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Lifestyles of the Over-55s - UK - February 2016

Lifestyles of the Over-55s - UK - February 2016

“Not only are today’s over-55s wealthier, they are also healthier and have more time to spend their money before and during retirement. All these factors are contributing to a rise in a mature demographic of shoppers eager to explore all the options available to them.”

– Ina Mitskavets, Senior Consumer and Lifestyles Analyst

This report looks at the following areas:

50 marks the start of the better half in people’s lives
Using technology to maintain family ties


OVERVIEW
What you need to know
EXECUTIVE SUMMARY
‘Living for tomorrow’
Figure 1: Plans for retirement, November 2015
Banishing the one-size-fits-all approach
Figure 2: Attitudes towards researching and buying technology products, November 2015
Improving the shopping journey for the over-55 fashionistas
Figure 3: Attitudes towards researching and buying fashion items, November 2015
Spending extra, but only on things that really matter
Figure 4: Attitudes towards spending, November 2015
What we think
ISSUES & INSIGHTS
50 marks the start of the better half in people’s lives
Using technology to maintain family ties
THE MARKET
What you need to know
The growing clout of the over-55s
Silver Splitters
Wealth distribution favours older generations
Age of retirement is creeping up
Greater need for raising awareness about healthy lifestyles
Market drivers
UK population continues to age
Figure 5: Trends in the age structure of the UK population, 2010-20
Silver Splitters open up commercial opportunities
Figure 6: Relationship status, November 2015
Figure 7: Number of divorces, by age of husband and wife at divorce, England and Wales, 2003-13
Home ownership high amongst over-55s
Figure 8: Housing situation, by age, November 2015
The older, the wealthier
Figure 9: Distribution of household total wealth, by household type: Great Britain, July 2012 to June 2014
Working over-55s – a boon for many markets
Figure 10: Employment status, by gender and age, November 2015
Age of retirement on the rise
Increasing interest in health
Figure 11: Amount of effort people put into staying healthy, by age, August 2015
Internet and mobile use
Figure 12: Internet and mobile phone usage, November 2015
THE CONSUMER
Only a third of 55-64s have saved enough for their retirement
Culinary adventurousness declines with age
A touch of the personal
Mature models are key when marketing fashion to the over-55s
Focus on the home
Retirement plans
Pensions - the perfect storm
Figure 13: Attitudes towards retirement savings and future cost of care, by age, November 2015
Pent-up demand for travel in pre-retirement
Figure 14: Plans for retirement, by age, November 2015
Companionship is important in retirement
Figure 15: Plans for retirement, by marital status, November 2015
Pets make loyal companions
Figure 16: Screenshot from Hasbro website, January 2016
Eating habits
Majority prefer scratch cooking at home
Figure 17: Eating habits, by age, November 2015
Workers are more adventurous with food
Figure 18: Eating habits, by employment status, November 2015
Raising interest in healthy diets
Figure 19: Eating habits, by attitudes towards spending, November 2015
Catering to the tastes of the elderly
Figure 20: Screenshot illustrating the Smoothfood concept, January 2016
Researching and buying technology
Banishing stereotypes
Figure 21: Attitudes towards researching and buying technology products, November 2015
Humanising technology
Figure 22: Attitudes towards researching and buying technology products, by gender and age, November 2015
Online sources becoming more important
Social media makes it easier to keep in touch with others
Figure 23: Screenshot from the Mindings app, January 2016
Researching and buying fashion
Improving the shopping experience of the over-55s
Figure 24: Attitudes towards researching and buying fashion items, November 2015
Demand for older models
Value of expert advice
Attitudes towards spending
Capturing the spending power of the over-55s
Figure 25: Attitudes towards spending, by gender and age, November 2015
The home and garden sector stands to benefit
Figure 26: Attitudes towards spending, by household income, November 2015
Marketing health to mature consumers
APPENDIX
Data sources, abbreviations and supporting information
Data sources
Abbreviations
Definitions
RESEARCH METHODOLOGY
UK Research Methodology
Sampling and weighting
Face to Face Surveys
Definitions
Brand & Social Media Research
Trade research
Desk research
Statistical Forecasting
The Mintel fan chart

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