Table of Contents
Introduction
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- Definitions
- Provinces of China
Executive Summary
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- The uncertainties of growing old
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- Figure 1: Concerns for the future, October 2012
- Security in home ownership
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- Figure 2: Current type of residence, October 2012
- Financial planning for retirement
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- Figure 3: Financial planning for parents’ retirement, October 2012
- Keeping healthy and active in retirement
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- Figure 4: Comparing life after retirement with life before, October 2012
- Spending habits in retirement
- Marketing to China’s seniors
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- Figure 5: Attitudes towards retirement, October 2012
- What we think
The Uncertainties of Growing Old
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- Key issues
- Who are China’s elderly?
- Adults turning 80 in 2015
- Adults turning 70 in 2015
- Adults turning 60 in 2015
- The tradition of filial piety
- The elderly population is growing
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- Figure 6: Decline in birth rate and increase in gender imbalance over 20 years, 1992-2011
- Figure 7: The population of the over-60s in China, 2000, 2005, 2010 and 2015
- Financial security is a primary concern
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- Figure 8: Apartment ownership, by age and gender, October 2012
- Figure 9: Home ownership status, by age, October 2012
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- Figure 10: Apartment ownership, by age and gender, October 2012
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- Figure 11: Monthly savings rate, by demographics, April 2012
- Leaving the workforce
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- Figure 12: Planned age of retirement, October 2012
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- Figure 13: Planned age of retirement, by gender and age, October 2012
- State pensions in China
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- Figure 14: China’s urban and rural population aged 60 and over, main source of support, November 2008
- How many pensioners have little or no support?
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- Figure 15: Concerns for the future, October 2012
- What it means
Security of Home Ownership
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- Key issues
- Property is the best form of investment
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- Figure 16: Current type of residence, October 2012
- Who owns and who rents?
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- Figure 17: Current living situation of parent(s), October 2012
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- Figure 18: Current living situation, by demographics, October 2012
- Figure 19: Current living situation, by demographics, October 2012
- Downsizing of homes at retirement
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- Figure 20: Number of bedrooms in home, October 2012
- High home ownership in retirement
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- Figure 21: Ownership status of current residence, October 2012
- Crowded house – living with the extended family
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- Figure 22: Relationship of people living in the residence, October 2012
- Choosing where to live after retirement
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- Figure 23: Expected living arrangements after retirement, October 2012
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- Figure 24: Current residence compared to pre-retirement, October 2012
- What it means
Financial Planning for Retirement
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- Key issues
- Financial planning for retirees high on the agenda
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- Figure 25: Investment planning, October 2012
- Younger adults start financial planning early
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- Figure 26: Investment planning, October 2012
- Planning for parents’ retirement
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- Figure 27: Financial planning for parents’ retirement, October 2012
- Health concerns dominate future planning by retirees
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- Figure 28: Concerns for the future, October 2012
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- Figure 29: Current financial situation, October 2012
- Public health insurance cover remains inadequate
- Financial planning of retirees focuses on health and savings
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- Figure 30: Retirement-related investments made, October 2012
- What it means
Keeping Healthy and Active in Retirement
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- Key issues
- Who pays for elderly parents’ medical expenses?
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- Figure 31: Who pays for parents’ medical expenses, October 2012
- How much do retirees continue to rely on others for healthcare cover?
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- Figure 32: Who pays for retirees’ medical costs, October 2012
- How do Chinese elderly stay active?
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- Figure 33: Activities in retirement, October 2012
- Combating loneliness in retirement
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- Figure 34: Help given by parent(s) in care of child(ren), October 2012
- Retirees taking more time to enjoy themselves
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- Figure 35: Activities taken up since retirement, October 2012
- What adults hope to do when they retire
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- Figure 36: Expected activities after retirement, October 2012
- What it means
Spending Habits in Retirement
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- Key issues
- Where do elderly Chinese shop?
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- Figure 37: Type of store visited for main weekly or top-up grocery shopping, October 2012
- What foods do elderly Chinese buy?
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- Figure 38: Main type of food products purchased compared with before retirement, October 2012
- What non-food products do elderly Chinese buy?
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- Figure 39: Main type of non-food products purchased compared with before retirement, October 2012
- Discretionary spending by elderly Chinese
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- Figure 40: What extra money is spent on, October 2012
- What it means
Marketing to China’s Senior Citizens
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- Key issues
- Getting on with retirement
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- Figure 41: Attitudes towards retirement, October 2012
- Advertising needs to speak to elderly consumers
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- Figure 42: Attitudes towards retirement, by age group, October 2012
- The leisure time of elderly Chinese
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- Figure 43: Leisure activities, by frequency, October 2012
- Level of activity diminishes with age
- The elderly Chinese seeking fun in the sun
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- Figure 44: Holiday travel undertaken in the past 12 months, October 2012
- What products are aimed at elderly Chinese?
- Shifting attitudes in advertising to China’s elderly
- Changing perceptions about what it means to be elderly
- Elderly Chinese online
- What it means
Appendix – The Uncertainties of Growing Old
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- Figure 45: Reasons for retiring, October 2012
- Figure 46: Most popular reasons for retiring, by demographics, October 2012
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- Figure 47: Next most popular reasons for retiring, by demographics, October 2012
- Figure 48: Concerns for the future, October 2012
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- Figure 49: Most popular concerns for the future, by demographics, October 2012
- Figure 50: Next most popular concerns for the future, by demographics, October 2012
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Appendix – Security of Home Ownership
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- Adults aged 20-49
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- Figure 51: Current living situation, October 2012
- Figure 52: Current living situation, by demographics, October 2012
- Figure 53: Number of bedrooms in home, October 2012
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- Figure 54: Number of bedrooms in home, by demographics, October 2012
- Figure 55: Home ownership status of household, October 2012
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- Figure 56: Ownership status of household, by demographics, October 2012
- Figure 57: Household composition, October 2012
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- Figure 58: Household composition, by demographics, October 2012
- Figure 59: Retirement status of parents, October 2012
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- Figure 60: Retirement status of father, by demographics, October 2012
- Figure 61: Retirement status of mother, by demographics, October 2012
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- Figure 62: Current living situation of parent(s), October 2012
- Figure 63: Most popular current living situation of parent(s), by demographics, October 2012
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- Figure 64: Next most popular current living situation of parent(s), by demographics, October 2012
- Retired adults
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- Figure 65: Current type of residence, October 2012
- Figure 66: Most popular current type of residence, by demographics, October 2012
- Figure 67: Size of current residence, by number of bedrooms, October 2012
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- Figure 68: Size of current residence by number of bedrooms, by demographics, October 2012
- Figure 69: Ownership status of current residence, October 2012
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- Figure 70: Most popular ownership status of current residence, by demographics, October 2012
- Figure 71: Next most popular ownership status of current residence, by demographics, October 2012
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- Figure 72: Relationship of people living in the residence, October 2012
- Figure 73: Relationship of people living in the residence, by demographics, October 2012
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- Figure 74: Current residence compared to pre-retirement, by type of residence and location, October 2012
- Figure 75: Current residence compared to pre-retirement, by type of home, by demographics, October 2012
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- Figure 76: Most popular current residence compared to pre-retirement, by location of home, by demographics, October 2012
Appendix – Financial Planning for Retirement
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- Adults aged 20-49
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- Figure 77: Financial planning for parents’ retirements, October 2012
- Figure 78: Financial planning for parents’ retirements, by demographics, October 2012
- Figure 79: Help given by parent(s) in care of child(ren), October 2012
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- Figure 80: Most popular help given by parent(s) in care of child(ren), by demographics, October 2012
- Figure 81: Next most popular help given by parent(s) in care of child(ren), by demographics, October 2012
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- Figure 82: Financial planning for parents’ healthcare, October 2012
- Figure 83: Long-term life insurance for parents’ healthcare, by demographics, October 2012
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- Figure 84: Private health insurance for parents’ healthcare, by demographics, October 2012
- Figure 85: Private critical illness insurance for parents’ healthcare, by demographics, October 2012
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- Figure 86: Private savings plan for parents’ healthcare, by demographics, October 2012
- Figure 87: Other investment plan for parents’ healthcare, by demographics, October 2012
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- Figure 88: Planned retirement age, October 2012
- Figure 89: Planned retirement age, by demographics, October 2012
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- Figure 90: Investment/planned investment for future security, October 2012
- Figure 91: Invest/plan to invest for future security, by demographics, October 2012
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- Figure 92: Long-term life insurance for future security, by demographics, October 2012
- Figure 93: Private health insurance for future security, by demographics, October 2012
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- Figure 94: Private critical illness insurance for future security, by demographics, October 2012
- Figure 95: Private savings plan for future security, by demographics, October 2012
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- Figure 96: Other investment plan for future security, by demographics, October 2012
- Figure 97: Ownership of investments as potential source of retirement funds, October 2012
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- Figure 98: Ownership of investments as potential source of retirement funds, by demographics, October 2012
- Retired adults
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- Figure 99: Current financial situation, October 2012
- Figure 100: Most popular current financial situation, by demographics, October 2012
- Figure 101: Next most popular current financial situation, by demographics, October 2012
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- Figure 102: Retirement-related investments made, October 2012
- Figure 103: Long-term life insurance investments made, by demographics, October 2012
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- Figure 104: Private health insurance investments made, by demographics, October 2012
- Figure 105: Private critical illness insurance investments made, by demographics, October 2012
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- Figure 106: Private savings plan investments made, by demographics, October 2012
- Figure 107: Other investment plan investments made, by demographics, October 2012
Appendix – Keeping Healthy and Active in Retirement
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- Adults aged 20-49
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- Figure 108: Who pays for parents’ medical expenses, October 2012
- Figure 109: Who pays for parents’ prescription medicines, by demographics, October 2012
- Figure 110: Who pays for parents’ hospital fees, by demographics, October 2012
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- Figure 111: Who pays for parents’ dental fees, by demographics, October 2012
- Figure 112: Who pays for parents’ transport to and from doctors, hospital, treatments etc, by demographics, October 2012
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- Figure 113: Who pays for parents’ cost for traditional Chinese medicine, by demographics, October 2012
- Figure 114: Who pays for parents’ therapy costs, by demographics, October 2012
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- Figure 115: Expected living arrangements after retirement, October 2012
- Figure 116: Type of home living arrangements after retirement, by demographics, October 2012
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- Figure 117: Location of home living arrangements after retirement, by demographics, October 2012
- Figure 118: Expected activities after retirement, October 2012
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- Figure 119: Most popular expected activities after retirement, by demographics, October 2012
- Figure 120: Next most popular expected activities after retirement, by demographics, October 2012
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- Figure 121: Other expected activities after retirement, by demographics, October 2012
- Retired adults
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- Figure 122: Who pays for medical costs, by type of fees, October 2012
- Figure 123: Who pays for prescription medicines, by demographics, October 2012
- Figure 124: Who pays for hospital fees, by demographics, October 2012
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- Figure 125: Who pays for dental fees, by demographics, October 2012
- Figure 126: Who pays for transport to and from doctors, hospital, treatments etc, by demographics, October 2012
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- Figure 127: Who pays for traditional Chinese medicine, by demographics, October 2012
- Figure 128: Who pays for therapy costs, by demographics, October 2012
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- Figure 129: Comparing life after retirement with life before, October 2012
- Figure 130: Most popular comparing life after retirement with life before, by demographics, October 2012
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- Figure 131: Next most popular comparing life after retirement with life before, by demographics, October 2012
- Figure 132: Other comparing life after retirement with life before, by demographics, October 2012
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- Figure 133: Activities taken up since retirement, October 2012
- Figure 134: Most popular activities taken-up since retirement, by demographics, October 2012
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- Figure 135: Next most popular activities taken-up since retirement, by demographics, October 2012
- Figure 136: Other activities taken-up since retirement, by demographics, October 2012
Appendix – Spending Habits in Retirement
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- Figure 137: Main type of store visited for main weekly, or occasional top-up grocery shopping, October 2012
- Figure 138: Most popular main type of store visited for main weekly grocery shopping, by demographics, October 2012
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- Figure 139: Most popular main type of store visited for top-up shopping, by demographics, October 2012
- Figure 140: Next most popular main type of store visited for top-up shopping, by demographics, October 2012
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- Figure 141: Level of consumption of different products since retirement, October 2012
- Figure 142: Level of consumption since retirement of fresh fruit and vegetables, by demographics, October 2012
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- Figure 143: Level of consumption since retirement of meat, by demographics, October 2012
- Figure 144: Level of consumption since retirement of seafood, by demographics, October 2012
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- Figure 145: Level of consumption since retirement of dairy, by demographics, October 2012
- Figure 146: Level of consumption since retirement of prepared/convenience foods, by demographics, October 2012
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- Figure 147: Level of consumption since retirement of baked foods, by demographics, October 2012
- Figure 148: Level of consumption since retirement of snack foods, by demographics, October 2012
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- Figure 149: Level of consumption since retirement of confectionery, by demographics, October 2012
- Figure 150: Level of consumption since retirement of soft drinks, by demographics, October 2012
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- Figure 151: Level of consumption since retirement of alcoholic drinks, by demographics, October 2012
- Figure 152: Level of consumption since retirement of cosmetics, by demographics, October 2012
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- Figure 153: Level of consumption since retirement of toiletries, by demographics, October 2012
- Figure 154: Level of consumption since retirement of household cleaning goods, by demographics, October 2012
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- Figure 155: Level of consumption since retirement of small electrical appliances, by demographics, October 2012
- Figure 156: Level of consumption since retirement of large electrical appliances, by demographics, October 2012
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- Figure 157: Level of consumption since retirement of consumer electronics, by demographics, October 2012
- Figure 158: Level of consumption since retirement of pharmaceuticals, by demographics, October 2012
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- Figure 159: Discretionary spending, by type of product or service, October 2012
- Figure 160: Most popular discretionary spending, by type of product or service, by demographics, October 2012
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- Figure 161: Next most popular discretionary spending, by type of product or service, by demographics, October 2012
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Appendix – Marketing to China’s Senior Citizens
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- Figure 162: Holiday travel undertaken in the past 12 months, October 2012
- Figure 163: Most popular holiday travel in Asia undertaken in the past 12 months, by demographics, October 2012
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- Figure 164: Frequency of spending leisure time, by type of leisure activity, October 2012
- Figure 165: Frequency of eating out at a restaurant, by demographics, October 2012
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- Figure 166: Frequency of spending leisure time by going to the cinema, by demographics, October 2012
- Figure 167: Frequency of spending leisure time by watching TV/DVD, by demographics, October 2012
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- Figure 168: Frequency of spending leisure time by visiting a cultural venue, by demographics, October 2012
- Figure 169: Frequency of spending leisure time by attending live sports events, by demographics, October 2012
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- Figure 170: Frequency of spending leisure time by visiting a zoo/wildlife park, by demographics, October 2012
- Figure 171: Frequency of spending leisure time by going to the theatre/musical/opera, by demographics, October 2012
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- Figure 172: Frequency of spending leisure time by playing games, by demographics, October 2012
- Figure 173: Frequency of spending leisure time by doing DIY/home improvement, by demographics, October 2012
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- Figure 174: Frequency of spending leisure time by tending your own garden/allotment/grow own fruit and vegetables, by demographics, October 2012
- Figure 175: Frequency of spending leisure time by using a public leisure centre, by demographics, October 2012
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- Figure 176: Frequency of spending leisure time by travelling, by demographics, October 2012
- Figure 177: Frequency of spending leisure time by going shopping, by demographics, October 2012
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- Figure 178: Frequency of spending leisure time by visiting friends or relatives, by demographics, October 2012
- Figure 179: Frequency of spending leisure time by study/learning new skills, by demographics, October 2012
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- Figure 180: Frequency of spending leisure time by doing recreational exercises, by demographics, October 2012
- Figure 181: Frequency of spending leisure time by visiting a day centre, by demographics, October 2012
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- Figure 182: Attitudes towards retirement, October 2012
- Figure 183: Most popular attitudes towards retirement, by demographics, October 2012
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- Figure 184: Next most popular attitudes towards retirement, by demographics, October 2012
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