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Published by: Mintel International Group Ltd.
Published: Jun. 1, 2008 - 181 Pages
Table of Contents
- Issues in the Market
- Insights and Opportunities
- Ageing up or ageing down
- Home as haven and financial tool
- Wanderlust into old age
- Green lifestyles take over from gardening
- Not so lonely this Christmas
- Staying fit to live longer
- Market in Brief
- Key points
- Family situation
- Forever young?
- Keeping healthy
- Looking after the finances
- Leisure time and travel
- Green, ethical and preferring experiences
- The future: Plans for time and spending
- Fast Forward Trends
- My life, my legacy
- Living better, longer
- The nomadic explorer
- Sector Environment
- Key points
- Population
- Figure 1: UK population trends, by age, 2007-17
- Life-expectancy increasing over time
- Figure 2: Life-expectancy of males aged 50, 60, 70 and 80, 1997-2017
- Figure 3: Life-expectancy of females aged 50, 60, 70 and 80, 1997, 2007 and 2017
- Socio-economic class profile
- Figure 4: Socio-economic composition of GB over-50 population, by age, 2007
- Working status
- Figure 5: Working status of the over-50 population, 2008
- Household size
- Figure 6: Household size profile of over-50 population, by age, 2007
- Marital status
- Figure 7: Marital status profile of the over-50 population, by age, 2007
- Tenure
- Figure 8: Tenure profile of the over-50 population, by age, 2007
- Residential mix - ACORN geo-demographic classifications
- Figure 9: ACORN profile of over-50 population, by age, 2007
- Household Income and Expenditure
- Key points
- Household income
- Figure 10: Profile of household income, by age, 2007
- Expenditure patterns
- Average expenditure
- Figure 11: Average weekly household expenditure, by age, 2006
- Figure 12: Share of households and household expenditure, by age, 2006
- Unbundling the household budget
- Figure 13: Indexed household expenditure categories, 2006
- Family Situation
- Key points
- Figure 14: Family obligations to children among over-50 population, May 2008
- Kids failing to launch
- Fly away kids - support yourselves
- Family supporters
- Figure 15: Family support being given among over-50 population, May 2008
- A free babysitter for the night
- Nan and granddad become childminders
- Useless kids, so let’s help
- Caring for the elderly and other relatives
- Agelessness
- Key points
- Traditional customs and sense of duty remain pivotal
- Figure 16: Agreement with attitudes towards customs, feelings, faith and culture, by age, 2007
- Slowly shedding some of that British reserve
- In God we fear…but not so much these days
- Enjoying the diversity of culture and lifestyles
- The sex, drugs and rock ‘n roll generation
- Figure 17: Agreement with attitudes towards cannabis, women and contraception, by age, 2007
- Fast lane living? Not when it comes to cars and clothes
- Figure 18: Agreement with attitudes towards cars and clothes, by age, 2007
- Self- and personal development
- Figure 19: Attitudes towards self- and personal development, May 2008
- Old interests never die - but do mature over time
- I’ll do it my way
- Oh do grow up!
- Life is for the living
- Health and Wellness
- Key points
- Current health status among over-50 population
- Figure 20: Current health status among over-50 population, May 2008
- Figure 21: Indices of current health status among over-50 population, by socio-economic status, May 2008
- Changing health
- Figure 22: Changes in health status among over-50 population, May 2008
- Awareness of health and wellness issues
- Figure 23: Popular attitudes towards health and lifestyle, May 2008
- Hale, hearty and mentally alert into old(er) age
- Keeping abreast with health and diet
- Lifestyle changes
- So not everyone is obsessive about their health
- Figure 24: Relaxed attitudes towards health and lifestyle, May 2008
- What are people doing to maintain their health?
- Pleased with our diets…
- Figure 25: Agreement with attitudes towards health and wellbeing, by age, 2007
- …but there’s a lot who wish they were doing more
- Support for the fibre economy…
- …and the weight issue hangs around in older age
- Sizing up the fitness opportunity
- Figure 26: Agreement with other attitudes towards health and wellbeing, by age, 2007
- Not much attention paid to the calories
- Free-range finds favour
- Traditional eating habits push fast food revolution to the sideline
- Enthusiasm for alternative health
- Figure 27: Agreement with further attitudes towards health and wellbeing, 2007
- Eating all the right things
- Figure 28: Health foods and food supplements bought in the last 12 months, by age, January 2008
- Personal Finance - Attitudes and Behaviours
- Key points
- Figure 29: Agreement with attitudes towards financial management, by age, 2007
- Managing money responsibly
- Retirement finance is a personal responsibility
- Insuring for security
- Cash stays under the mattress
- Figure 30: Agreement with further attitudes towards financial management, by age, 2007
- Uncertainty of shares makes the over-50s nervous
- Plenty of opportunity for financial advice
- I’ll look after my own affairs, thanks
- Still value banking tradition
- The pensions picture among the over-50s
- Figure 31: Pension ownership, by age (excluding respondents that are already retired), December 2007
- In anticipation of retirement
- Figure 32: Expectation of financial situation in retirement, May 2008
- Figure 33: Expectation of financial situation in retirement, by socio-economic status, May 2008
- Figure 34: Financial expectations and obligations among the pre-retired, May 2008
- I have my own pension, thanks
- Relying on the state
- Other retirement income
- Inheritance bounty
- Kick the kids out - but keep on supporting them
- Current economic climate
- Ethical and green investments
- Figure 35: Agreement with statements relating to ethical investments, by age, November 2007
- Holidays and Travel
- Key points
- World travellers till late in life
- Figure 36: : Agreement with further attitudes towards travel, by age, 2007
- I know what I like
- Travel and holiday activities of the over-50s
- Figure 37: Most popular holidays taken in the past 12 months, by age and lifestage, shown as indices, October 2007
- We’re going on holiday more often
- Figure 38: Holiday frequency, by age and lifestage, shown as indices, October 2007
- Travellers are doing it for themselves
- Figure 39: Holiday organisation, by age and lifestage, shown as indices, October 2007
- Third age explorers form a vital market
- Leisure Time
- Key points
- Restaurant and pub visiting
- Figure 40: Eating out and drinking habits among the over-50s in the past 12 months, by age, 2007
- Eating out sustains its appeal for most older people
- Arts and culture
- Figure 41: Any attendance at arts and cultural events, by age, 2007
- Growing older ignites desire for culture
- Music tastes tend towards the highbrow
- Figure 42: Any attendance at arts and cultural events, by age, 2007
- Jazz roots still strong among the over-50s
- My generation keeps on rockin’ till their mid-fifties
- Consumption and Consumerism
- Key points:
- Figure 43: Proportion of consumers who participate in green or ethical activities, by age, November 2007
- Recycling, bulbs and composting
- Supporting ethical causes
- Material goods and consumption
- Figure 44: Attitudes towards material goods and consumption, May 2008
- The Future. Plans for Time and Spending
- Key points
- Time usage intentions
- Figure 45: Activities planned for the next five years, May 2008
- Third age singles
- The third age couples
- Third age two earners
- Retired couples
- Retired singles
- Expenditure intentions
- Figure 46: Expenditure planned for the next five years, May 2008
- The third age singles
- The third age couples
- The third age two earners
- Retired couples
- Retired singles
- See the world until the day I die
- Figure 47: Those planning to spend more on travel and holidays, by gender, age and socio-economic group, May 2008
- Changing rooms
- Figure 48: Those planning to spend more on home improvements, by ACORN category and lifestage, May 2008
- Eating into old age…
- …while remaining a social animal
- Old age on two wheels
- Forecasting Expenditure
- Key points
- Growing older, generating more money
- Figure 49: Changing share of total expenditure by age, 2008 and 2013
- 65+ are the prime movers
- Figure 50: Shifts in the share of total consumer expenditure, 2003-08 and 2008-13
- 50+ registering double digit real growth in expenditure
- Figure 51: Total UK consumer expenditure per year, by age group, at current prices, 2003-13
- Figure 52: Total UK consumer expenditure per year, by age group, at real prices, 2003-13
- Appendix
- Figure 53: Current family situation, by demographics, May 2008
- Figure 54: Current family financial situation, by demographics, May 2008
- Figure 55: Agreement with statements about growing older, by demographics, May 2008
- Figure 56: Agreement with statements about growing older, by demographics, May 2008
- Figure 57: Agreement with statements about growing older, by demographics, May 2008
- Figure 58: Agreement/disagreement with the statement ‘I've kept a lot of the values/standards/beliefs I learnt from my parents’, by demographics, May 2008
- Figure 59: Agreement/disagreement with the statement ‘A lot of what I learnt from my parents, I've passed onto my children’, by demographics, May 2008
- Figure 60: Agreement/disagreement with the statement ‘I feel there are still many things I want to achieve and complete before I die’, by demographics, May 2008
- Figure 61: Agreement/disagreement with the statement ‘As I get older, I think about the memories people will have of me and the contribution I've made to their lives’, by demographics, May 2008
- Figure 62: Agreement/disagreement with the statement ‘Sometimes I think there's not enough time to get round to everything I'd like to do’, by demographics, May 2008
- Figure 63: Words that best describe current health, by demographics, May 2008
- Figure 64: How health has changed in the last two years, by demographics, May 2008
- Figure 65: Agreement/disagreement with the statement ‘I try to stay well informed about health and diet’, by demographics, May 2008
- Figure 66: Agreement/disagreement with the statement ‘As I get older, I make a conscious effort to watch what I eat and drink’, by demographics, May 2008
- Figure 67: Agreement/disagreement with the statement ‘I make an effort to do some kind of physical exercise and stay fit’, by demographics, May 2008
- Figure 68: Agreement/disagreement with the statement ‘I do things that help me to maintain my mental condition’, by demographics, May 2008
- Figure 69: Agreement/disagreement with the statement ‘I have had to adjust my lifestyle due to health problems (ie on doctor's orders)’, by demographics, May 2008
- Figure 70: Agreement/disagreement with the statement ‘I have made adjustments to my lifestyle voluntarily due to health concerns’, by demographics, May 2008
- Figure 71: Agreement/disagreement with the statement ‘I have a relaxed, 'come what may' attitude towards health’, by demographics, May 2008
- Figure 72: Agreement/disagreement with the statement ‘I'm too old to bother about health and diet at my age’, by demographics, May 2008
- Figure 73: Spending plans over the next five years, by demographics, May 2008
- Figure 74: Spending plans over the next five years, by demographics, May 2008
- Figure 75: Activity plans over next five years, by demographics, May 2008
- Figure 76: Agreement/disagreement with the statement ‘I'm content with the goods and possessions I own, and don't feel the urge to buy things these days’, by demographics, May 2008
- Figure 77: Agreement/disagreement with the statement ‘When I am buying things, I prefer to spend more for better-quality things that will last longer’, by demographics, May 2008
- Figure 78: Agreement/disagreement with the statement ‘I'm making an effort to reduce the amount of stuff I've accumulated over the years’, by demographics, May 2008
- Figure 79: Agreement/disagreement with the statement ‘I find myself getting use from things I'd forgotten I had’, by demographics, May 2008
- Figure 80: Agreement/disagreement with the statement ‘As I get older, I'm less bothered about material possessions’, by demographics, May 2008
- Figure 81: Agreement/disagreement with the statement ‘I'm more interested in experiences, doing things, than buying things’, by demographics, May 2008
- Figure 82: Anticipated standard of living in retirement, by demographics, May 2008
- Figure 83: Financial planning, by demographics, May 2008
- Figure 84: Financial planning, by demographics, May 2008
AbstractThe 21 million who make up the 50+ population present a major market opportunity for services and products that can present themselves in the context of the older mindset. However, the problem for many marketeers is understanding the landscape of needs, emotions and behaviours that characterise the older consumer. This report delves into that ‘difficult to get at’ territory that sometimes resides underneath the numbers.
The 50+ population is as disparate and as varied as the population at large. So there are few characteristics that are broadly applicable across this broad demographic. Nevertheless, there are some. For instance, the over-50s are well informed about health and wellbeing, and many are trying to build fitness and diet into their lifestyles. They are environmentally attuned, ethically in touch and are certainly the key protagonists in the population when it comes to activities such as recycling and supporting ethical causes. Looking ahead, many of them still regard travel as hugely aspirational, and it features as their main spending priority.
Key report themes:
- Sector environment: Key facts quantifying the over-50 population, by key demographic, socio-economic and financial characteristics.
- Household income and expenditure: How the over-50s are supporting themselves and identifying the priorities in their household budgets.
- Family situation: Looking at some of the family commitments and pressures that those aged 50+ find themselves having to manage.
- Agelessness: We’re told that the cult of ‘ten years younger’ is now a hallmark of those in the older lifestages. But is it? Are the over-50s behaving true to type, or are they really growing old disgracefully?
- Health & Wellness: How are the over-50s approaching health issues, and what are they doing to prolong good health?
- Personal finance - attitudes and behaviours: For many in the older lifestages, their biggest pressure is financial. How are people managing their finances, and crucially, how do those coming up to retirement view their financial outlook?
- Holidays and travel: Travelling has huge aspirational value for older consumers. What are the main travel trends among the over-50 population?
- Leisure time: With all that extra time that comes with retirement, or even before retirement when family responsibilities start to reduce, what are people doing with their time?
- Environmentalism and consumption: What do the over-50s think about environmental and ethical issues and, perhaps more importantly, what are they doing about them? They are a key part also of the Experience Economy, so what are their attitudes surrounding consumption and materialism?
- Future plans for time and spending. Where do the over-50s want to devote more of their time, and what are their spending ambitions over the next five years?
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