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The Affluent Consumer - UK - November 2016

Published By :

Mintel

Published Date : Nov 2016

Category :

Lifestyle

No. of Pages : N/A

The EU referendum in June 2016 has sparked a wave of economic uncertainty across the UK, with Britain’s most wealthy consumers a key consumer group for brands and businesses. Affluent consumers have the drive and financial ability to buy into Brand Britain, and so marketing and products that play on their British provenance could be important in ensuring the future growth of the economy.

Table of Contents

OVERVIEW
What you need to know
Definitions

EXECUTIVE SUMMARY
Affluence brings financial confidence
Figure 1: Description of personal financial situation, September 2016
Affluent have mixed expectations for the UK economy
Figure 2: Expected impact of UK vote to leave the EU on the wider economy, September 2016
21% of affluent consumers eat out at least once a week
Figure 3: Frequency of foodservice outlet usage, September 2016
Provenance a priority for two thirds of affluent shoppers
Figure 4: Food and drink buying behaviours, September 2016
Wealthy shoppers favour discretion
Figure 5: Clothing, shoes and accessories buying behaviours, September 2016
Affluent altruism
Figure 6: Affluent consumer lifestyle attitudes, September 2016
What we think

ISSUES AND INSIGHTS
Brexit: a case for expanding British provenance
The facts
The implications

THE MARKET – WHAT YOU NEED TO KNOW
Britain’s richest get richer
Growing pension pots
Home ownership and the wealth gap

WEALTH SEGMENTATION
Britain’s most affluent get wealthier
Figure 7: Distribution of total household wealth, Great Britain, July 2010-June 2014
Figure 8: Distribution of total household wealth, percentile points, July 2012-June 2014
Growing pension pots
Rising proportion fall into higher tax bracket
Figure 9: Number of individual income taxpayers by marginal rate, gender and age, 2010/11-2015-16
Home ownership and the wealth gap
Figure 10: Percentage of each age group that are home owners, UK, 1981 to 2014
UK wealth concentrated in London and the south east
Figure 11: Percentage of households with household wealth greater than £1.05 million, by region, July 2012 to June 2014

THE CONSUMER – WHAT YOU NEED TO KNOW
Affluence brings financial confidence
Affluent have mixed expectations for the UK economy
Brexit: a case to encourage manufacturing in the UK?
21% eat out at least once a week
Leveraging lifestyle trends to drive consumers in-store
Provenance a priority for two thirds of affluent shoppers
Wealthy shoppers favour discretion
Advertising fails to capture the attention of older affluent audiences
Family time a top priority

SAMPLE SEGMENTATION
Segmenting the UK’s wealthiest consumers
Figure 12: Segmentation of total sample, by investible assets, September 2016
The aspirational affluent
The mass affluent
The affluent and high net worth individuals

CONSUMER FINANCE
One in 10 a lot better off than last year
Figure 13: Description of personal financial situation, September 2016
Young affluent enjoy growing financial strength
Figure 14: Description of personal financial situation “I’m a lot/a little bit better-off” (NET), by age, September 2016
Affluence brings financial confidence
Figure 15: Financial confidence for coming year, September 2016

RESPONSE TO EU REFERENDUM RESULT
Affluent have mixed expectations for the UK economy
Figure 16: Expected impact of UK vote to leave the EU on the wider economy, September 2016
Brexit: a case to encourage UK manufacturing?
Figure 17: Blackhorse Lane Atelier, October 2016
Londoners pessimistic about Brexit impact
Figure 18: “Any Negative” expectations of the impact the UK vote to leave the EU on the wider economy, by region, September 2016
The impact of EU referendum on personal finances
Figure 19: Expected impact of UK vote to leave the EU on personal finances, July 2016
The most affluent prove optimistic about savings and investments
Figure 20: Expected impact of UK vote to leave the EU on “the value of your savings and investments”, by the value of investible assets, July 2016

LIFESTYLE ACTIVITIES
21% of affluent consumers eat out at least once a week
Figure 21: Frequency of foodservice outlet usage, September 2016
Figure 22: Supper delivery service. October 2016
Retailers tapping into booming fitness trends
Figure 23: Frequency of participation in health and wellbeing activities, September 2016
Figure 24: Psycle at London’s Selfridges, April 2016
Opportunity for spa market
Figure 25: Proportion of affluent consumers who have a health treatment (eg massage, Reiki) at least once a month, September 2016
Engaging shoppers in-store
Figure 26: Frequency of participation in leisure activities, September 2016
Further premiumising cinema experiences
Figure 27: Frequency of participation in selected leisure activities, by age, September 2016

AFFLUENT CONSUMER SHOPPING BEHAVIOURS
Provenance a priority for two thirds of affluent shoppers
Figure 28: Food and drink buying behaviours, September 2016
Beauty and grooming shoppers
Figure 29: beauty and grooming product buying behaviours, September 2016
Wealthy shoppers favour discretion
Figure 30: Clothing, shoes and accessories buying behaviours, September 2016
Figure 31: Louis Vuitton Spring/Summer 2016 handbag range, August 2016
Online vs in-store clothing retail
Figure 32: Proportion of shoppers who agree “I buy online whenever possible” when buying clothing/shoes/accessories, September 2016

MARKETING INFLUENCES
Advertising fails to capture the attention of older affluent audiences
Figure 33: Places where adverts grabbed affluent consumers’ attention in the past month, by age, September 2016
Leisure advertising resonates with affluent …
Figure 34: Sectors with most memorable adverts in the past month, September 2016
While charitable campaigns prove unmemorable

LIFESTYLE ATTITUDES
Family time proves a top priority
Figure 35: Affluent consumer lifestyle attitudes, September 2016
Figure 36: Center Parcs Urban Bears campaign, December 2015
Financial pragmatism
Figure 37: Affluent consumer lifestyle attitudes, September 2016
Figure 38: Designers at work at Burberry Makers House exhibition, October 2016
Affluent altruism
Figure 39: Affluent consumer lifestyle attitudes, September 2016

APPENDIX – DATA SOURCES, ABBREVIATIONS AND SUPPORTING INFORMATION
Abbreviations
Consumer research methodology

List of Table

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