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Lifestyles of the Over-55s - UK - April 2012

“Today’s over-55s feel relatively sheltered from the economic turmoil as high home and asset ownership as well as absence of dependents afford more financial freedom. The over-55 consumers don’t mind paying a premium price for products of genuine quality. However brands’ marketing strategies need to be more inclusive of this demographic, as 2.3 million adults aged 55+ feel that companies and stores don’t cater to the tastes of their age group.”

– Ina Mitskavets, Consumer and Lifestyles Analyst

Some questions answered in this report include:

  • What are the future plans of retired and non-retired over-55s?
  • What is the current financial situation of those who are retired vs those working?
  • What is the technology use of the over-55s?
  • How do finances dictate shopping choices?

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Table of contents

  1. Introduction

      • Methodology
        • Abbreviations
        • Executive Summary

            • Demographic analysis
              • Figure 1: Demographic profile of the over-55s, February 2012
            • Future plans
              • Figure 2: Future plans, by retirement status, February 2012
            • Financial comfort in retirement
              • Figure 3: Current financial situation, by retirement status, February 2012
            • Techno phobia?
              • Figure 4: Technology usage, by age, February 2012
            • Finances dictate shopping choices
              • Figure 5: Attitudes towards shopping, by current financial situation, February 2012
            • Demand for age-appropriate products stifled by lack of choice
              • Figure 6: Attitudes towards advertising and shopping, by age, February 2012
          • Future Opportunities

              • Trend: Power of one
                • Trend: Retired for hire
                • Market Trends

                  • Key points
                    • Population trends
                      • Figure 7: Trends in the structure of the UK population aged 55+, 2012 and 2017
                    • Lifestage
                      • Figure 8: Lifestage of the over-55s, February 2012
                    • Age of retirement
                      • Figure 9: Proportion of UK adults leaving the labour market, by gender and age, April to June 2011
                    • State pensions
                      • Figure 10: Proportion of UK pensioners on different percentages of Basic State Pension, September 2010
                    • Household savings
                      • Figure 11: Total household savings, by age of head of household, UK, 2006/08
                  • Demographic Overview

                    • Key points
                      • Demographic analysis
                        • Figure 12: Demographic profile of the over-55s, February 2012
                      • Household income
                        • Figure 13: Gross household income of the over-55s, February 2012
                      • Home owners less worried about finances
                        • Figure 14: Home and car ownership, February 2012
                      • Car ownership high amongst the over-55s
                        • ACORN group
                          • Figure 15: ACORN group, February 2012
                      • Reasons for Retiring

                        • Key points
                          • Reasons for retiring
                            • Figure 16: Reasons for retirement, February 2012 and February 2011
                          • Men are more financially prepared for retirement
                            • Figure 17: Biggest reasons for retirement, by gender, February 2012
                        • Future Plans

                          • Key points
                            • Couples make more plans
                              • Figure 18: Future plans, by retirement status, February 2012
                            • Is an active lifestyle affordable?
                              • Figure 19: Number of things over 55s are planning to do in the coming year, February 2012
                            • Activity drops off with age
                              • Figure 20: Future plans, by age, February 2012
                            • Retirees are staying active
                              • Figure 21: Future plans, by reasons for retirement, February 2012
                            • Staycations still popular
                              • Figure 22: Holiday plans, by retirement status, February 2012
                          • Current Financial Situation

                            • Key points
                              • Peace of mind in retirement
                                • Figure 23: Current financial situation, by retirement status, February 2012
                              • No time to think about savings
                                • Figure 24: Breakdown of aggregate saving where head of household is aged 50-64, UK, 2006/08
                              • Over-55s spend extra income on their appearance
                                • Figure 25: How extra money is spent, April 2012
                                • Figure 26: Marks & Spencer Spring and Summer 2012 images from collections for women and men, April 2012
                              • Empty nest encourages higher spend
                              • Technology Use and Internet Activities

                                • Key points
                                  • Barriers to technology adoption
                                    • Figure 27: Selected technology products owned, by age, February 2012
                                  • Techno phobia?
                                    • Figure 28: Technology usage, by age, February 2012
                                  • Over-55s cushion decline in newspaper readership
                                    • Figure 29: Internet usage and daily newspaper readership, February 2012
                                    • Figure 30: Daily newspaper readership, by age, February 2012
                                  • Focus on practical activities online
                                    • Figure 31: Online activities, by age, February 2012
                                • Changes in Spending Habits

                                  • Key points
                                    • Homeward bound
                                      • Figure 32: Changing in spending habits, February 2012
                                    • Tesco’s rivals catching up
                                      • Figure 33: Supermarkets used for main grocery shopping, February 2012
                                      • Figure 34: Supermarkets used for main grocery shopping, by household income, February 2012
                                  • Attitudes Towards Shopping

                                    • Key points
                                      • Focus on the familiar
                                        • Figure 35: Attitudes towards shopping, by retirement status, February 2012
                                      • Finances dictate shopping choices
                                        • Figure 36: Attitudes towards shopping, by current financial situation, February 2012
                                      • More deals in urban centres
                                        • Figure 37: Attitudes towards shopping, by current financial situation, February 2012
                                      • Demand for age-appropriate products stifled by lack of choice
                                        • Figure 38: Attitudes towards advertising and shopping, by age, February 2012
                                    • Over-55s Typologies

                                      • Key points
                                        • Figure 39: Consumer typologies, February 2012
                                      • The Lean Means (40%) – 7.3 million adults aged 55+
                                        • Who are they?
                                          • The Prosperous Adventurers (35%) – 6.3 million adults aged 55+
                                            • Who are they?
                                              • The Family-Oriented (25%) – 4.5 million adults aged 55+
                                                • Who are they?
                                                • Appendix – Reasons for Retiring

                                                    • Figure 40: Reasons for retirement, by demographics, February 2012
                                                    • Figure 41: Reasons for retirement, by pensioner age, February 2012 and February 2011
                                                    • Figure 42: Future plans, by reasons for retirement, February 2012
                                                    • Figure 43: Repertoire of future plans, by reasons for retirement, February 2012
                                                    • Figure 44: Holidays, by reasons for retirement, February 2012
                                                    • Figure 45: Current financial situation, by reasons for retirement, February 2012
                                                    • Figure 46: Attitudes towards shopping, by reasons for retirement, February 2012
                                                • Appendix – Future Plans

                                                    • Figure 47: Most popular future plans, by demographics, February 2012
                                                    • Figure 48: Next most popular future plans, by demographics, February 2012
                                                    • Figure 49: Repertoire of future plans, February 2012
                                                    • Figure 50: Reasons for retirement, by repertoire of future plans, February 2012
                                                    • Figure 51: Holidays plans, by repertoire of future plans, February 2012
                                                    • Figure 52: Current financial situation, by repertoire of future plans, February 2012
                                                    • Figure 53: Attitudes towards shopping, by repertoire of future plans, February 2012
                                                    • Figure 54: Most popular holidays, by demographics, February 2012
                                                    • Figure 55: Next most popular holidays, by demographics, February 2012
                                                • Appendix – Current Financial Situation

                                                    • Figure 56: Current financial situation, by demographics, February 2012
                                                    • Figure 57: Reasons for retirement, by current financial situation, February 2012
                                                    • Figure 58: Future plans, by current financial situation, February 2012
                                                    • Figure 59: Repertoire of future plans, by current financial situation, February 2012
                                                    • Figure 60: Holidays, by current financial situation, February 2012
                                                    • Figure 61: Changes in spending, by current financial situation, February 2012
                                                    • Figure 62: Attitudes towards shopping, by current financial situation, February 2012
                                                • Appendix – Changes in Spending Habits

                                                    • Figure 63: Changes in spending, February 2012
                                                    • Figure 64: Spending on home food, by demographics, February 2012
                                                    • Figure 65: Spending on eating out and takeaways, by demographics, February 2012
                                                    • Figure 66: spending on alcoholic drinks, by demographics, February 2012
                                                    • Figure 67: Spending on personal care and healthcare products, by demographics, February 2012
                                                    • Figure 68: Spending on clothing and accessories, by demographics, February 2012
                                                    • Figure 69: Spending on electronic equipment, by demographics, February 2012
                                                    • Figure 70: Spending on mobile phone, by demographics, February 2012
                                                    • Figure 71: Spending on entertainment/leisure, by demographics, February 2012
                                                    • Figure 72: Spending on home and garden, by demographics, February 2012
                                                    • Figure 73: Spending on transport, by demographics, February 2012
                                                    • Figure 74: Spending on housing, by demographics, February 2012
                                                    • Figure 75: Spending on holidays, by demographics, February 2012
                                                • Appendix – Attitudes Towards Shopping

                                                    • Figure 76: Most popular attitudes towards shopping, by demographics, February 2012
                                                    • Figure 77: Next most popular attitudes towards shopping, by demographics, February 2012
                                                • Appendix – Over-55s Typologies

                                                    • Figure 78: Demographics, by target groups, February 2012
                                                    • Figure 79: Reasons for retirement, by target groups, February 2012
                                                    • Figure 80: Future plans, by target groups, February 2012
                                                    • Figure 81: Holidays, by target groups, February 2012
                                                    • Figure 82: Current financial situation, by target groups, February 2012
                                                    • Figure 83: Changes in spending, by target groups, February 2012
                                                    • Figure 84: Attitudes towards shopping, by target groups, February 2012

                                                Companies Covered

                                                • Age UK
                                                • Apple Computer UK Ltd
                                                • Asda Group Ltd
                                                • Aviva Plc
                                                • British Retail Consortium
                                                • Consumer Credit Counselling Service
                                                • Government Actuary's Department (GAD)
                                                • Groupon, Inc.
                                                • Halifax Mortgage Services
                                                • Ipsos MORI
                                                • J. Sainsbury
                                                • Kantar Media
                                                • Marks & Spencer
                                                • Prudential plc
                                                • Skype Technologies S.A.
                                                • Tesco Plc
                                                • Waitrose
                                                • Wm Morrison Supermarkets

                                                Lifestyles of the Over-55s - UK - April 2012

                                                US $2,478.79 (Excl.Tax)