UK Consumers and Savings Market Report 2021
£ 2,195 (Excl.Tax)
When purchasing 2 reports
When purchasing 3 reports
When purchasing 4+ reports
£ 2,195 (Excl.Tax)
Providing the most comprehensive and up-to-date information and analysis of the UK Consumers and Savings market, including the behaviours, preferences and habits of the consumer.
With the COVID-19 pandemic closing many non-essential shops and leisure activities, many people have accumulated some savings throughout 2020 and into 2021. The number of adults with savings of over £10,000 increased from 40% to 49% between October 2019 and November 2020, with £1.76 trillion saved in household deposits (an 11% increase from 2019).
The pandemic has also highlighted the continued divide between those with high and middle stable incomes and lower income households. People with better financial security were able to save more across the year, with January 2021 lockdowns further exacerbating this gap. However, those who have saved money see it as a more accidental and short-lived benefit rather than a longer-term saving plan.
Understanding how consumers are intending to spend these savings once the pandemic ends could be a major opportunity for companies, as well as connecting with lower income households already struggling to make ends meet. There is an increasingly short-lived window to encouraging long-term saving habits in consumers.
This report covers the current state of the savings market, as well as opportunities to recover the market in both the short and long term. It also explores ways for companies to offer assistance to customers to help build up more financial security.
Read on to discover more details or take a look at all of our UK Financial market research.
Saving Products: Savings accounts, investment accounts, current accounts, easy-access savings accounts, cash ISA (easy access, limited access), NS&I premium bonds, stocks and shares ISA, individual company shares, fixed-rate bond, notice savings accounts.
Written by Douglas Kitchen, a leading analyst in the Finance sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Much of the extra saving during the pandemic has been accidental, forced by the conditions rather than choice. It is therefore understandable that many will be keen to enjoy spending this money when the situation allows. Cancelled plans, missed family occasions and significant pent-up demand for more normal activities will undoubtedly result in a sizeable boost in consumer spending once restrictions are eased. However, savings providers still have an opportunity to help people engage with their savings and to turn a temporary situation into a longer-term behaviour.
Douglas Kitchen
Financial Services Analyst
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.