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Published by: Mintel International Group Ltd.
Published: Feb. 1, 2007 - 61 Pages
Table of Contents
- Introduction
- Geographical, national and regional definitions
- Conversion factors
- Exchange rate
- Population 2005
- BMRB Target Group Index (TGI) sample sizes
- Abbreviations
- Summary of Key Findings
- Grey market grows in importance
- Banking takes a backseat
- Insurance more important than credit
- Economic environment largely conducive to greys
- Pressure builds on resources
- Greys take a conservative approach
- Three distinct groups within the grey market
- Financially Detached
- Vigilant Savers
- Unrestrained Spenders
- Future developments will have mixed implications for the grey market
- Internal Market Environment
- …which provides opportunities for financial institutions…
- …but pensions are only one option
- Figure 1: Expected primary source of income for over 55s after retirement, in RoI, 2005
- Pensions in NI
- UK-wide initiatives may have positive results in the long term
- Interest rates benefit savers
- Figure 2: European Central Bank and Bank of England interest rates, 1998-2005
- Home ownership and property prices
- Figure 3: Property prices in RoI and NI, 2000-06
- Poor health infrastructure in RoI drives health insurance market
- Nation of debt
- The SSIA
- Banking scandals in NI and RoI shake consumer confidence
- External Market Environment
- Figure 4: Population change by age group, NI, 2000-20
- More greys in the population pressures government resources…
- …but greys are wealthier
- Grey population grows in RoI…
- Figure 5: Population change by age group, RoI, 2000-20
- …which has implications for the private sector
- Increased life expectancy increases pressure on public finances
- Figure 6: Life expectancy at birth, men and women, NI and RoI, 1986-2014
- Parental burden lasts longer…
- Figure 7: Average age at marriage, men and women, NI and RoI, 2000-05
- …leaving less cash for the grey market
- Silver surfers
- Figure 8: Percentage of 55+ adults who have used the Internet in the last 12 months, NI and RoI, 2004-06
- Rising employment among 55+ adults means more money
- Figure 9: Percentage in employment, by age group, NI and RoI, 2000-05
- Market Size and Forecast
- Figure 10: Forecast population of 50+ adults, in thousands, NI and RoI, 2000-20
- Figure 11: Forecast population change, in thousands, by age, NI, 2000-20
- Slightly higher growth forecast in RoI
- Figure 12: Forecast population change, in thousands, by age, RoI, 2000-20
- Companies and Products
- Figure 13: Banking services by company (including subsidiaries)
- The key retail banks
- AIB (First Trust)
- AIB subsidiaries
- Bank of Ireland
- Bank of Ireland subsidiaries
- Irish Life and Permanent
- NIB/Northern Bank
- Ulster Bank
- Building societies, credit unions and post offices
- EBS
- Irish Nationwide
- Credit Unions
- Post Offices
- Developments in the banking market
- Insurance and the grey market
- Figure 14: Key insurance providers in RoI and NI
- Consumer Financial Activity
- Figure 18: Selected financial services and products, NI and RoI, 2006
- Changing use of services
- Credit card usage sharply up in both RoI and NI…
- Figure 19: selected financial services and products, NI, 2002-06
- …but mortgage ownership is down
- Figure 20: Selected financial services and products, RoI, 2002-06
- Greys prefer to be well insured
- Figure 21: Selected financial services and products, NI and RoI, 2006
- Demographics are a key determinant in daily banking levels
- Figure 22: Penetration of current and savings accounts, by demographic groupings, NI and RoI, 2006
- Implications and opportunities
- Mortgage ownership falling
- Figure 23: Ownership of mortgages, NI and RoI, 2002-06
- Figure 24: Type of mortgage owned, NI and RoI, 2006
- Figure 25: Ownership of mortgages, by demographic groupings, NI and RoI, 2006
- Implications and opportunities
- Insurance is a grey priority
- Figure 26: Types of insurance, by demographic groupings, NI, 2006
- Building insurance provides security through retirement
- Contents insurance makes little impact for rented homes
- Life assurance faces strong competition
- Health insurance a luxury in NI
- RoI and NI insurance trends are similar
- Figure 27: Types of insurance, by demographic groupings, RoI, 2006
- Implications and opportunities
- Pensions
- Figure 28: Penetration of non-state pensions, NI and RoI, 2001-06
- Greys to non-greys
- Figure 29: Penetration of pensions, by type, NI and RoI, 2006
- Occupational pensions open to all age groups
- Private pensions strike a chord with RoI self-employed
- Current grey market to rely on the exchequer, but the trend is changing
- Pensions face competition in RoI
- Income is the key determinant for pension provision
- Figure 30: Penetration of company contributory pensions, by demographics, NI and RoI, 2006
- Implications and opportunities
- The Future
- Daily banking and Internet banking usage will rise steadily
- Interest rates will have mixed implications for greys
- Personal debt levels will continue to rise
- Health insurance market will grow steadily
- Insurance costs will rise
- Pension coverage will increase
- Appendix
- Notes on life expectancy forecasting
- Economy
- Figure 44: Health of the economy, NI and RoI, 2002-07
- Attitudes to finance
- Figure 45: Agreement with selected finance statements, NI, 2002-06
- Figure 46: Agreement with selected finance statements, RoI, 2002-06
AbstractMany opportunities exist for financial institutions to market their products to the grey market, and the groups that it is composed of. Given the large numbers of grey consumers, or ‘greys’, and their above-average earnings, the grey market should be considered as a key target for financial institutions. This report aims to analyse these issues and provide key insights into the grey market. This will establish where opportunities lie and how the operating environment is likely to change over the course of time.
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