What you need to know
Consumers have mostly positive experiences of using price comparison websites, with the majority recognising that this is often the only way to find the best deal for a product. However, they still experience frustrations, namely having to use multiple sites to check for the best deal and receiving irrelevant product suggestions.
Price comparison websites are well suited to searching for insurance, where consumers prioritise the overall cost of the product. However, for other products, more factors come into play, and this is when people are more likely to encounter issues, resulting in lower purchase rates.
The launch of Open Banking in early 2018 has brought with it a number of opportunities for price comparison websites to develop their propositions. However, it also poses a major challenge, by making it easier for other types of firms to offer digital comparison tools. With the regulators still very much focused on increasing competition, price comparison websites will face a major challenge to keep up with new innovations and retain their market share.
Products covered in this Report
This Report looks at consumers’ use of price comparison websites when looking to research or arrange financial services products, specifically:
Car insurance
Home buildings and/or contents insurance
Travel insurance
Pet insurance
Life insurance
Current accounts
Savings accounts/Cash ISAs
Credit cards
Mortgages
Personal loans
Travel money
Mintel’s consumer research explores the frustrations consumers experience when using price comparison websites. The Report also looks at how likely consumers are to share their data with a comparison site, and what factors are important when deciding whether to share. It also analyses consumer attitudes towards price comparison websites, and specifically consumer attitudes towards different brands.
