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The consumer quest for simplicityPublished by: Datamonitor Published: Oct. 2, 2003 - 53 Pages Table of ContentsTABLE OF CONTENTS CHAPTER 1 INTRODUCTION 8 What is this report about? 8 How to use this report 9 CHAPTER 2 DEFINITION AND BACKGROUND 10 Defining simplicity 10 Cultural and political background 12 CHAPTER 3 SOCIO-ECONOMIC DRIVERS 14 Work overload 14 Physical goods overload 17 Knowledge goods overload 18 Hype overload 19 CHAPTER 4 CLUTTER IN FINANCIAL SERVICES 20 Regulatory issues 21 Complex value propositions 22 Product and price complexity 22 Product proliferation 23 Information overload 24 Marketing message overload 25 Lack of transparency in terms and conditions 25 Dishonest advice 25 Impersonal distribution 26 CHAPTER 5 NICHES AND MASS MARKET TRENDS 27 Simplicity segments 27 Core simplifier niches at two levels of intensity 27 Simplicity is also a mainstream trend 28 Holistic simplifiers 30 Group size 30 Profile 30 Financial needs 32 Downshifters 33 Group size 33 Profile 34 Financial needs 34 Mass-market simplifiers 36 Group size 36 Profile 40 Financial needs 44 CHAPTER 6 ACTION POINTS 47 Engage mass-market simplicity 47 Set up a ‘simple and honest’ product range 47 Do not be afraid of seemingly anti-business messages 48 Act to adapt to the long-term trend 48 CHAPTER 7 APPENDIX 50 Further reading 50 Do you need further information? 51 Datamonitor financial services consulting 51 FS writing team 52 LIST OF TABLES Table 1: UK full-time workers who want to work fewer hours for less pay (%), 2002 15 Table 2: Holistic simplifiers (millions), Europe 1997-2002-2007 30 Table 3: Downshifters (millions) in European countries, 1997-2007 33 Table 4: Full-time ‘white-collar’ workers between 18-60 years (thousands) - the core group for potential switchers, Europe 2002-2007 37 Table 5: Estimates sizing simplicity trends in the mass market, 2003 40 Table 6: Number of products and providers driving simplicity, 2003 44 AbstractIntroduction:More and more consumers are opting out of the rat race. Is this a problem or an opportunity for FS players? This report analyzes the drivers behind the quest for simpler lives, sizes the trend and profiles the financial behavior of different groups of simplifiers. Areas where financial services providers can assist customers exist, but not all simplifiers are profitable target... Scope: * Analysis underpinned by data from sources in the academic world and international institutions * Financial Services specific survey data among 100 UK consumers * European coverage: France, Germany, Netherlands, Italy, Spain, Sweden, UK... * Analysis by Financial Services and Consumer experts Report Highlights: 9/11 rallied a much larger number of consumers and consumers from a much wider base around to some of the simplicity movement’s core ideas. It effectively introduced simplicity to the mainstream. A 2001 international survey of individuals in managerial jobs found that faced with a straight choice between being granted more free time or a higher salary, 64% chose more time. However, only a minority of workers are willing to give up some of their existing financial rewards in exchange for more time. If the value of simplicity is not worth a few cents extra to the customer in terms of price or performance, there is little point in providing him with a product that rests on providing LESS added value. Sell weak and non-simplifiers the latest financial frills instead. Reasons to Purchase: * Clear the hype from this new mediagenic subject * Size the real opportunity in terms of the available customer base for simplicity marketing * Find out who is willing to pay for simplicity as opposed to who finds it generally convenient. Get Full Details About This Report >> |
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