Table of Contents
Executive Summary
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- Getting to know China’s over-55s
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- Figure 1: Target Groups, October 2014
- Who’s targeting the over-55s, or not?
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- Figure 2: China - Percentage breakdown of new product launches aimed at over-55s by broad product category, 2003-14
- The consumer
- Current financial situations: Well over half of over-55s have money left to spend
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- Figure 3: Consumer current financial situation, October 2014
- Changes in spending habits: Food and healthcare lead the over-55s spending increases
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- Figure 4: Changes in consumer spending habits over the past 12 months, October 2014
- Discretionary spending habits: Food and healthcare also lead discretionary spending
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- Figure 5: Consumer discretionary spending by broad sector of expenditure, October 2014
- Plans for the coming year: Healthier eating and more family time remain key aspirations
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- Figure 6: Consumer planning for activities in the coming 12 months, October 2014
- Holiday plans for the coming year: Family holidays still older consumers’ ideal
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- Figure 7: Consumer planning for holidays in the coming 12 months, October 2014
- Attitudes to shopping: Seniors seek quality and familiarity
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- Figure 8: Consumer attitudes to shopping, October 2014
- Key Issues
- Are China’s over-55s really so conservative?
- Are older consumers still being ignored?
- Getting online and out the apartment
- Experience leads to higher quality expectations
- What we think
Issues and Insights
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- Are China’s over-55s really so conservative?
- The facts
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- Figure 9: Consumer attitudes to trying new shops and trying new products, October 2014
- The implications
- Are older consumers still being ignored?
- The facts
- The implications
- Getting online and out the apartment
- The facts
- The implications
- Experience leads to higher quality expectations
- The facts
- The implications
Trend Applications
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- Without a care
- The Stat:
- The Idea:
- Futures: East Meets West
- The Stat:
- The Idea:
- Futures: Old Gold
- The Stat:
- The Idea:
Getting to Know China’s Over-55s
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- Key points
- Who are China’s over-55s?
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- Figure 10: Target Groups, October 2014
- The ‘Stick to what you know’ consumers
- Who they are
- What they like
- Marketing approach
- The ‘Online and adventurous’ consumers
- Who they are
- What they like
- Marketing approach
- The ‘On a budget and unengaged’ consumers
- Who they are
- What they like
- Marketing approach
- An aging population
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- Figure 11: The population of the over-60s in China, 2000, 2005, 2010 and 2015
- Figure 12: Decline in birth rate over 20 years, 1994-2013
- A huge opportunity market
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- Figure 13: China – Potential size of the over-65s consumer economy, compared with other nation GDP data, 2009-14
- The tradition of filial piety
- Responding to redefined ideas of ‘old age’
Who’s Targeting the Over-55s, Or Not?
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- Key points
- Sectors where over-55s are being actively targeted
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- Figure 14: China - Percentage breakdown of new product launches aimed at over-55s by broad product category, 2003-14
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- Figure 15: China – Percentage of all new products launched each year targeted at the over -55s over the period of 2003-14
- Dairy products aimed at over-55s
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- Figure 16: Percentage breakdown of new dairy product launches aimed at over-55s by product type, 2003-14
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- Figure 17: Companies most active in targeting dairy products at the over-55s, 2003-14
- Breakfast cereal products aimed at over-55s
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- Figure 18: Percentage breakdown of new breakfast cereal launches aimed at over-55s by product type, 2003-14
- Healthcare products aimed at over-55s
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- Figure 19: Percentage breakdown of new healthcare product launches aimed at over-55s by product type, 2003-14
- Hot beverage products aimed at over-55s
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- Figure 20: Percentage breakdown of new hot beverage launches aimed at over-55s by product type, 2003-14
- Sweet spreads
- Bakery products
- Incontinence products
- Other products aimed at over-55s
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- Figure 21: China – Percentage breakdown of other new product launches aimed at over-55s by product type, 2003-14
- Service sectors attracting seniors
- Sectors where over-55s are yet to be actively targeted
- Cosmetics and beauty products and services
- Potential for more healthcare and packaged food products aimed at the over-55s
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- Figure 22: Percentage breakdown of new product launches aimed at over-55s by broad product category, Global vs China, 2003-14
- Financial services
The Consumer – Current Financial Situations
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- Key points
- Well over half of over-55s have money left to spend
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- Figure 23: Consumer current financial situation, October 2014
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- Figure 24: Statements about current financial situation, September 2013
- Men below age of 70 are those most likely to have spare cash
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- Figure 25: Consumer current financial situation, by gender and age group, October 2014
- RMB 8,000 monthly household income the ‘spare cash’ break point
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- Figure 26: Consumer current financial situations, by monthly household income group, October 2014
- Tier 1 still where the extra money is
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- Figure 27: Consumers surveyed by monthly household income and city, October 2014
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- Figure 28: Consumer current financial situation, by city tier, October 2014
- Sectors enjoying spare cash spending
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- Figure 29: Sectors where consumer are spending more over the past 12 months, by current consumer financial situation, October 2014
- Sectors suffering belt-tightening
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- Figure 30: Sectors where consumer are spending less over the past 12 months, by current consumer financial situation, October 2014
- How consumers view their financial situation
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- Figure 31: Consumer views on current financial situation, October 2014
- Supporting children or grandchildren restricts spending
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- Figure 32: Consumer views on current financial situations, by gender and age group, October 2014
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- Figure 33: Consumer views on current financial situations, by monthly household income group, October 2014
- The financial planners are spending more
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- Figure 34: Sectors where consumer spending has increased over the past 12 months, by Consumer views on current financial situations, October 2014
The Consumer – Changes in Spending Habits
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- Key points
- In-home food and healthcare lead the over-55s spending increases
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- Figure 35: Changes in consumer spending habits over the past 12 months, October 2014
- The over-55s spending increases by demographics
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- Figure 36: Changes in consumers spending more over the past 12 months, by gender and age group, October 2014
- The over-55s spending increases by income and employment
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- Figure 37: Changes in consumers spending more over the past 12 months, by monthly household income group, October 2014
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- Figure 38: Changes in consumers spending more over the past 12 months, by employment status, October 2014
The Consumer – Discretionary Spending Habits
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- Key points
- Food and healthcare also lead discretionary spending
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- Figure 39: Consumer discretionary spending by broad sector of expenditure, October 2014
- Discretionary spending by demographics
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- Figure 40: Consumer discretionary spending by broad sector of expenditure, by gender and age group, October 2014
- Discretionary spending by income
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- Figure 41: Consumer discretionary spending by broad sector of expenditure, by monthly household income group, October 2014
- Highly diverse preferences of discretionary spending by location
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- Figure 42: Consumer discretionary spending by broad sector of expenditure, by city, October 2014
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- Figure 43: Consumer discretionary spending by broad sector of expenditure, by city tier, October 2014
- Discretionary spending by key consumer segment
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- Figure 44: Consumer discretionary spending by broad sector of expenditure, by key consumer segment, October 2014
The Consumer – Plans for the Coming Year
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- Key points
- Healthier eating and more family time remain key aspirations
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- Figure 45: Consumer planning for activities in the coming 12 months, October 2014
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- Figure 46: Activities planned for the next 12 months, September 2013
- Life plans by demographics
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- Figure 47: Consumer planning for activities in the coming 12 months, by age group, October 2014
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- Figure 48: Consumer planning for activities in the coming 12 months, by gender and age group, October 2014
- Life plans by income
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- Figure 49: Consumer planning for activities in the coming 12 months, by monthly household income group, October 2014
- Life plans by location
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- Figure 50: Consumer planning for activities in the coming 12 months, by city, October 2014
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- Figure 51: Consumer planning for activities in the coming 12 months, by city tier, October 2014
The Consumer – Holiday Plans for the Coming Year
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- Key points
- Family holidays still older consumers’ ideal
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- Figure 52: Consumer planning for holidays in the coming 12 months, October 2014
The Consumer – Attitudes to Shopping
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- Key points
- Seniors seek quality and familiarity
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- Figure 53: Consumer attitudes to shopping, October 2014
- Seniors’ attitudes to shopping by demographics
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- Figure 54: Consumer attitudes to shopping, by gender and age group, October 2014
- Seniors’ attitudes to shopping by income
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- Figure 55: Consumer attitudes to shopping, by monthly household income group, October 2014
- Seniors’ attitudes to shopping by location
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- Figure 56: Consumer attitudes to shopping, by city, October 2014
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- Figure 57: Consumer attitudes to shopping, by city tier, October 2014
Appendix – The Consumer – Current Financial Situation 1
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- Figure 58: Consumer current financial situations, October 2014
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- Figure 59: Consumer current financial situation, by demographics, October 2014
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- Figure 60: Changes in consumer spending habits over the past 12 months, by current consumer financial situation, October 2014
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Appendix – The Consumer – Current Financial Situation 2
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- Figure 61: Consumer current financial situation, October 2014
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- Figure 62: Consumer current financial situation, by demographics, October 2014
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- Figure 63: Changes in consumer spending habits over the past 12 months, by current consumer financial situation, October 2014
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Appendix – The Consumer – Changes in Spending Habits
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- Figure 64: Changes in consumer spending habits over the past 12 months, October 2014
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- Figure 65: Changes in consumer spending habits over the past 12 months – Food and non-alcoholic beverages for the home, by demographics, October 2014
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- Figure 66: Changes in consumer spending habits over the past 12 months – Medical/healthcare, by demographics, October 2014
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- Figure 67: Changes in consumer spending habits over the past 12 months – Food and non-alcoholic beverages outside of the home, by demographics, October 2014
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- Figure 68: Changes in consumer spending habits over the past 12 months – Holidays/travelling, by demographics, October 2014
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- Figure 69: Changes in consumer spending habits over the past 12 months – Entertainment/leisure, by demographics, October 2014
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- Figure 70: Changes in consumer spending habits over the past 12 months – Fashion, by demographics, October 2014
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- Figure 71: Changes in consumer spending habits over the past 12 months – Household care products, by demographics, October 2014
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- Figure 72: Changes in consumer spending habits over the past 12 months – Personal care, by demographics, October 2014
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- Figure 73: Changes in consumer spending habits over the past 12 months – Mobile phone, by demographics, October 2014
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- Figure 74: Changes in consumer spending habits over the past 12 months – Transport, by demographics, October 2014
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- Figure 75: Changes in consumer spending habits over the past 12 months – Alcoholic drinks and tobacco, by demographics, October 2014
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- Figure 76: Changes in consumer spending habits over the past 12 months – Electronic equipment, by demographics, October 2014
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Appendix – The Consumer – Discretionary Spending Habits
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- Figure 77: Consumer discretionary spending by broad sector of expenditure, October 2014
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- Figure 78: Most popular consumer discretionary spending by broad sector of expenditure, by demographics, October 2014
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- Figure 79: Next most popular consumer discretionary spending by broad sector of expenditure, by demographics, October 2014
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- Figure 80: Other consumer discretionary spending by broad sector of expenditure, by demographics, October 2014
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- Figure 81: Consumer discretionary spending by broad sector of expenditure, by most popular consumer planning for activities in the coming 12 months, October 2014
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- Figure 82: Consumer discretionary spending by broad sector of expenditure, by next most popular consumer planning for activities in the coming 12 months, October 2014
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- Figure 83: Consumer attitudes to shopping, by most popular consumer discretionary spending by broad sector of expenditure, October 2014
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- Figure 84: Consumer attitudes to shopping, by next most popular consumer discretionary spending by broad sector of expenditure, October 2014
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Appendix – The Consumer – Plans for the Coming Year
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- Figure 85: Consumer planning for activities in the coming 12 months, October 2014
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- Figure 86: Most popular consumer planning for activities in the coming 12 months, by demographics, October 2014
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- Figure 87: Next most popular consumer planning for activities in the coming 12 months, by demographics, October 2014
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- Figure 88: Other consumer planning for activities in the coming 12 months, by demographics, October 2014
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- Figure 89: Consumer planning for activities in the coming 12 months, by current consumer financial situation, October 2014
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Appendix – The Consumer – Holiday Plans for the Coming Year
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- Figure 90: Consumer planning for holidays in the coming 12 months, October 2014
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Appendix – The Consumer – Attitudes to shopping
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- Figure 91: Consumer attitudes to shopping, October 2014
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- Figure 92: Agreement with the statement ‘It’s best to stick to shops you’ve been to rather than going to new ones’, by demographics, October 2014
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- Figure 93: Agreement with the statement ‘It is better to stick to the products you use rather than trying new ones’, by demographics, October 2014
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- Figure 94: Agreement with the statement ‘It’s good to experience something new rather than sticking to the same things’, by demographics, October 2014
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- Figure 95: Agreement with the statement ‘It is worth paying a bit more for products that are of higher quality’, by demographics, October 2014
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- Figure 96: Agreement with the statement ‘It is worth waiting until products go on sale to buy’, by demographics, October 2014
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- Figure 97: Agreement with the statement ‘There is a lack of advertisements that target the elder group’, by demographics, October 2014
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- Figure 98: Agreement with the statement ‘There is a lack of products designed for people of my age’, by demographics, October 2014
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- Figure 99: Agreement with the statement ‘Online shopping is just a trend’, by demographics, October 2014
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- Figure 100: Agreement with the statement ‘Online security puts me off online shopping’, by demographics, October 2014
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- Figure 101: Agreement with the statement ‘The process of online shopping is too complicated’, by demographics, October 2014
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- Figure 102: Agreement with the statement ‘It is easier to shop online than in-store’, by demographics, October 2014
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Appendix – Further Analysis by Target Groups
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- Figure 103: Target groups, by demographics, October 2014
- Figure 104: Consumer current financial situation, by target groups, October 2014
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- Figure 105: Consumer current financial situation, by target groups, October 2014
- Figure 106: Changes in consumer spending habits over the past 12 months, by target groups, October 2014
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- Figure 107: Consumer discretionary spending by broad sector of expenditure, by target groups, October 2014
- Figure 108: Consumer attitudes to shopping, by target groups, October 2014
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