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Lifestyles of the Over-55s and Seniors - UK - January 2014

“Even though the majority of the over-55s are retired, their household wealth (eg value of property and other financial investments) continues appreciating, providing a buffer in tough economic times. This means that today’s over-55s have largely weathered the downturn much better than younger generations, and the health of their finances provides them with opportunities to judge brands on factors other than low prices and discounts.”

– Ina Mitskavets, Senior Consumer and Lifestyles Analyst

Some questions answered in this report include:

  • How did the British over-55s fare in 2013?
  • How does financial situation influence future plans of the over-55s?
  • What are the biggest financial priorities of the over-55s?
  • Which factors do the over-55s consider important when they shop?

 

There are currently some 18.3 million over-55s in the UK, but by 2018 Mintel estimates that this number will increase to over 20 million over-55s, which will equate to over three in ten Britons. The demographic profile of this segment paints a picture of healthy household finances, helped by high home ownership, savings and investments. This is also reflected in the financial goals of the over-55s, with personal savings and investments a priority for sizeable minorities. However, with many over-55s also supporting their adult offspring or saving for their children’s education, personal goals are increasingly pushed aside.

This report will look at the living situation of the over-55s and reasons for living with relatives, as well as examining the degree of decision-making around the over-55s household. It will further look at their financial priorities and goals for the coming year. Finally, the report will examine things that older consumers prioritise when shopping for themselves and their families.

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Table of contents

  1. Introduction

      • Definitions
        • Methodology
          • Abbreviations
          • Executive Summary

              • The majority of the over-75s live on their own
                • Figure 1: Current living situation, by age, November 2013
              • Supporting adult children takes precedence over pension savings
                • Figure 2: Current financial priorities, November 2013
              • Travelling is the biggest priority for the coming year
                • Figure 3: Future plans, November 2013
              • Low prices without quality compromises
                • Figure 4: Shopping priorities, November 2013
              • What we think
              • Issues in the Market

                  • How did the British over-55s fare in 2013?
                    • How does financial situation influence future plans of the over-55s?
                      • What are the biggest financial priorities of the over-55s?
                        • Which factors do the over-55s consider important when they shop?
                        • Trend Application

                            • Trend: Boomerang Generation
                              • Trend: Without a Care
                                • Mintel Futures: East Meets West
                                • Market Drivers

                                  • Key points
                                    • Trends in the age structure of the UK population
                                      • Figure 5: Trends in the age structure of the UK population, 2008-18
                                    • Demographic profile
                                      • Figure 6: Demographic profile of the over-55s, November 2013
                                    • Working status
                                      • Figure 7: Working status, by age, November 2013
                                    • ACORN group and household income
                                      • Figure 8: ACORN group, by household income, November 2013
                                    • Distribution of wealth by age group
                                      • Figure 9: Property, physical and financial wealth, by age of designated household head, 2008/10
                                    • Home ownership
                                      • Figure 10: Home ownership, November 2013
                                    • Technology use
                                      • Figure 11: Mobile phone use and internet activities, November 2013
                                  • Living Arrangements

                                    • Key points
                                      • Over a third of over-55s live on their own
                                        • Figure 12: Current living situation, November 2013
                                      • More than one in ten 55-64-year-olds live with their children aged 16+
                                        • Figure 13: Current living situation, by age, November 2013
                                      • Over one in ten cite financial unaffordability of living separately
                                        • Figure 14: Reasons for living together, November 2013
                                      • Rise in multi-generational households
                                        • Figure 15: Trends in the number of multi-generational households in the UK, 2003-13
                                    • Household Responsibilities

                                      • Key points
                                        • The need for innovation in elderly care
                                          • Figure 16: Main household responsibilities, November 2013
                                        • Household responsibilities divided along gender lines
                                          • Figure 17: Main household responsibilities, by gender, November 2013
                                        • Over-55s living with adult children take on more responsibilities around the house
                                          • Figure 18: Main household responsibilities, by current living situation, November 2013
                                      • Financial Priorities

                                        • Key points
                                          • Budgeting is a habit for the over-65s
                                            • Figure 19: Changes in budgeting habits compared to the year before, by age, October 2013
                                          • Paying bills and keeping track of spending biggest financial priorities
                                            • Figure 20: Current financial priorities, November 2013
                                          • Affluent over-55s have a wider variety of financial priorities
                                            • Figure 21: Current financial priorities, by household income, November 2013
                                          • Over a fifth of over-55s living with adult children help them financially
                                            • Figure 22: Current financial priorities, by current living situation, November 2013
                                        • Future Plans

                                          • Key points
                                            • Travelling is the biggest priority for the new year
                                              • Figure 23: Future plans, November 2013
                                            • Pensioners are eager to stay active
                                              • Figure 24: Future plans, by age group, November 2013
                                            • Nearly eight in ten over-55s know what they need to do to be healthy
                                              • Figure 25: Attitudes towards healthy lifestyles and healthy eating habits, by age, October 2013
                                            • NPD in healthcare products targeting the over-55s
                                              • Figure 26: Products targeted to the over-55s in the year to December 2013, (Worldwide)
                                            • Lack of products with added vitamins in food and drink category
                                              • Figure 27: Products with claims of vitamin/mineral fortification in the year to December 2013, (UK)
                                            • Technology can provide a low-cost solution for loneliness
                                              • Figure 28: Future plans, by household income, November 2013
                                          • Shopping Habits and Priorities

                                            • Key points
                                              • Three in ten over-55s prioritise products that are easy to use
                                                • Figure 29: Shopping priorities, November 2013
                                              • Over a fifth of the over-75s buy things that are safer to use
                                                • Figure 30: Shopping priorities, by age, November 2013
                                              • Over half of retired singles look for low prices
                                                • Figure 31: Shopping priorities, by gender of pensioners, November 2013
                                              • Supermarkets looking beyond low price
                                                • Figure 32: Factors important when shopping, by supermarkets used, November 2013
                                              • Customer service and previous experience are highly valued
                                                • Figure 33: Factors influencing choice of supermarket, by age, October 2013
                                                • Figure 34: Gifts That Share The Love’ campaign by John Lewis, December 2013
                                            • Appendix – Demographics of the Over-55s

                                                • Figure 35: Demographic overview – Gender and age, November 2013
                                                • Figure 36: Demographic overview – Social grade, November 2013
                                                • Figure 37: Demographic overview – Lifestage and current marital status, November 2013
                                                • Figure 38: Demographic overview – Working status, November 2013
                                                • Figure 39: Demographic overview – Annual household income, November 2013
                                                • Figure 40: Demographic overview - Region, November 2013
                                                • Figure 41: Demographic overview – Accommodation status and cards held, November 2013
                                                • Figure 42: Demographic overview – ACORN group and technology use, November 2013
                                                • Figure 43: Demographic overview – Web use, November 2013
                                                • Figure 44: Demographic overview – Daily newspaper readership and household size, November 2013
                                                • Figure 45: Demographic overview – Education, November 2013
                                                • Figure 46: Demographic overview – Supermarkets used, November 2013
                                                • Figure 47: Demographic overview – Retirement and marital status, November 2013
                                            • Appendix – Living Arrangements

                                                • Figure 48: Most popular current living situation, by demographics, November 2013
                                                • Figure 49: Future plans, by current living situation, November 2013
                                                • Figure 50: Factors important when shopping, by current living situation, November 2013
                                            • Appendix – Household Responsibilities

                                                • Figure 51: Most popular household responsibilities, by demographics, November 2013
                                                • Figure 52: Next most popular household responsibilities, by demographics, November 2013
                                                • Figure 53: Other household responsibilities, by demographics, November 2013
                                                • Figure 54: Repertoire of household responsibilities, by demographics, November 2013
                                            • Appendix – Financial Priorities

                                                • Figure 55: Most popular current financial priorities, by demographics, November 2013
                                                • Figure 56: Next most popular current financial priorities, by demographics, November 2013
                                                • Figure 57: Other current financial priorities, by demographics, November 2013
                                                • Figure 58: Repertoire of current financial priorities, by demographics, November 2013
                                            • Appendix – Future Plans

                                                • Figure 59: Most popular future plans, by demographics, November 2013
                                                • Figure 60: Next most popular future plans, by demographics, November 2013
                                            • Appendix – Shopping Habits and Priorities

                                                • Figure 61: Most popular factors important when shopping, by demographics, November 2013
                                                • Figure 62: Next most popular factors important when shopping, by demographics, November 2013

                                            Companies Covered

                                            To learn more about the companies covered in this report please contact us.

                                            Lifestyles of the Over-55s and Seniors - UK - January 2014

                                            £1,995.00 (Excl.Tax)