter controls Affluent consumers want tailored banking Supermarket finance faces resistance from affluent consumers Figure 42: Agreement with selected finance statements, by lifestage, RoI, 2003 Independence brings cautious behaviour Unconstrained couples are the most proactive in finance NI finance attitudes Figure 43: Agreement with selected finance statements, by all adults and gender, NI, 2003 Women manage the money Figure 44: Agreement with selected finance statements, by age, NI, 2003 Parental and work responsibilities get in the way of finance for 45-54s Figure 45: Agreement with selected finance statements, by socio-economic group, NI, 2003 Affluence allows for exuberant finances Figure 46: Agreement with selected finance statements, by income band, NI, 2003 Less affluent consumers 'watch the pennies' Figure 47: Agreement with selected finance statements, by lifestage group, NI, 2003 Lifestage and available income influence finances Financial Products and Services Figure 48: Penetration of selected financial products, by 45+ consumers, NI and RoI, 2001-03 Figure 49: Penetration of selected financial products, by age, NI and RoI, 2001-03 Experienced grey consumers appreciate the need for insurance Mortgages Figure 50: Penetration of Mortgages, by demographic and socio-economic groups, NI and RoI, 2003 Figure 51: Penetration of mortgages, by cluster group, NI and RoI, 2003 Insurance Figure 52: Penetration of selected insurance types, by demographic and socio-economic groups, RoI, 2003 Figure 53: Penetration of selected insurance types, by cluster groups, RoI, 2003 Figure 54: Penetration of selected insurance types, by demographic and socio-economic groups, NI, 2003 Figure 55: Penetration of selected insurance types, by cluster groups, NI, 2003 Daily banking Figure 56: Penetration of current and savings accounts, by demographic and socio-economic groups, NI, 2003 Figure 57: Penetration of selected insurance types, by cluster groups, RoI and NI, 2003 Credit cards Figure 58: Penetration of credit cards, by demographic and socio-economic groups, RoI and NI, 2003 Credit card use decreases with age Income levels continue to influence penetration... ...while parental demands also influence usage Cluster analysis shows varied credit card usage patterns Figure 59: Penetration of credit cards, by cluster groups, RoI and NI, 2003 Figure 60: Response to selected finance statements (Percentage point difference from average) and credit card usage, NI and RoI, 2003 RoI clusters credit card usage NI clusters credit card usage Pensions Figure 61: Comparison of state pension level, UK (NI) and RoI, 2003 RoI Pensions Figure 62: Source of pensions, RoI, 2001-03 Private and company pensions schemes showing increases... ...yet state pensions are still the largest pension scheme 45-54-year-old consumers most likely to have personal/company pension Figure 63: Source of pensions, RoI, 2003 Responsibility for own pension increases with affluence Figure 64: Source of pensions, RoI, 2003 Figure 65: Source of pensions, RoI, 2003 School age parents are the least likely to rely on the state Figure 66: Source of pensions, RoI, 2003 RoI Cluster group pension arrangements Figure 67: Source of pensions, RoI, 2003 Financially Frivolous want pensions 'taken care of' Thoughtful Financers want informed choices Senior Spenders need to choose between present spending and future security NI Pensions Figure 68: Source of pensions, NI, 2001-03 Contributory company pension schemes on the increase... ...with state pensions also increasing Younger grey consumers most likely to rely on personal/company pensions Figure 69: Source of pensions, by age, NI, 2003 Use of company and self-employed pensions higher among affluent grey consumers Figure 70: Source of pensions, by socio-economic group, NI, 2003 Figure 71: Source of pensions, by income group, NI, 2003 Marketers should consider the present responsibilities of grey consumers Figure 72: Source of pensions, by lifestage group, NI, 2003 NI cluster group pension arrangements Figure 73: Source of pensions, by cluster groups, NI, 2003 Flippant Financers need to plan now rather than later Senior Savers want informed choices Prudent Purchasers want added personalisation Speaking to Grey Consumers Media statements Figure 74: Agreement to selected media statements, RoI and NI, 2003 Media attitudes in RoI Figure 75: Agreement to selected media statements, by gender, RoI, 2003 Women report more advertising awareness than men Figure 76: Agreement to selected media statements, by age, RoI, 2003 Local radio news is best for targeting retired consumers 45-54 consumers show better response to 'active' communications Figure 77: Agreement to selected media statements, by socio-economic group, RoI, 2003 Local news for local people Figure 78: Agreement to selected media statements, by lifestage, RoI, 2003 Lifestage demands affect media awareness Cluster group responses to media statements Figure 79: Agreement with statements related to media and advertising, by cluster group (percentage point difference from average), RoI, 2003 Senior Spenders are the most 'aware of advertising' Thoughtful Financers are keen radio listeners Communicating to Financially Frivolous may be problematic Media attitudes in NI Figure 80: Agreement to selected media statements, by gender, NI, 2003 Women more likely to notice local advertising Figure 81: Agreement to selected media statements, by age, NI, 2003 Radio news advertising most effective for targeting retired consumers Figure 82: Agreement with selected media statements, by socio-economic group, NI, 2003 Radio effective for communicating to affluent consumers Figure 83: Agreement with selected media statements, by lifestage, NI, 2003 Cluster group responses to media statements Figure 84: Agreement with statements related to media and advertising, by cluster group (percentage point difference from average), NI, 2003 Flippant Financers show lower levels of media awareness Prudent Purchasers are demanding of advertising Financial Priorities - The Year Ahead Figure 85: Financial priorities, RoI and NI, 2003 RoI financial priorities Figure 86: Top five financial priorities, by age group, RoI, 2003 'Holidays and homes' are the major concerns Figure 87: Top five financial priorities, by age group, RoI, 2003 Financial priorities shift with age Figure 88: Top five financial priorities, by socio-economic class, RoI, 2003 Affluent greys prefer holidays and health clubs NI financial priorities Figure 89: Top five financial priorities, by age group, NI, 2003 'Home and holidays' are the top priorities Figure 90: Top five financial priorities, by age group, NI, 2003 Half of 45-54-year-olds want to redecorate the home Figure 91: Top five financial priorities, by socio-economic class, NI, 2003 Going on holiday less important to less affluent greys Appendix Grey population tables Figure 92: Population of all adults aged 45 and over in RoI, by age group, in thousands, 2000-08 Figure 93: Population of all adults aged 45 and over in NI, by age group, in thousands, 2000-08 RoI lifestyle statements Figure 94: Agreement to selected lifestyle statements, by gender, RoI, 2003 Figure 95: Agreement to selected lifestyle statements, by age group, RoI, 2003 Figure 96: Agreement to selected lifestyle statements, by socio-economic group, RoI, 2003 Figure 97: Agreement to selected lifestyle statements, by lifestage group, RoI, 2003 NI Lifestyle statements Figure 98: Agreement to selected lifestyle statements, by gender, NI, 2003 Figure 99: Agreement to selected lifestyle statements, by age group, NI, 2003 Figure 100: Agreement to selected lifestyle statements, by socio-economic status, NI, 2003 Figure 101: Agreement to selected lifestyle statements, by lifestage group, NI, 2003 Leisure priorities Figure 102: Leisure activities (complete list), by socio-demographic variables, RoI, 2003 Figure 103: Leisure activities (complete list), by socio-demographic variables, NI, 2003 Financial priorities Figure 104: Financial priorities (complete list), by socio-demographic variables, RoI, 2003 Figure 105: Financial priorities (complete list), by socio-demographic variables, NI, 2003 AbstractThe sheer weight of numbers of mature consumers in Ireland, in combination with their increasing spending power, has resulted in a grey market of increasing importance. The 45+ grey market accounts for 36% of the population in NI and 33% of the population in RoI. Over this age earnings tend to peak, mortgages come to an end and children tend to move out, providing this age group with more disposable income and making them the wealthiest segment of the population. The size and wealth of this group is expected to grow further.
The population of this market is forecast to increase by 8.5% in RoI and 7.1% in NI by 2008, meaning that the grey market accounts for the majority of population increase. Average earnings of this group have also been increasing at a higher rate than those of adults under 40 years, with the trend expected to increase due to growing levels of economic activity among mature adults. Their financial power can be especially felt across the financial and leisure arenas in Ireland, where grey consumers are becoming the key markets for an increasing number of companies.
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