UK Lifestyles of the Over-55s Market Report 2021
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The UK Lifestyles of the Over-55s market report identifies consumer attitudes towards retirement lifestyle trends, over 50s consumer spending trends, and quality of life in the UK. This market report covers the market size, market forecast, market segmentation and industry trends for the Lifestyles of the Over-55s market in the UK.
The over-55s prove relatively adventurous when it comes to travel destinations. In the short term, with international travel restrictions still in flux, there is arguably more opportunity to encourage this age group to more freely explore domestic travel. However, longer-term, there is scope to help this wanderlust generation explore the world, with campaigns pitching international travel as an opportunity to feed the cohort’s desire for adventure.
The COVID-19 outbreak – or moreover the associated lockdowns and social distancing measures – has accelerated the digitisation of consumer lifestyles, with the over-55s by no means exempt. However, it can be argued that more must be done to cater to those who are less confident with online shopping for groceries.
Data for Mintel’s Finance Tracker has consistently shown that the over-55s are overall significantly more likely than younger people to describe their current financial situation as healthy. However, with most expecting to – or already living on – a fixed level of income in their retirement, there is a general anxiety about the rising cost of living and having enough money to support their retirement. This is fostering a fiscal bunker mentality across the over-55 cohort, making it hard to encourage this cohort to trade up, be that for clothes and personal care or holidays and leisure experiences.
This paves the way for the so-called “masstige” brands which offer higher-quality, luxurious products at a more attainable price. The fragrance market has been a major innovator in this space in recent years but there is now scope to expand this into the clothing market, with partnerships between luxury brands and popular retailers helping to encourage over-55s to trade up.
Read on to discover more details or take a look at all of our UK Lifestages market research.
Brands: Monzo, Revolut, Starling Bank, H&M, Ted Baker, Marks & Spencer, Zara, Jo Malone, Avro, Igloo, People’s Energy, Coca-Cola, Pelegrims, Saga, Waitrose, Harrods’, Glow Recipe, Abercrombie & Kent, John Lewis Partnership, British Airways, Wendy Wu.
This report, written by Sarah Al Shaalan, a leading analyst in the Lifestyles sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The over-55s are all too aware of the rising cost of living and the implications this has for their pension pots. This is arguably fostering a fiscal bunker mentality across the over-55s, illustrated by a focus on saving and a hesitance to spend more than is necessary. And yet the relative financial strength of this cohort make them an important and highly promising audience for higher-end brands. This paves the way for the so-called “masstige” brands, across the clothing and beauty and personal care categories, that offer higher-quality products at a more attainable price.
Sarah Al Shaalan
EMEA Consumer Lifestyles 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.
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