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Lifestyles of the Over-55s and Seniors - UK - January 2014

Published By :

Mintel

Published Date : Jan 2014

Category :

Lifestyle

No. of Pages : 126 Pages


Even though the majority of the over-55s are retired, their household wealth (eg value of property and other financial investments) continues appreciating, providing a buffer in tough economic times. This means that today’s over-55s have largely weathered the downturn much better than younger generations, and the health of their finances provides them with opportunities to judge brands on factors other than low prices and discounts.
Table of Content

Introduction
Definitions
Methodology
Abbreviations

Executive Summary
The majority of the over-75s live on their own
Figure 1: Current living situation, by age, November 2013
Supporting adult children takes precedence over pension savings
Figure 2: Current financial priorities, November 2013
Travelling is the biggest priority for the coming year
Figure 3: Future plans, November 2013
Low prices without quality compromises
Figure 4: Shopping priorities, November 2013
What we think

Issues in the Market
How did the British over-55s fare in 2013?
How does financial situation influence future plans of the over-55s?
What are the biggest financial priorities of the over-55s?
Which factors do the over-55s consider important when they shop?

Trend Application
Trend: Boomerang Generation
Trend: Without a Care
Mintel Futures: East Meets West

Market Drivers
Key points
Trends in the age structure of the UK population
Figure 5: Trends in the age structure of the UK population, 2008-18
Demographic profile
Figure 6: Demographic profile of the over-55s, November 2013
Working status
Figure 7: Working status, by age, November 2013
ACORN group and household income
Figure 8: ACORN group, by household income, November 2013
Distribution of wealth by age group
Figure 9: Property, physical and financial wealth, by age of designated household head, 2008/10
Home ownership
Figure 10: Home ownership, November 2013
Technology use
Figure 11: Mobile phone use and internet activities, November 2013

Living Arrangements
Key points
Over a third of over-55s live on their own
Figure 12: Current living situation, November 2013
More than one in ten 55-64-year-olds live with their children aged 16+
Figure 13: Current living situation, by age, November 2013
Over one in ten cite financial unaffordability of living separately
Figure 14: Reasons for living together, November 2013
Rise in multi-generational households
Figure 15: Trends in the number of multi-generational households in the UK, 2003-13

Household Responsibilities
Key points
The need for innovation in elderly care
Figure 16: Main household responsibilities, November 2013
Household responsibilities divided along gender lines
Figure 17: Main household responsibilities, by gender, November 2013
Over-55s living with adult children take on more responsibilities around the house
Figure 18: Main household responsibilities, by current living situation, November 2013

Financial Priorities
Key points
Budgeting is a habit for the over-65s
Figure 19: Changes in budgeting habits compared to the year before, by age, October 2013
Paying bills and keeping track of spending biggest financial priorities
Figure 20: Current financial priorities, November 2013
Affluent over-55s have a wider variety of financial priorities
Figure 21: Current financial priorities, by household income, November 2013
Over a fifth of over-55s living with adult children help them financially
Figure 22: Current financial priorities, by current living situation, November 2013

Future Plans
Key points
Travelling is the biggest priority for the new year
Figure 23: Future plans, November 2013
Pensioners are eager to stay active
Figure 24: Future plans, by age group, November 2013
Nearly eight in ten over-55s know what they need to do to be healthy
Figure 25: Attitudes towards healthy lifestyles and healthy eating habits, by age, October 2013
NPD in healthcare products targeting the over-55s
Figure 26: Products targeted to the over-55s in the year to December 2013, (Worldwide)
Lack of products with added vitamins in food and drink category
Figure 27: Products with claims of vitamin/mineral fortification in the year to December 2013, (UK)
Technology can provide a low-cost solution for loneliness
Figure 28: Future plans, by household income, November 2013

Shopping Habits and Priorities
Key points
Three in ten over-55s prioritise products that are easy to use
Figure 29: Shopping priorities, November 2013
Over a fifth of the over-75s buy things that are safer to use
Figure 30: Shopping priorities, by age, November 2013
Over half of retired singles look for low prices
Figure 31: Shopping priorities, by gender of pensioners, November 2013
Supermarkets looking beyond low price
Figure 32: Factors important when shopping, by supermarkets used, November 2013
Customer service and previous experience are highly valued
Figure 33: Factors influencing choice of supermarket, by age, October 2013
Figure 34: Gifts That Share The Love’ campaign by John Lewis, December 2013

Appendix – Demographics of the Over-55s
Figure 35: Demographic overview – Gender and age, November 2013
Figure 36: Demographic overview – Social grade, November 2013
Figure 37: Demographic overview – Lifestage and current marital status, November 2013
Figure 38: Demographic overview – Working status, November 2013
Figure 39: Demographic overview – Annual household income, November 2013
Figure 40: Demographic overview - Region, November 2013
Figure 41: Demographic overview – Accommodation status and cards held, November 2013
Figure 42: Demographic overview – ACORN group and technology use, November 2013
Figure 43: Demographic overview – Web use, November 2013
Figure 44: Demographic overview – Daily newspaper readership and household size, November 2013
Figure 45: Demographic overview – Education, November 2013
Figure 46: Demographic overview – Supermarkets used, November 2013
Figure 47: Demographic overview – Retirement and marital status, November 2013

Appendix – Living Arrangements
Figure 48: Most popular current living situation, by demographics, November 2013
Figure 49: Future plans, by current living situation, November 2013
Figure 50: Factors important when shopping, by current living situation, November 2013

Appendix – Household Responsibilities
Figure 51: Most popular household responsibilities, by demographics, November 2013
Figure 52: Next most popular household responsibilities, by demographics, November 2013
Figure 53: Other household responsibilities, by demographics, November 2013
Figure 54: Repertoire of household responsibilities, by demographics, November 2013

Appendix – Financial Priorities
Figure 55: Most popular current financial priorities, by demographics, November 2013
Figure 56: Next most popular current financial priorities, by demographics, November 2013
Figure 57: Other current financial priorities, by demographics, November 2013
Figure 58: Repertoire of current financial priorities, by demographics, November 2013

Appendix – Future Plans
Figure 59: Most popular future plans, by demographics, November 2013
Figure 60: Next most popular future plans, by demographics, November 2013

Appendix – Shopping Habits and Priorities
Figure 61: Most popular factors important when shopping, by demographics, November 2013
Figure 62: Next most popular factors important when shopping, by demographics, November 2013

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