Marketing Finance to Younger Consumers - Ireland : Market Research Report

Marketing Finance to Younger Consumers - Ireland

Published by: Mintel International Group Ltd.

Published: Dec. 1, 2008 - 169 Pages

ISSUES IN THE MARKET: Key themes in the report; Report definition; Abbreviations
INSIGHTS AND OPPORTUNITIES: Making the transition easier for graduates; Surfing the finance wave; Lending a friendly ear
MARKET IN BRIEF: Laying the foundations for financial awareness; Grey consumers a future area of focus; Incentives a key pull for younger consumers; Younger consumers and the internet; Young consumers keen to spend, spend, spend; NI consumers career-bound while RoI consumers count the pennies; Parents the single most important influence in a person’s choice of bank; Consumer target groups
FAST FORWARD TRENDS: TREND 1: FINANCE IN FLUX; TREND 2: STREET GAMES
INTERNAL MARKET ENVIRONMENT: Key points; Education, education, education; Rosy future for young consumers?
BROADER MARKET ENVIRONMENT: Key points; Ageing population set to take lion’s share of business; Storm clouds of the credit crunch blowing the younger consumer’s way; Flexible foreign friend; Banks reaching out; Changing lifestyles bring changes to the finance market
COMPETITIVE CONTEXT: Key points; Grey consumers - a faster-growing market?; Silver surfers - a key focus for financial services providers; Property tops financial security options for older consumers; Emphasis on family time and exercise for older consumers; Feeling the cold while tightening the purse strings
STRENGTHS AND WEAKNESSES: Strengths; Weaknesses
WHO’S INNOVATING?: Key points; AIB Build a Bank Challenge; Bebo mania; Something for the glamour pusses…; …and for the chatterboxes; Entertainment packages; An account that pays; Competition time; And for the work starts?
TARGETING THE YOUTH MARKET: Key points; Education key to finance awareness and customer acquisition; Company-specific initiatives; Flexibility, convenience and low costs fundamental aspects of retention; Incentives a major pull for younger consumers; Acquisition and retention lie hand-in-hand
COMPANIES AND PRODUCTS: FINANCIAL SERVICES PROVIDERS
CHANNELS FOR TARGETING YOUNG CONSUMERS: Key points; Tech-savvy youngsters present key targeting opportunities; A wealth of information; Convenience and flexibility important for younger consumers; Opportunities across all platforms; Viral marketing; Banks to surf the airwaves?; Financial services providers take to the silver screen
ATTITUDES TOWARDS FINANCE - ARE YOUNGER CONSUMERS BIG SPENDERS?: Key points; Knowledge and awareness - the gateway to financial freedom; A battle of wills when it comes to spending and debt; Spend now, worry later
YOUNGER CONSUMERS AND THE FUTURE: Key points; Lifestyle changes loom as young consumers cut back; Gym bunnies keen to keep fit and holidaymakers keen to get a tan; Young consumers take shelter while filling up the piggy bank; Taking control and de-stressing
IMPROVING THE BANKING EXPERIENCE FOR YOUNGER CONSUMERS: Key points; Young consumers heavily dependent on parental advice; It’s good to talk; Reluctance to talk to the big guys; Incentives crucial in targeting younger consumers; Passing the buck; Knowledge is power
CONSUMER TARGET GROUPS: Key points; NI target groups; Clueless (64% of the sample); Prudent (19% of the sample); Future Savers (17% of the sample); RoI target groups; Savers (56% of the sample); Finance Wizards (46% of the sample); Oblivious (22% of the sample)
APPENDIX: Figure 50: Internet usage, by age, NI and RoI, 2008; Figure 51: Methods of accessing banking services, NI and RoI, 2008; Figure 52: Methods of accessing banking services, by demographic breakdown, NI, 2008; Figure 53: Methods of accessing banking services, by demographic breakdown, RoI, 2008; Figure 54: Respondents who access the internet every day/most days, by age, NI and RoI, 2008; Figure 55: Agreement with ‘I rely on newspapers to keep me informed’, by age, NI and RoI, 2008; Figure 56: Attitudes towards luxury, by demographic breakdown, NI, 2008; Figure 57: Attitudes towards luxury, by demographic breakdown, NI, 2008; Figure 58: Attitudes towards finance, by demographic breakdown, NI, 2008; Figure 59: Attitudes towards finance, by demographic breakdown, NI, 2008; Figure 60: Attitudes towards finance, by demographic breakdown, NI, 2008; Figure 61: Attitudes towards finance, by demographic breakdown, NI, 2008; Figure 62: Attitudes towards luxury, by demographic breakdown, RoI, 2008; Figure 63: Attitudes towards luxury, by demographic breakdown, RoI, 2008; Figure 64: Attitudes towards finance, by demographic breakdown, RoI, 2008; Figure 65: Attitudes towards finance, by demographic breakdown, RoI, 2008; Figure 66: Attitudes towards finance, by demographic breakdown, RoI, 2008; Figure 67: Attitudes towards finance, by demographic breakdown, RoI, 2008; Figure 68: Attitudes towards self-perception, luxury and lifestyles, by demographic breakdown, NI and RoI, 2008; Figure 69: Attitudes towards self-perception, luxury and lifestyles, by demographic breakdown, NI and RoI, 2008; Figure 70: Attitudes towards self-perception, luxury and lifestyles, by demographic breakdown, NI and RoI, 2008; Figure 71: Attitudes towards self-perception, luxury and lifestyles, by demographic breakdown, NI and RoI, 2008; Figure 72: Agreement with ‘There are not enough hours in the day to do everything I would like’, by age, NI and RoI, 2008; Figure 73: Best methods for securing financial future, by demographic breakdown, NI, February 2008; Figure 74: Best methods for securing financial future, by demographic breakdown, NI, February 2008; Figure 75: Priorities for the coming year, by demographic breakdown, NI, February 2008; Figure 76: Priorities for the coming year, by demographic breakdown, NI, February 2008; Figure 77: Priorities for the coming year, by demographic breakdown, NI, February 2008; Figure 78: Best ways to cut back on personal spending, by demographic breakdown, NI, February 2008; Figure 79: Best ways to cut back on personal spending, by demographic breakdown, NI, February 2008; Figure 80: Best methods to secure financial future, by demographic breakdown, RoI, February 2008; Figure 81: Best methods to secure financial future, by demographic breakdown, RoI, February 2008; Figure 82: Priorities for the coming year, by demographic breakdown, RoI, February 2008; Figure 83: Priorities for the coming year, by demographic breakdown, RoI, February 2008; Figure 84: Best ways to cut back on personal spending, by demographic breakdown, RoI, February 2008; Figure 85: Best ways to cut back on personal spending, by demographic breakdown, RoI, February 2008; Figure 86: NI clusters, by statements relating to securing one’s financial future, February 2008; Figure 87: NI clusters, by statements relating to priorities for the coming year, February 2008; Figure 88: NI clusters, by best ways to cut back on personal spending, February 2008; Figure 89: NI clusters, by demographic breakdown, February 2008; Figure 90: RoI clusters, by statements relating to best methods to secure one’s financial future, February 2008; Figure 91: RoI clusters, by statements relating to priorities for the coming year, February 2008; Figure 92: RoI clusters, by statements relating to best ways to cut back on personal spending, February 2008; Figure 93: RoI clusters, by demographic breakdown, February 2008; Figure 94: Which of the following banking facilities or financial products have you used/accessed in the last 12 months?, by demographic breakdown, RoI, June 2008; Figure 95: Which of the following banking facilities or financial products have you used/accessed in the last 12 months?, by demographic breakdown, RoI, June 2008; Figure 96: Thinking now about financial products and services, how do you prefer to receive/gather information about your banking needs (either existing or new queries)?, by demographic breakdown, RoI, June 2008; Figure 97: Thinking now about financial products and services, how do you prefer to receive/gather information about your banking needs (either existing or new queries)?, by demographic breakdown, RoI, June 2008; Figure 98: Thinking now about how you manage your monthly finances on an everyday basis, why do you mainly use an overdraft and/or credit card?, by demographic breakdown, RoI, June 2008; Figure 99: Thinking now about how you manage your monthly finances on an everyday basis, why do you mainly use an overdraft and/or credit card?, by demographic breakdown, RoI, June 2008; Figure 100: Thinking now about your bank/building society/credit union, which of the following would improve your banking experience?, by demographic breakdown, RoI, June 2008; Figure 101: Thinking now about your bank/building society/credit union, which of the following would improve your banking experience?, by demographic breakdown, RoI, June 2008; Figure 102: Respondents who access the internet every day/most days, by age, NI and RoI, 2008; Figure 103: Internet usage, NI and RoI, 2002-07; Figure 104: Agreement with ‘I read the financial pages of my newspaper’, by age, NI and RoI, 2008
APPENDIX: RESEARCH METHODOLOGY

Abstract

Younger consumers provide a vital source of new business for financial services providers. Banks are keen to acquire and retain younger customers and so offer them a range of specific products and services tailored to their needs.

The internet has also provided a new avenue through which financial services providers can target younger consumers.

However, incentives, account benefits and new communication channels are not enough to capture the younger audience. Often apathetic, young consumers do not have sufficient knowledge about finance products and services or lack the inclination to learn; financial services providers must therefore take some responsibility in educating younger consumers about finance.

Engaging the younger consumer and encouraging them to take control of their finances are essential if financial services providers are to sustain market share.

Key themes in the report

How do financial services providers address the financial needs of 16-34-year-olds?
How important are consumers aged 16-34 in relation to other age groups?
How do financial services providers acquire and retain younger consumers?
What are younger consumers’ attitudes towards finance and planning for the future?
How can banks use new media to target younger consumers?
If the population is shrinking, how competitive is the youth market for financial services providers, and what is its potential?
Do certain channels or types of providers provide a better or more targeted service? How do they vary?
How successful are financial services providers at engaging young Irish consumers?

Get Full Details About This Report >>

US: 800.298.5699

Int'l: +1.240.747.3093

About MarketResearch.com
MarketResearch.com is an online aggregator selling over 250,000 market research reports, company profiles and country profiles from over 650 research firms. Our reports will provide you with the critical business and competitive intelligence you need for strategic planning and marketing research. Coverage includes the US, UK, Europe, Asia and global markets.

Marketing Finance to Younger Consumers - Ireland

Table of Contents

Abstract