British Lifestyles 2009 - Consumer Choices in a Fear-led Economy

British Lifestyles 2009 - Consumer Choices in a Fear-led Economy - UK

Published by: Mintel International Group Ltd.

Published: Apr. 1, 2009 - 333 Pages

ISSUES IN THE MARKET: Definitions and abbreviations
FUTURE OPPORTUNITIES: Along came the Black Swan; What we know we don’t know very well; The Black Swan Effect; Think more, calculate less; A precarious future?; The paradox of knowledge; Misinform your customers at your peril; Not all consumers want empowerment; The value and brand effect: Searching for an anchor; The search for treats
BRITAIN TODAY - DEMOGRAPHICS: Rate of population growth to stabilise; Population trends: Maturity over youth; The future belongs to the retired; Greater lifestyle and financial segmentation; The rise of the GOTYs; Implications; But don’t forget students - an attractive market; Cross-generational income flows; Girl power; Birth rate stabilising…; More career women; More children born out of wedlock; Fewer marriages, more divorce; A more civil affair; From brawn to brain; Smaller households; Smaller, one-person households on the increase; Immigration trends: Is the UK losing its appeal?; Implications: Rise of the ‘beanpole’ family and ‘sandwich’ generation; Will we all be richer but more vulnerable?; Has the housing love affair cooled?
BRITAIN TODAY - ECONOMIC FACTORS: Tough times ahead; Culture of pessimism; Look at it relatively; Recession and confidence: Chicken or egg?; 1989-92 recession: Consumers had their fingers on the economic pulse; Today’s recession: Consumers have had no time to check the pulse; How consumers respond to a recession; Luxuries feel the strain; But even in a recession some of life’s luxuries are “essential”; Savings comes back into fashion; Unemployment: The real killer of consumer confidence; Consumers more vulnerable to unemployment today; A crunch on credit; Consumers try to rebuild their balance sheets; Back to the future, or retro chic gone mad; But falling interest rates will ease the burden
EXPENDITURE OVERVIEW: Consumer priorities; The prominence of housing; Why the crunch bites so deep; In-depth view; In-depth view - the real picture; Top 20 winners; Top 20 losers; The more immediate picture
IN-HOME FOOD: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
NON-ALCOHOLIC BEVERAGES: Market size and trends; FORECAST; CONSUMER INSIGHT
ALCOHOLIC DRINKS: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
BEAUTY AND PERSONAL CARE: OTC PHARMACEUTICALS; PERSONAL CARE; FORECAST; CONSUMER INSIGHT
CLOTHING AND ADORNMENT: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
EATING OUT: MARKET SIZE AND TRENDS; EATING OUT CULTURE; FORECAST; CONSUMER INSIGHT
TECHNOLOGY AND COMMUNICATIONS: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
ENTERTAINMENT: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
NEWS, PRINT AND TOBACCO: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
HOME AND GARDEN: MARKET SIZE AND TRENDS; FORECASTS; CONSUMER INSIGHT
PERSONAL TRANSPORT: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
HOUSING: MARKET SIZE AND TRENDS; FORECASTS; CONSUMER INSIGHT
HOLIDAYS AND TRAVEL: MARKET SIZE AND TRENDS; FORECASTS; CONSUMER INSIGHT
PERSONAL FINANCE: MARKET SIZE AND TRENDS; FORECASTS; CONSUMER INSIGHT
A MISCELLANY - THE REMAINING SPEND: MARKET SIZE AND TRENDS; FORECAST; CONSUMER INSIGHT
THE CONSUMER ANGLE - WHAT WORRIES US?: Consumer research analysis; It’s the economy stupid…; But non-economic issues also press on consumers; Worrier typologies; The main economic worries; Fretters finding it hard to cope; Not knowing when can be as bad as not knowing if; Characteristics of the worrier typologies; An issue of control
THE CONSUMER ANGLE - ECONOMIC CONFIDENCE LOST: Economic fears outweigh personal fears; Natural Born Worriers worry the most, naturally!; Am I Bothered? - err actually yes!; Personal experience: The source of all fears?; The poor and old feel the effects; I’m ok, but know someone who’s felt the effects; Personal experience determines personal finance fears; Other people’s experience impact on economic fears; The closer the relation, the more likely spending will be affected; Recession typologies; So who is this recession hitting, after all?; How much has experience influenced worries?; The path of the crunch
THE CONSUMER ANGLE - THE IMPACT OF THE CRUNCH: The impact is widespread; Poorer adults are the most likely to have jumped; When the recession bites, consumers adjust their spending; Fear alone can cause major spending adjustments; Work Worriers lead the spending cuts; It’s the lack of fall back position that drives fear; The Fearists: Young, female and loaded; The Recessionists: Mature and unloaded; The recession: Democratic in impact, but not in cause; Leisure and appearance take the hit; Women lead trading down at supermarkets; Haute couture vs pr�t-à-porter; Eating and drinking out lose the middle-age spread; Will supermarkets lose out to Amazon?; Leisure losing its way; Fearists and Recessionists show the same pattern of response; The more the recession bites, the more items are cut; Big ticket items will have a tough time; Consumers set to become more price-conscious; Summer family holiday feels the heat; The affluent focus on their savings; Mid-market clothing to suffer more; Car market: No recovery in sight; Trading up homes falls out of fashion; Are you an actor or a watcher?; Affluent family adults to most likely to act; Green shoots: The first sign of the bottom of the recession?
THE CONSUMER ANGLE - NEWS PUSH OR FACT PULL: Act first, think later?; Media plays a strong role for the recession bitten; Is a little knowledge a dangerous thing?; The chicken and egg effect; Assessing strength of external influence; The Proactives are more media-aware; Natural Born Worriers rely on the media; The affluent have the F factor, which…; … leads to more worry and less spending; Sensationalism vs informed debate
MARKET SIZES APPENDIX: In-home food; Non-alcoholic drinks; Alcoholic drinks; Clothing and adornment; Beauty and personal care; Eating out and takeaways; Technology; Entertainment; Newsagents goods; Home and garden; Personal transport; Housing; Holidays and travel; Personal finance; Miscellaneous
APPENDIX - THE CONSUMER ANGLE: WHAT WORRIES US?: Figure 182: Worrier Typologies by Demographics, February 2009
APPENDIX - THE CONSUMER ANGLE: ECONOMIC CONFIDENCE LOST: Figure 183: Impact of the recession/credit crunch on personal finance by worrier typologies,; February 2009; Figure 184: Profile of recession typologies, February 2009
APPENDIX - THE CONSUMER ANGLE: THE IMPACT OF THE CRUNCH: Figure 185: Have you cut down on your spending because of the current economic situation? February; 2009; Figure 186: Have you cut down on your spending because of the current economic situation? by worry; typologies, February 2009; Figure 187: breakdown of the causes of adults cutting back on spending during the recession, by; demographics, February 2009; Figure 188: The tendecy of adults to adjust their spending on big ticket items in the next 12 months; (adjustment typology), by demographics, February 2009
THE APPENDIX - THE CONSUMER ANGLE: NEWS PUSH OR FACT PULL: Figure 189: Tendency for consume to cut back on their spending, by recession typology, February 2009; Figure 190: Tendency for consumers to cut back on their spending, by reaction to economic news,; February 2009; Figure 191: Consumer reaction to economic news etc. by news typologies, February 2009; Figure 192: Economic news and development typologies, by demographics, February 2009; Figure 193: The information sources which have the greatest impact on consumers’ views about the; economy, by economic news and development typologies, February 2009; Figure 194: The information sources Which have the greatest impact a consumer’s view of their own; personal financial situation, by economic news and development typologies, February 2009; Figure 195: Main worries facing consumers, by worry typologies: End of survey responses,; February 2009; Figure 196: Main worries facing consumers, by worry typologies: Start of survey responses,; February 2009
APPENDIX: RESEARCH METHODOLOGY

Abstract

British Lifestyles

The UK economy has entered into recession and no one can be sure when an upturn will come or how deep the recession will be. Concerns over the economic crisis are now top of the consumer’s agenda, trumping all other reasons to worry.

Consumer opinion is as varied and mixed as expert opinion: will it be decades before we return to pre-recessionary times, or is it a matter of months?

We live in a world of increasing interdependency, politically, socially and economically, and while this can provide some degree of stability, it has also led to a fundamental misunderstanding of risk and uncertainty.

The UK economy has entered into recession and no one can be sure when an upturn will come or how deep the recession will be. Concerns over the economic crisis are now top of the consumer’s agenda, trumping all other reasons to worry.

Consumer opinion is as varied and mixed as expert opinion: will it be decades before we return to pre-recessionary times, or is it a matter of months?

We live in a world of increasing interdependency, politically, socially and economically, and while this can provide some degree of stability, it has also led to a fundamental misunderstanding of risk and uncertainty.

Both consumers and financial experts have failed to understand the risks faced by economies in an increasingly interdependent world. Banks believed they were operating on safe ground and consumers assumed the banks knew what they were doing when they lent them money.

Well, that was then and this is now.

According to Mintel’s exclusive consumer research for this report, more than two in five adults now claim to have been personally impacted by the recession. Moreover, another 39% know someone who has been affected. Clearly, the effects of the current downturn are already widespread.

British Lifestyles 2009 reviews how the recession is impacting on consumer markets and forecasts its likely longer-term effects to 2014. The report considers which markets have been winners and losers over the past decade and what has driven change in the main market sectors.

But this year’s issue delves deeper into the impact of the recession, focusing on the causes and consequences of consumer economic fears. Where will the consumer’s axe fall, and what has driven consumer confidence to drop so precipitously and so rapidly in this recession compared to the last? What role, for example, did the media play in driving confidence down?

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British Lifestyles 2009 - Consumer Choices in a Fear-led Economy - UK

Table of Contents

Abstract