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Cross-selling to the Grey Market - UKPublished by: Mintel International Group Ltd. Published: Feb. 1, 2005 - 95 Pages Table of ContentsIntroduction and Abbreviations Assessing consumer attitudes Key sources Market definitions Global information and research Consumer research ACORN Abbreviations Executive Summary An ageing, wealthier population Longevity issues Pensions problems Alternative saving mechanisms Insurance A solution for the asset rich, cash poor? Silver surfers Should it be 'grey' or 'gold'? Distribution Ahh...property New opportunities Cross-selling a must Typologies Future Market Drivers A greying population Figure 1: UK population trends, 1994-2028 Living longer... Figure 2: Life expectancy by gender, at age 50 and at age 65, 1981-2020 ...but acting younger Figure 3: Estimated volume of holidays taken by 45-64-year-olds, domestic and abroad, 1999-2004 Older one-person households Figure 4: Number of all UK households and one-person households, 1994-2009 Figure 5: UK marriages and divorces, 1964-2009 Living longer, not working longer Figure 6: Employment by gender and age, 1992-2004 Benefits account for most of average pensioner's income Figure 7: Average gross weekly income of pensioner units at 2002/03 prices, 1994/95-2002/03 Sitting on a gold mine Figure 8: Home ownership, by age group, 1993 and 2004 Trading down...in cash Figure 9: Cash house buyer characteristics, 2004 Keeping the tax man at bay Silver surfers Figure 10: Internet penetration by age group, January 2001-July 2004 Market Size and Trends 55-64-year-olds are the fastest-growing grey group Figure 11: Population aged 45+, 1994-2028 Almost half the population will be 45+ in 2009 Figure 12: Proportion of over-45s in the UK population, 2003-2028 Saving increases with age Figure 13: Penetration of consumer financial products amongst consumers aged 45+ by age group, November 2004 Equity release schemes Figure 14: Equity release mortgages, newly advanced, 1999-2004 Retirement Planning Products, Investments and Savings Retirement planning: level one Retirement planning: level two Retirement planning: level three The popularity of personal pensions...or lack thereof? Figure 15: Pension currently contributed to, November 2004 45-54s need to start saving Figure 16: Personal pension penetration, by key demographic groups, November 2004 If not a pension, what else? Figure 17: Ownership of savings/investment products by pension contribution, November 2004 Why not a pension? Figure 18: Attitudes towards pensions, November 2004 Running from risk Figure 19: Penetration of savings and investment products, November 2004 Minding the gap? Figure 20: Average monthly savings of grey consumers, November 2004 Where would the spare money go? Figure 21: Potential savings and investment priorities of grey consumers, November 2004 Property vs savings Figure 22: Preference for property vs saving products, November 2004 Younger greys may see their property as their pension Figure 23: Attitudes towards property vs savings products, by key demographic groups, November 2004 Pensions make property appear attractive Figure 24: Attitudes towards property as an investment, by attitudes towards pensions, November 2004 Using property as an investment Releasing equity Can property supplant pensions? Insurance Products A role model for others? Other insurers focusing on grey market Insurance products for older consumers Penetration of insurance products Figure 25: Penetration of insurance products, November 2004 Home insurance Motor insurance Life insurance Gap year grannies Private medical insurance Marketing Products to the Greys Grey-phobes Grey-philes Confirmation from the advertising industry Where are they? Figure 26: Grey media usage, November 2004 Distribution Most trusted sources of information Figure 27: Trusted sources of information, November 2004 The Internet and distribution The Consumer and Product Ownership Who are the greys? Figure 33: Demographic profile of grey consumers, November 2004 How do they feel about their money? Figure 34: Attitudes towards finances, by entire sample and grey population, November 2004 Gauging future activity Figure 35: Products that will be purchased or switched in the near future, November 2004 45-54s will be the most active over the next five years Figure 36: Products that will be purchased or switched in the near future, by key demographic groups, November 2004 Just how loyal are they? Figure 37: Likely channel for arranging/switching new product, November 2004 To switch or not to switch? Figure 38: Attitudes towards changing financial provider, November 2004 Online advertising opportunities abound Figure 39: Attitudes towards switching provider, by key demographic groups, November 2004 Too cash poor to save? Figure 40: Factors persuasive to saving more, November 2004 The Future The future is...grey The changing face of retirement planning A rude awakening in store? Working longer Bright future for equity release Best value deals Switching silver surfers? Forecast Figure 54: Forecast of grey population, 2004-28 AbstractThis report examines the grey market in the context of the financial services sector, with the aim of giving providers enough insight into the behaviour and attitudes of older consumers to be able to better target this valuable market. Older people are considered to be highly desirable consumers, and not only because the number of grey consumers is growing at a much faster rate than that of the entire population. Many grey consumers have paid off or are currently finishing paying off their mortgage, and many no longer have children living with them, meaning that most have less financial responsibilities than younger consumers. Consumers in the 45-54 age group have usually reached their peak income, so in addition to having less financial responsibilities, they also have a higher income. A large proportion of grey homeowners have also benefited from the housing market boom, and now have a considerable amount of equity in their homes. Finally, the 45-64s are usually more interested in financial products than younger consumers, as they are in the run-up to retirement and are making provisions to help fund their retirement. The greys, with strength in numbers and all their reputed wealth, are becoming ever more important. But are financial services providers ready for them?
Mintel last published a report on the grey market in June 2002. Since that time, the following issues have increased in importance:
This report aims to provide insight by identifying major issues in selling financial products to older consumers, assessing consumer attitudes and exploring marketing ideas. This report aims to provide insight by identifying major issues in selling financial products to older consumers, assessing consumer attitudes and exploring marketing ideas. The eleven standard sections examine past, present and future issues affecting the market, and are entitled as follows: Market Drivers; Market Size; Retirement Planning Products, Savings and Investments; Insurance Products; Marketing to the Greys; Distribution; the Consumer and Product Ownership; Consumer Views; the Future; and Forecast. The four premier sections, Premier Insight, Consumer Financial Activity, Consumer Attitudes and Targeting Opportunities and Industry Views, endeavour to give the reader further insight into grey consumers' financial behaviour by providing more in-depth analysis of the issues covered in the standard sections.
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