Table of Contents
Introduction
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- Abbreviations and definitions
Executive Summary
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- The market
- Around 70% of internet users have used a price comparison website
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- Figure 1: Products researched/purchased through aggregator sites, April 2013
- Market factors
- Online activity
- Companies, brands and innovations
- Comparethemarket.com is the most widely used aggregator in the last year
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- Figure 2: Aggregator sites used in the last 12 months, April 2013
- Small levels of brand differentiation between the traditional aggregators
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- Figure 3: Attitudes towards and usage of brands in the web aggregators sector, March 2013
- The consumer
- Price comparison website usage by product
- Price comparison selection process
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- Figure 4: Aggregator site selection process, April 2013
- Process completion
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- Figure 5: Price comparison usage and dropout rates, April 2013
- Reasons for dropping out of the quotation process
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- Figure 6: Reasons for not completing a quote, April 2013
- Reasons for dropping out of the purchasing process
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- Figure 7: Reasons for not completing a purchase, April 2013
- Price comparison website concerns
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- Figure 8: Price comparison website concerns, April 2013
- Attitudes towards price comparison websites
- What we think
Issues in the Market
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- Why do customers drop out from the price comparison process?
- What can price comparison websites do to stop people dropping out?
- Do consumers use different price comparison sites for different financial products?
- Can Google capitalise on its brand and search engine dominance?
Trend Application
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- Price matching to compete with direct channels
- Reassuring customers regarding data usage
- Mintel futures: Human
Online Trends
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- Key points
- Three quarters of over-16s now have access to the internet
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- Figure 9: Internet users, Q1 2011-Q1 2013
- Smartphone usage continues to grow
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- Figure 10: Personal ownership of mobile phones, January 2012-April 2013
- A fifth of adults manage their finances on smartphones
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- Figure 11: Information-finding activities performed online in the past three months, by device, April 2013
- The majority of adults have shopped online
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- Figure 12: Online shopping activities performed in the past three months, by device, April 2013
Companies and Products
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- Comparethemarket.com
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- Figure 13: Key financial data for BISL Ltd*, 2011-12
- Confused.com
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- Figure 14: Key financial data for Confused.com, 2011-12
- Figure 15: Key financial data for Admiral’s price comparison websites*, 2010-12
- Gocompare.com
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- Figure 16: Key financial data for Gocompare.com Limited, 2010-11
- Moneysupermarket.com
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- Figure 17: Key financial data for Moneysupermarket.com, 2011-12
- Tesco Compare
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- Figure 18: Key financial data for Tesco Compare, 2011-12
- uSwitch
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- Figure 19: Key financial data for uSwitch, 2010-11
- Others
- lovemoney.com
- money.co.uk
- MoneyExpert.com
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- Figure 20: key financial data for MoneyExpert.com, 2010-11
- TotallyMoney.com
Brand Research
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- Brand map
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- Figure 21: Attitudes towards and usage of brands in the web aggregators sector, March 2013
- Correspondence analysis
- Brand attitudes
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- Figure 22: Attitudes by web aggregators brand, March 2013
- Brand personality
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- Figure 23: Web aggregators brand personality – macro image, March 2013
- Figure 24: Web aggregators brand personality – micro image, March 2013
- Brand experience
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- Figure 25: Web aggregators brand usage, March 2013
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- Figure 26: Satisfaction with various web aggregators brands, March 2013
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- Figure 27: Consideration of web aggregators brands, March 2013
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- Figure 28: Consumer perceptions of current web aggregators brand performance, March 2013
- Figure 29: Web aggregators brand recommendation – Net Promoter Score, March 2013
- Brand index
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- Figure 30: Web aggregators brand index, March 2013
- Figure 31: Web aggregators brand index vs. recommendation, March 2013
- Target group analysis
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- Figure 32: Target groups, March 2013
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- Figure 33: Web aggregators brand usage, by target groups, March 2013
- Group One – Conformists
- Group Two – Simply the Best
- Group Three – Shelf Stalkers
- Group Four – Habitual Shoppers
- Group Five – Individualists
Brand Communication and Promotion
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- Key points
- Aggregators’ adspend increased in 2012/13
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- Figure 34: Overview of advertising expenditure in the financial aggregator market, 2011-13*
- Comparethemarket.com is the number one in terms of adspend
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- Figure 35: Advertising expenditure by selected financial aggregators, 2011-13
- TV advertising is heavily influential in the price comparison market
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- Figure 36: Financial aggregator adspend, by media type, 2011-13*
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- Figure 37: Financial aggregator adspend among selected sites, by media type, 2013*
- A note about adspend
Researching and Purchasing Activity by Product
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- Key points
- One in two adults compares car insurance through aggregators
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- Figure 38: Products researched/purchased through aggregator sites, April 2013
- The majority of young drivers research car insurance on PCWs
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- Figure 39: Car insurance research through price comparison websites, by age, April 2013
- Telematics a challenge and opportunity for aggregator websites
- Almost 50% research up to 4 products, while a third research none
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- Figure 40: Repertoire of products researched through aggregator sites, April 2013
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- Figure 41: Repertoire of products researched through aggregator sites, by gross annual household income, April 2013
- Purchasing levels are even lower, with one in two not buying through PCWs
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- Figure 42: Repertoire of products purchased through aggregator sites, April 2013
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- Figure 43: Products purchased through aggregator sites, by repertoire of products purchased through aggregator sites, by demographics, April 2013
Price Comparison Website Usage by Provider
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- Key points
- Top five websites used widely in the last 12 months
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- Figure 44: Aggregator sites used, April 2013
- Around 50% of price comparison website visitors have used 3-6 websites
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- Figure 45: Repertoire of aggregator sites used, April 2013
- Users of 1-2 price comparison websites turn to the main players
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- Figure 46: Aggregator sites used, by repertoire of aggregator sites used, April 2013
- Loyalty in a market that is designed for switching
- Google can benefit from its search engine dominance
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- Figure 47: Aggregator sites used, by aggregator site selection process, April 2013
Price Comparison Website Usage by Product
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- Key points
- Website usage is influenced by products being researched
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- Figure 48: Price comparison website usage – by product, April 2013
- Two sites have carved out a more savings and investment-focused image
Price Comparison Selection Process
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- Key points
- Consumers have different ways of choosing price comparison websites
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- Figure 49: Aggregator site selection process, April 2013
- Advertising initiatives are important in winning mindshare
- Young adults more likely to search for a price comparison website
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- Figure 50: Aggregator site selection process, by demographics, April 2013
- The selection process is influenced by the products being researched
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- Figure 51: Aggregator site selection process, by products researched/purchased through aggregator sites, April 2013
- Website usage has little influence on the selection process
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- Figure 52: Aggregator site selection process, by the top five most used aggregator websites, April 2013
Process Completion
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- Key points
- Two thirds of adults drop out before purchasing from a PCW
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- Figure 53: Price comparison usage and dropout rates, April 2013
- Dropout rates increase among those doing numerous product searches
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- Figure 54: Price comparison usage and dropout rates, by repertoire of products researched through aggregator sites, April 2013
- Dropout rates are not better even among those that have a favourite website…
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- Figure 55: Price comparison usage and dropout rates, by aggregator site selection process, April 2013
- …although single site users have better conversion rates
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- Figure 56: Price comparison usage and dropout rates, by repertoire of aggregators sites used, April 2013
- Dropout rates are fairly equal among most providers
Reasons for Dropping Out of the Quotation Process
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- Key points
- Length of process and personal questions are major gripes
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- Figure 57: Reasons for not completing a quote, April 2013
- Even adults with a favourite website find the process too long
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- Figure 58: Reasons for not completing a quote, by aggregator site selection process, April 2013
- Adults who cite personal questions are more likely to worry about marketing calls
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- Figure 59: Price comparison website concerns, by reasons for not completing a quote, April 2013
Reasons for Dropping Out of the Purchasing Process
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- Key points
- Direct competition means that many adults do not purchase at the end of a quotation process
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- Figure 60: Reasons for not completing a purchase, April 2013
- Price comparison websites need to reassure customers on price
- Adults purchasing banking products more likely to drop out to check policy details
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- Figure 61: Reasons for not completing a purchase, by products researched through aggregator sites, April 2013
Consumer Concerns about Price Comparison Websites
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- Key points
- Consumers have a range of concerns when using PCWs, but a third have none
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- Figure 62: Price comparison website concerns, April 2013
- Older customers more worried about whole of market limitations, and marketing calls
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- Figure 63: Price comparison website concerns, by age, April 2013
- Aggregator sites are mainly viewed the same when it comes to concerns
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- Figure 64: Price comparison website concerns, by aggregators sites used, April 2013
- Adults who have dropped out of the process more likely to have concerns
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- Figure 65: Price comparison website concerns, by price comparison usage and dropout rates, April 2013
Attitudes Towards Price Comparison Websites
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- Key points
- Convenience and saving money are the two main benefits
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- Figure 66: Attitudes towards price comparison websites, April 2013
- Having a favourite website makes customers see website differentiation
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- Figure 67: Attitudes towards price comparison websites, by aggregator site selection process, April 2013
- Dropouts more likely to view PCWs as a research tool
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- Figure 68: Attitudes towards price comparison websites, by price comparison usage and dropout rates, April 2013
- Cashback offers can be used to replicate rewards for loyalty
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- Figure 69: Attitudes towards price comparison websites, by agreement with ‘price comparison websites do not reward loyalty’, April 2013
- Those who go to check other websites do so for a number of reasons
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- Figure 70: Attitudes towards price comparison websites, by reasons for not completing a purchase, April 2013
Appendix – Brand Research
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- Figure 71: Brand usage, March 2013
- Figure 72: Brand commitment, March 2013
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- Figure 73: Brand momentum, March 2013
- Figure 74: Brand diversity, March 2013
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- Figure 75: Brand satisfaction, March 2013
- Figure 76: Brand recommendation, March 2013
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- Figure 77: Brand attitude, March 2013
- Figure 78: Brand image – macro image, March 2013
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- Figure 79: Brand image – micro image, March 2013
- Figure 80: Profile of target groups, by demographics, March 2013
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- Figure 81: Psychographic segmentation by target groups, March 2013
- Figure 82: Brand usage, by target groups, March 2013
- Brand index
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- Figure 83: Brand index, March 2013
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Appendix – Researching and Purchasing Activity by Product
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- Figure 84: Most commonly researched products on a price comparison website, by demographics, April 2013
- Figure 85: Less commonly researched products on a price comparison website, by demographics, April 2013
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- Figure 86: Infrequently researched products on a price comparison website, by demographics, April 2013
- Figure 87: Most commonly purchased products via a price comparison website, by demographics, April 2013
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- Figure 88: Less commonly purchased products via a price comparison website, by demographics, April 2013
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Appendix – Price Comparison Website Usage by Provider
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- Figure 89: Usage of Comparethemarket.com, by demographics, April 2013
- Figure 90: Usage of Confused.com, by demographics, April 2013
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- Figure 91: Usage of MoneySavingExpert.com, by demographics, April 2013
- Figure 92: Usage of Moneysupermarket.com, by demographics, April 2013
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- Figure 93: Usage of Gocompare.com, by demographics, April 2013
- Figure 94: Usage of uSwitch.com, by demographics, April 2013
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- Figure 95: Usage of MoneyExpert.com, by demographics, April 2013
- Figure 96: Usage of Tescocompare.com, by demographics, April 2013
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- Figure 97: Usage of Google’s comparison service, by demographics, April 2013
- Figure 98: Usage of Moneyfacts.com, by demographics, April 2013
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- Figure 99: Usage of Lovemoney.com, by demographics, April 2013
- Figure 100: Usage of Money Advice Service, by demographics, April 2013
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- Figure 101: Usage of Money.co.uk, by demographics, April 2013
- Figure 102: Usage of TotallyMoney.com, by demographics, April 2013
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- Figure 103: Usage of other aggregator sites, by demographics, April 2013
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Appendix – Price Comparison Selection Process
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- Figure 104: Aggregator site selection process, by demographics, April 2013
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Appendix – Process Completion
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- Figure 105: Price comparison usage and dropout rates, by demographics, April 2013
- Figure 106: Price comparison usage and dropout rates, by top five aggregator sites used, April 2013
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Appendix – Reasons for Dropping Out of the Quotation Process
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- Figure 107: Reasons for not completing a quote, by demographics, April 2013
- Figure 108: Reasons for not completing a quote, by most widely used aggregator sites, April 2013
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- Figure 109: Reasons for not completing a quote, by less frequently used aggregator sites, April 2013
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Appendix – Reasons for Dropping Out of the Purchasing Process
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- Figure 110: Reasons for not completing a purchase, by demographics, April 2013
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Appendix – Consumer Concerns about Price Comparison Website
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- Figure 111: Main price comparison website concerns, by demographics, April 2013
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- Figure 112: Less important price comparison website concerns, by demographics, April 2013
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Appendix – Attitudes Towards Price Comparison Websites
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- Figure 113: Attitudes towards price comparison websites, by demographics, April 2013
- Figure 114: Attitudes towards price comparison websites continued, by demographics, April 2013
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