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Published by: Mintel International Group Ltd.
Published: Oct. 1, 2008
Table of Contents
- Introduction
- Lifestyle Sector In Brief
- A recession for the Internet generation
- Figure 1: Consumer responses to hard economic times, July 2008
- Bargain Hunters (77%)
- Back to Basics (25%)
- Stay-at-Homes (61%)
- Comfort Seekers (34%)
- Fast Forward Trends
- Trend 1: Trading Up, Trading Down, Trading Over
- What’s it about?
- Observations
- What next?
- Trend 1: Boom Comes To An End?
- What’s it about?
- Observations
- What next?
- The Broader Environment
- Economically speaking, it’s downhill all the way
- Reality bites for consumers
- Coping with the Credit Crunch - the Consumer Angle
- Marketing messages
- Still in denial? Consumer views on national and personal economics
- Figure 2: How people view their personal financial situation compared to that of the general economy, July 2008
- ‘I’m all right Jack’ - say middle-aged, middle England males
- Trouble ahead? Two thirds think not
- Figure 3: Assessment of personal financial situation, July 2008
- The qualitative viewpoint - not so rosy…
- The nitty gritty: how is it affecting them?
- Figure 4: Spending plans curtailed over the past 12 months, British lifestyles report, February 2008
- Money-saving strategies
- ‘No frivolous spending’
- Figure 5: Awareness of own expenditure - by own financial position, July 2008
- Getting by: consumer responses to the economic climate
- Figure 6: Ways in which consumers are trying to save money, July 2008
- A Nation of Bargain Hunters
- The Stay-at-Home solution appeals to six in ten
- One in four choose to go Back to Basics
- Keeping up appearances: more than a third are Comfort Seekers
- Figure 7: Consumer responses to hard economic times - July 2008
- The eBay Generation
- Purchaser Power Rules OK?
- Implications for Finance
- Key points
- Marketing messages
- Feeling the pinch
- Financial causes
- The cost of living
- Constraints on income
- Reducing debt, increasing savings
- Implications for the Housing Market
- Key points
- Marketing messages
- Targeting Bargain Hunters
- Targeting Back to Basics
- Targeting Comfort Seekers
- Targeting Stay at Homes
- Feeling the pinch
- An anxious time for home-owners
- The energy factor
- Implications for Travel and Transport
- Key points
- Marketing messages
- Feeling the pinch
- Implications for Grocery Shopping
- Key points
- Marketing messages
- Targeting Bargain Hunters
- Targeting Back to Basics
- Targeting Comfort Seekers
- Targeting Stay-at-Homes
- Feeling the pinch
- Families and older consumers feel the strain
- Very few are blasé
- Hanging on to food favourites
- Where are food compromises made? It depends on what’s important to you...
- Signs of an ethical backlash?
- Grocery shopping strategies
- Well-heeled bargain hunters
- Home-cooked food helps family budgets
- Implications for Fashion Retail
- Key points
- Marketing messages
- Targeting Bargain Hunters
- Targeting Back to Basics
- Targeting Comfort Seekers
- Feeling the pinch
- Clothes shopping strategies
- Implications for Leisure Time
- Key points
- Marketing messages
- Targeting Bargain Hunters
- Targeting Back to Basics
- Targeting Comfort Seekers
- Targeting Stay-at-Homes
- Feeling the pinch
- Leisure spending strategies
- Leisure promotions are key
- Implications for Holidays
- Key points
- Marketing messages
- Targeting Bargain Hunters
- Targeting Back to Basics
- Targeting Comfort Seekers
- Targeting Stay at Homes
- Feeling the pinch
- Holiday spending strategies
- Marketing for the Future
- Looking bleak - at least for the next two years
- What would they do with a windfall?
- Figure 8: Categories held in pent-up demand, February 2008
- When will they start spending again?
- Messages for business: more transparency, and more useful promotions
- Forecasting Tomorrow’s Consumer
- Short-term pain
- Figure 9: Forecast of GDP at real value, 2003-13
- Figure 10: Forecast of GDP yearly change, 2004-13
- 2008-10: The rise of the savvy consumer
- Figure 11: Forecast of how each attitudinal group will grow in comparison to the population as a whole, 2008-13
- 2010-13: Old habits die hard
- Figure 12: Forecast of penetration trends among the four attitudinal groups amongst British adults, 2008-13
- Coping with the Credit Crunch - the Consumer Angle
- Figure 13: Personal economic situation compared to that of the general economy, July 2008
- Figure 14: Current and future assessment of personal economy compared to that of the general economy, July 2008
- Figure 15: How people view their personal financial situation compared to the general economy, by demographic sub-group, July 2008
- Figure 16: Assessment of personal financial situation, by demographic sub-group, July 2008
- Figure 17: Main reasons for delaying or curtailing plans, february 2008
- Figure 18: Those who are watching the pennies, by demographic sub-group, July 2008
- Figure 19: Spending plans curtailed over the past 12 months, February 2008
- Figure 20: Spending plans curtailed over the past 12 months - main categories, February 2008
- Figure 21: Those who have curtailed any plans in the past 12 months, by demographic sub-group, February 2008
- Figure 22: Consumer responses to hard economic times, by demographic sub-group, July 2008
- Figure 23: eBay sellers, by demographic sub-group, July 2008
- Finance
- Figure 24: Those who have put off saving/pension planning during the past 12 months, by demographic sub-group, February 2008
- Figure 25: Those who curtailed plans in last 12 months because of the cost of day-to-day living, by demographic sub-group, February 2008
- Figure 26: Those who curtailed plans in last 12 months because of loss of job/reduced income, by demographic sub-group, February 2008
- Figure 27: Those who curtailed plans during past 12 months because of debt, by demographic sub-group, February 2008
- Home
- Figure 28: Home ownership and the economy, July 2008
- Figure 29: Home ownership and the economy - home owners, by demographic sub-group, July 2008
- Figure 30: Those who had to curtail plans during past 12 months because of house purchase/mortgage costs, by demographic sub-group, February 2008
- Figure 31: Main home-related plans curtailed during the past 12 months, by demographic sub-group, February 2008
- Figure 32: Those who have curtailed plans due to big household bills during past 12 months, by demographic sub-group, February 2008
- Figure 33: Attitudes towards the cost of home energy, July-August 2008
- Figure 34: Attitudes towards the cost of home energy, home-owners, by demographic sub-group, July 2008
- Travel and transport
- Figure 35: Attitudes towards the cost of petrol/diesel, July 2008
- Figure 36: Attitudes towards the cost of petrol/diesel, by demographic sub-group, July 2008
- Figure 37: Those giving cost of transport as a reason for curtailing plans during past 12 months, by demographic sub-group, February 2008
- Figure 38: Those who have put off buying a car during the past 12 months, by demographic sub-group, February 2008
- Grocery Shopping
- Figure 39: Shopping for food in hard times, by demographic sub-group, July 2008
- Figure 40: Grocery shopping strategies, by demographic sub-group, July 2008
- Figure 41: Eating in vs eating out, by demographic sub-group, July 2008
- Clothes
- Figure 42: Those who have put off buying more clothes/footwear/jewellery during the past 12 months, by demographic sub-group, February 2008
- Figure 43: Clothes shopping strategies, by demographic sub-group, July 2008
- Leisure Time
- Figure 44: Leisure activities curtailed during the past 12 months, by demographic sub-group, February 2008
- Figure 45: Leisure strategies, by demographic sub-group, July 2008
- Holidays
- Figure 46: Those who have curtailed holiday plans during the past 12 months, by demographic sub-group, February 2008
- Figure 47: Holiday strategies, by demographic sub-group, July 2008
- Marketing for the Future
- Figure 48: Pent-up demand for holidays, by demographic sub-group, February 2008
- Figure 49: Pent-up demand for spending on the home, by demographic sub-group, February 2008
- Figure 50: Planning to save, by demographic sub-group, February 2008
- Figure 51: Planning to pay off debt, by demographic sub-group, February 2008
- Figure 52: Giving a windfall to a friend or family, by demographic sub-group, February 2008
AbstractMintel’s 2008 British Lifestyles report, published in March 2008, looked at the potential winners and losers from the economic downturn, and at its effect on household budgets at the time of publication. This report takes a more detailed look at how consumers are coping with current economic circumstances, focusing on their attitudes towards their own finances and the economic situation in Britain. It looks at the coping strategies that consumers are adopting to deal with changed circumstances, and at ways in which companies can benefit by helping consumers to steer their way through the economic gloom.
Extensive use is made of quantitative research commissioned by Mintel specially for this report, and carried out in June and August 2008 by BMRB International Ltd among a nationally representative sample of 991 adults aged 15 and over. The findings are compared, where relevant, with research commissioned by Mintel in February 2008 for the British Lifestyles report.
Further insights are provided by qualitative research commissioned by Mintel for this report, which took the form of two focus groups, conducted in the South of England in early September 2008. The composition of the groups was as follows:
Group 1: Younger (Pre-Family and Young Family)
- Four men, four women
- Four pre-family adults aged 25-40 with no children
- Four family adults with children aged under 16 years
Group 2: Older (Older Family and Post-family/Retired)
- Four men, four women
- All aged 50-plus, with no children under 16 living at home
- Some with children aged 16-plus living at home, some with no children at home
- Some working, some retired
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