Table of Contents
Scope and Themes
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- What you need to know
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- Overview of the Canadian Banking Industry
- Market drivers
- Leading companies
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- Figure 1: Where primary chequing account is held, overall, November 2013
- Innovations and Innovators
- The consumer
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- Figure 2: Banking activities conducted on desktop/laptop and smartphone, overall, November 2013
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- Figure 3: Type(s) of products/accounts held with primary chequing account provider and other institution, November 2013
- Custom consumer groups – Asians
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- Figure 4: Mobile device ownership, Asians and Non-Asians, November 2013
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- Figure 5: Usage of electronic banking, by race, November 2013
- Figure 6: Interest in electronic banking, by race, November 2013
- What we think
Insights and Opportunities
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- Key points
- Consumers need more incentives to use mobile banking
- Asians want better service, but not necessarily personal service
- What’s the point of branches?
Trend Application
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- Inspire Trend: Prepare for the Worst
- Inspire Trend: Life Hacking
- Mintel Futures: Access Anything, Anywhere
The Banking Industry in Canada
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- Key points
- Total Canadian bank and credit union assets total C$4 trillion
- Types of banks and bank regulation in Canada
- Credit unions and caisses populaires
Market Drivers
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- Key points
- Population growth remains dependent on (Asian) immigration
- Fears of a Canadian housing bubble may be easing
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- Figure 7: Attitude statements about Canadian and personal economies, overall, November 2013
- Figure 8: Agreement with statements about Canadian and personal economies, by household income, November 2013
Competitive Context
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- Key points
- Big Five banks control 90% of the Canadian market
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- Figure 9: Largest Canadian banks and caisses populaires by assets and market share as of Oct. 31, 2013
- Largest credit unions outside Quebec
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- Figure 10: Top 5 credit unions outside Quebec by assets, Q4 2012 – Q2 2013
Segment Performance
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- Key points
- Canadian banks still among the world’s safest
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- Figure 11: Canadian Banks – credit ratings and global rankings, 2013
- Banks remain strongly profitable, although growth is slow
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- Figure 12: Financial performance of Canada’s largest banks, 2012 -13
Leading Companies
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- Key points
- Canadian banks
- Canadian credit unions and caisses populaires
Innovations and Innovators
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- Key points
- Sunova is first Canadian credit union to offer Interac Flash
- Interac, RBC, McDonald’s launch mobile debit payments
- Interac Flash rolled out to Coke vending machines
- PayPal offers cloud-based mobile app to check in and pay at restaurants
- MasterCard launches MasterPass digital wallet
- PC Financial, TD launch Canada's first open mobile wallet
- ING Direct facilitates banking through Facebook
- TD launches money transfer service to Visa-branded cards
- RBC announces Secure Cloud, Canada’s first cloud-based mobile payments solution
- RBC brings P2P electronic money transfers to Facebook Messenger
- Mobile cheque deposit comes to Canada
- TD rolls out “green” ATMs
- Capital One offers C$1 million prize in curling contest
- Canadian banker appears on the “Daily Show”
Marketing Strategies
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- Key points
- Examples of advertising
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- Figure 13: ING Direct direct mail ad, 2013
- Figure 14: RBC direct mail ad, 2013
- Figure 15: RBC direct mail ad, 2013
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- Figure 16: RBC direct mail ad, 2013
- Figure 17: TD Canada Trust online ad, 2013
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- Figure 18: ING Direct direct mail ad, 2013
- Figure 19: RBC direct mail ad, 2013
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- Figure 20: Sears Financial direct mail ad, 2013
- Figure 21: CIBC direct mail ad, 2013
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- Figure 22: RBC direct mail ad, 2013
- Figure 23: BMO online ad, 2013
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- Figure 24: Capital One direct mail ad, 2013
- Figure 25: HSBC direct mail ad, 2013
Consumers and Banking Channels
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- Key point
- Most Canadians own a mobile device
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- Figure 26: Mobile devices owned, by gender, November 2013
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- Figure 27: Mobile devices owned, by age, November 2013
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- Figure 28: Mobile devices owned, by gender and age, November 2013
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- Figure 29: Mobile devices owned, by household income, November 2013
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- Figure 30: Mobile devices owned, by provinces, November 2013
- However, Canadians are not yet sold on mobile banking
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- Figure 31: Interest in/use of banking channels, mobile device owners by gender and age, November 2013
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- Figure 32: Interest in/use of banking channels, mobile device owners by household income, November 2013
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- Figure 33: Interest in/use of banking channels, mobile device owners by provinces, November 2013
- Most people bank online, but not on a mobile device
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- Figure 34: Channels used to conduct various types of transactions, overall, November 2013
- PC users primarily paying bills
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- Figure 35: Banking activities conducted on desktop/laptop, by gender and age, November 2013
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- Figure 36: Banking activities conducted on desktop/laptop, by provinces, November 2013
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- Figure 37: Banking activities conducted on desktop/laptop, by gender and household income, November 2013
- Banking activities conducted in branch
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- Figure 38: Banking activities conducted in branch, by gender and age, November 2013
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- Figure 39: Banking activities conducted in branch, by provinces, November 2013
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- Figure 40: Banking activities conducted in branch, by gender and household income, November 2013
- ABM’s used for deposits/withdrawals and little else
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- Figure 41: Banking activities conducted at ABM, by gender and age, November 2013
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- Figure 42: Banking activities conducted at ABM, by gender and household income, November 2013
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- Figure 43: Banking activities conducted at ABM, by provinces, November 2013
Mobile Device Owners and Banking Activity
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- Key points
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- Figure 44: Banking activities conducted with smartphone, by gender and age, November 2013
- Figure 45: Banking activities conducted with smartphone, by household income, November 2013
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- Figure 46: Banking activities conducted with smartphone, by provinces, November 2013
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- Figure 47: Banking activities conducted with tablet, by gender and age, November 2013
- Figure 48: Banking activities conducted with tablet, by provinces, November 2013
Consumers and Banking Products
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- Key points
- Nearly all have chequing accounts
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- Figure 49: Chequing account ownership, by household income, November 2013
- Savings accounts, credit cards are next most popular
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- Figure 50: Type of nonchequing account/product owned, by gender, November 2013
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- Figure 51: Type of nonchequing account/product owned, by age, November 2013
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- Figure 52: Type of nonchequing account/product owned, by household income, November 2013
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- Figure 53: Type of nonchequing account/product owned, by provinces, November 2013
Location of Primary and Secondary Accounts
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- Key points
- Canadians favor the biggest banks
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- Figure 54: Where primary chequing/debit card account is held, by gender and age, November 2013
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- Figure 55: Where primary chequing/debit card account is held, by household income, November 2013
- Figure 56: Where primary chequing/debit card account is held, by provinces, November 2013
- Location of secondary chequing accounts
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- Figure 57: Where other chequing/debit card account(s) are held, by gender and age, November 2013
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- Figure 58: Where other chequing/debit card account(s) are held, by household income, November 2013
- Figure 59: Where other chequing/debit card account(s) are held, by provinces, November 2013
- Other types of accounts
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- Figure 60: Where primary savings/investment/mortgage accounts are held, overall, November 2013
- Figure 61: Where primary investment account (other than retirement account) is held, by household income, November 2013
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- Figure 62: Where primary retirement savings account is held, by household income, November 2013
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- Figure 63: Where primary investment account (other than retirement account) is held, by provinces, November 2013
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- Figure 64: Where primary retirement savings account is held, by province, November 2013
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- Figure 65: Where primary residential home mortgage is held, by household income, November 2013
- Figure 66: Where primary residential home mortgage is held, by province regions, November 2013
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- Figure 67: Where primary general purpose credit card is held, by household income, November 2013
- Figure 68: Where primary general purpose credit card is held, by provinces, November 2013
- Canadians keep secondary accounts at another bank
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- Figure 69: Type(s) of products/accounts held with primary chequing/debit card provider, November 2013
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- Figure 70: Type of products/accounts held at primary chequing/debit account provider, by provinces, November 2013
- Figure 71: Type of products/accounts held at other financial institutions, by provinces, November 2013
- Home equity loans are most popular at primary banks
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- Figure 72: Type(s) of savings/loan products held with primary chequing/debit card provider, November 2013
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- Figure 73: Type of savings/loan products/accounts held at primary chequing/debit account provider, by household income, November 2013
- Figure 74: Type of savings/loan products held at other institution, by household income, November 2013
Loyalty and Switching
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- Key points
- Canadians are extremely loyal to their banks
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- Figure 75: Switched primary bank/credit union/caisse populaire in past five years, by gender and age, November 2013
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- Figure 76: Switched primary bank/credit union/caisse populaire in past five years, by household income, November 2013
- Figure 77: Switched primary bank/credit union/caisse populaire in past five years, by provinces, November 2013
- Very few are even thinking of switching
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- Figure 78: Are considering switching primary bank/credit union/caisse populaire, by gender and age, November 2013
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- Figure 79: Are considering switching primary bank/credit union/caisse populaire, by household income, November 2013
- Lowering fees is the main reason to switch banks
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- Figure 80: Reason would switch primary bank/credit union/caisse populaire, by gender, November 2013
- Security is the main reason people choose their bank
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- Figure 81: Important features in choice of bank/credit union/caisse populaire, November 2013
Attitudes toward Banks
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- Key points
- Canadians not convinced big banks are better than small banks
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- Figure 82: Attitudes toward banks and financial advice, overall, November 2013
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- Figure 83: Any agreement with attitudes toward banks and financial advice, by gender and age, November 2013
- Figure 84: Any agreement with attitudes toward banks and advice, by household income, November 2013
Consumer Financial Priorities
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- Key points
- Canadians remain cautious about saving and spending
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- Figure 85: Attitudes toward Canadian economic outlook and personal financial situation, overall, November 2013
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- Figure 86: Attitudes toward Canadian economic outlook and personal financial situation, by age, November 2013
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- Figure 87: Attitudes toward Canadian economic outlook and personal financial situation, by household income, November 2013
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- Figure 88: Attitudes toward Canadian economic outlook and personal financial situation, by province, November 2013
- Improving credit scores is the highest priority
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- Figure 89: Household financial priorities, November 2013
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- Figure 90: Household financial priorities – any important, by age, November 2013
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- Figure 91: Household financial priorities – any important, by household income, November 2013
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- Figure 92: Household financial priorities – any important, by provinces, November 2013
Custom Consumer Groups – Asians
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- Key points
- Asians much more likely to own mobile devices
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- Figure 93: Mobile devices owned, by race, November 2013
- Yet, they don’t use mobile banking more often
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- Figure 94: Interest in/use of electronic banking, by race, November 2013
- Asians favor the biggest banks
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- Figure 95: Where primary chequing/debit card account is held, by race, November 2013
- Asians are not shy about switching banks…
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- Figure 96: Bank switching behavior, by race, November 2013
- … and would do so again
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- Figure 97: Are considering switching primary bank/credit union/caisse populaire, by race, November 2013
- Asians most likely to switch for lower fees
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- Figure 98: Reason would switch primary bank/credit union/caisse populaire, by race, November 2013
- Asians trust banks more, but love them less
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- Figure 99: Attitudes toward banks and financial advice, by race, November 2013
- They like investment firms even less than banks
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- Figure 100: Attitudes toward investments and investment companies/advisers, by race, November 2013
- Asians own more banking products than others
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- Figure 101: Type of nonchequing account/product owned, by race, November 2013
Cluster Analysis
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- Cluster 1: Big Bank Advice Seekers
- Demographics
- Characteristics
- Opportunity
- Cluster 2: Disinterested Switchers
- Demographics
- Characteristics
- Opportunity
- Cluster 3: Credit Union Conservatives
- Demographics
- Characteristics
- Opportunity
- Cluster characteristic tables
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- Figure 102: Target clusters, November 2013
- Figure 103: Mobile devices owned, by target clusters, November 2013
- Figure 104: Chequing account ownership, by target clusters, November 2013
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- Figure 105: Type of nonchequing account/product owned, by target clusters, November 2013
- Figure 106: Where primary chequing/debit card account is held, by target clusters, November 2013
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- Figure 107: Where other chequing/debit card account(s) are held, by target clusters, November 2013
- Figure 108: Where primary savings account is held, by target clusters, November 2013
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- Figure 109: Where primary investment account (other than retirement account) is held, by target clusters, November 2013
- Figure 110: Where primary retirement savings, by target clusters, November 2013
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- Figure 111: Where primary residential home mortgage is held, by target clusters, November 2013
- Figure 112: Where primary general purpose credit card is held, by target clusters, November 2013
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- Figure 113: Type of products/accounts held at primary chequing/debit account provider, by target clusters, November 2013
- Figure 114: Type of products/accounts held at other financial institutions, by target clusters, November 2013
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- Figure 115: Type of savings/loan products/accounts held at primary chequing/debit account provider, by target clusters, November 2013
- Figure 116: Type of savings/loan products held at other institution, by target clusters, November 2013
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- Figure 117: Whether switched primary bank/credit union/caisse populaire, by target clusters, November 2013
- Figure 118: Are considering switching primary bank/credit union/caisse populaire, by target clusters, November 2013
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- Figure 119: Reason would switch primary bank/credit union/caisse populaire, by target clusters, November 2013
- Figure 120: Any Important features in choice of bank/credit union/caisse populaire, by target clusters, November 2013
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- Figure 121: Any agreement with attitudes toward banks and advice, by target clusters, November 2013
- Figure 122: Interest in/use of electronic banking, by target clusters, November 2013
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- Figure 123: Channels used to conduct transactions – Smartphone, by target clusters, November 2013
- Figure 124: Channels used to conduct transactions – Tablet, by target clusters, November 2013
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- Figure 125: Channels used to conduct transactions – Desktop/Laptop, by target clusters, November 2013
- Figure 126: Channels used to conduct transactions – In branch, by target clusters, November 2013
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- Figure 127: Channels used to conduct transactions – ABM, by target clusters, November 2013
- Cluster demographic tables
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- Figure 128: Target clusters, by demographic, November 2013
- Cluster methodology
Appendix – Trade Associations
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