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Lifestyles of the Ultra-affluent and HNWIs - UK - August 2012

“The desire for special treatment is strong amongst the ultra-affluent and High Net Worth demographic. The majority enjoy splashing out on restaurant meals and have shown that they are prepared to pay extra for premier seating. Coupled with high brand loyalty, this finding provides great opportunities for brands to establish go-to products and experiences, to capture this lucrative segment.”

– Ina Mitskavets, Senior Consumer and Lifestyles Analyst

Some questions answered in this report include:

  • Will the ultra-affluent and HNWIs spend the UK out of the recession?
  • How can wealth be more evenly distributed?
  • What factors influence the purchasing decisions of ultra-affluents and HNWIs?
  • What are ultra-affluents and HNWIs spending their money on?
  • Who influences the spending habits of the ultra-affluents and HNWIs?

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Table of contents

  1. Introduction

      • Methodology
        • Definitions
          • Abbreviations
          • Issues in the Market

              • Will the ultra-affluent and HNWIs spend the UK out of the recession?
                • How can wealth be more evenly distributed?
                  • What factors influence the purchasing decisions of ultra-affluents and HNWIs?
                    • What are ultra-affluents and HNWIs spending their money on?
                      • Who influences the spending habits of the ultra-affluents and HNWIs?
                      • Executive Summary

                          • Demographic overview
                            • Figure 1: Demographic overview, June 2012
                          • Affluence perpetuates itself
                            • Figure 2: Gross annual household income, by value of investable assets, June 2012
                          • Cautious spending patterns
                            • Figure 3: Changes in financial and investment habits over the past year, June 2012
                          • Quality at reasonable price
                            • Figure 4: Factors that influence purchasing decisions, June 2012
                          • High vehicle ownership
                            • Figure 5: Car ownership, March 2012 and June 2012
                          • Conservative leanings prevail
                            • Figure 6: Attitudes towards technology, June 2012
                          • All in the family
                            • Figure 7: Regular family activities, June 2012
                          • More generous donations come from the highest earners
                            • Figure 8: Amount donated to charity in the past year, by household income, June 2012
                          • Overseas holiday destinations more desirable
                            • Figure 9: Amount spent on holidays in the past year, by gender and age, June 2012
                          • Putting high value on independence
                            • Figure 10: Self-image attitudes, June 2012
                        • Trend Application

                            • Trend: Click and Connect
                              • Trend: No Resting Place
                                • 2015 Trend: Old Gold
                                • Market Environment

                                  • Key points
                                    • Personal income tax liabilities
                                      • Figure 11: Income tax liabilities, by income range, 2010-11
                                    • Property ownership
                                      • Figure 12: Household gross property wealth: summary statistics, 2006/08-2008/10
                                    • Higher end of property fares well
                                      • Figure 13: Owners of other property (not including main residence): by property value bands, 2006/08-2008/10
                                    • Investments of passion on the rise
                                      • Figure 14: Household collectables and valuables: distribution of households by banded values, 2006/08-2008/10, UK
                                  • Demographic Profile of the Ultra-affluent and HNWIs

                                    • Key points
                                      • The north-south divide in affluence revealed
                                        • Figure 15: Demographic overview, June 2012
                                      • Most respondents hail from Western Europe
                                        • Figure 16: Place of birth, June 2012
                                      • Women hold their own
                                        • Figure 17: Gender, by age, June 2012
                                      • The importance of partnerships
                                        • Figure 18: Demographic overview, continued, June 2012
                                      • The HNWIs skew male and older
                                        • Figure 19: Value of investable assets, June 2012
                                      • The British rich are getting richer
                                        • Figure 20: Gross annual household income, by value of investable assets, June 2012
                                      • Shared responsibilities strengthen relationships
                                        • Figure 21: Main income earner and main shopper status, by gender, June 2012
                                    • Finances

                                      • Key points
                                        • Financial comfort despite the downturn
                                          • Figure 22: Current and future financial situation, June 2012
                                        • Most households have a sole financial decision-maker
                                          • Figure 23: Influence in financial decision-making, June 2012
                                        • Men more influential in managing household finances
                                          • Figure 24: Influence in financial decision-making, by gender and age, June 2012
                                        • Nearly three in ten don't rely on anyone for financial advice
                                          • Figure 25: Sources of financial advice, June 2012
                                        • No major changes in spending
                                          • Figure 26: Changes in financial and investment habits over the past year, June 2012
                                        • Concierge services – emerging field
                                          • Figure 27: Usage of paid or free concierge services over the past year, June 2012
                                        • Concierge services provide added-value in premium accounts
                                          • Figure 28: Usage of specific paid or free concierge services over the past year, June 2012
                                      • Shopping Habits

                                        • Key points
                                          • Department stores rule the roost
                                            • Figure 29: Preferred shopping destinations for weekend clothes, June 2012
                                          • Paying full-price less fashionable in downturn
                                            • Figure 30: Preferred brands of weekend clothes, June 2012
                                          • Strong popularity of top-end supermarkets
                                            • Figure 31: Preferred grocery shopping stores, June 2012
                                          • Women more willing to splash out on restaurant meals
                                            • Figure 32: Price paid for an everyday two-course dinner and wine outside of home, June 2012
                                          • Online is catching up to department stores
                                            • Figure 33: Preferred shopping destinations for a home cinema system, June 2012
                                          • No room for budgeting on durables
                                            • Figure 34: Preferred brands of home cinema system, June 2012
                                          • Chains breaking into premium territory
                                            • Figure 35: Preferred shopping destinations for a face cream or a shaving cream, June 2012
                                          • Keeping it simple
                                            • Figure 36: Preferred brands of face cream or shaving cream, June 2012
                                          • Balancing quality with value
                                            • Figure 37: Factors that influence purchasing decisions, June 2012
                                          • No shame in buying on discount
                                            • Figure 38: Attitudes towards shopping, June 2012
                                          • Prepared to pay for special treatment
                                            • No frills shoppers
                                            • Automotive ownership

                                              • Key points
                                                • Greater resilience in the face of fuel price increases
                                                  • Figure 39: Car ownership, March 2012 and June 2012
                                                • Luxury equals quality
                                                  • Figure 40: Luxury car ownership, June 2012
                                                • Luxury car sales persist through the recession
                                                  • Figure 41: Market share of luxury new car registrations in the UK, 2006-11
                                                • Typical luxury car owners are younger and very affluent
                                                  • Figure 42: Demographic profile of luxury car owners, June 2012
                                                • Luxury alongside mass-market
                                                  • Figure 43: Car makes owned, June 2012
                                              • Technology Ownership and Media Habits

                                                • Key points
                                                  • Nothing better than watching TV
                                                    • Figure 44: Weekly time spent with media, June 2012
                                                  • Over eight in ten manage finances online
                                                    • Figure 45: Weekly online activities, June 2012
                                                  • Online engagement correlates with age
                                                    • Figure 46: Number of weekly online activities, June 2012
                                                  • Younger adults have higher interest in portable technologies
                                                    • Figure 47: Personal technology used, June 2012
                                                  • Number of devices used increases with level of affluence
                                                    • Figure 48: Number of devices used personally, June 2012
                                                  • Generally cautious attitudes towards technology prevail
                                                    • Figure 49: Attitudes towards technology, June 2012
                                                • Family Activities

                                                  • Key points
                                                    • A great degree of family unity
                                                      • Figure 50: Regular family activities, June 2012
                                                    • Expressing affection with gifts
                                                      • Figure 51: Attitudes towards family life, June 2012
                                                    • Tipping scales towards more family time
                                                      • Over a fifth donated £1000 or more in the past year
                                                        • Figure 52: Amount donated to charity in the past year (£), June 2012
                                                      • Younger adults less willing to disclose amounts donated
                                                        • Figure 53: Amount donated to charity in the past year, by age, June 2012
                                                      • Charitable contributions rise with level of affluence
                                                        • Figure 54: Amount donated to charity in the past year, by household income, June 2012
                                                    • Property Ownership and Holidays

                                                      • Key points
                                                        • 70% go on at least four holidays a year
                                                          • Figure 55: Number of holidays taken in the past year, June 2012
                                                        • Holiday spend is high
                                                          • Figure 56: Amount spent on holidays in the past year, by gender and age, June 2012
                                                        • Escaping with regular holiday fixes
                                                          • Figure 57: Holiday habits, June 2012
                                                        • Highest spenders book via the internet
                                                          • Higher holiday home ownership amongst the younger adults
                                                            • Figure 58: Property ownership, June 2012
                                                        • Sources of Influence and Self-Image

                                                          • Key points
                                                            • Men in the lead
                                                              • Figure 59: Attitudes towards influence, June 2012
                                                            • Family is first
                                                              • Family as the most important source of information
                                                                • Figure 60: Sources informing purchasing decisions, June 2012
                                                              • Independence, rather than status, is valued
                                                                • Figure 61: Self-image attitudes, June 2012
                                                            • Appendix – Finances

                                                                • Figure 62: Financial decision-making, by demographics, June 2012
                                                                • Figure 63: Sources of financial information, by demographics, June 2012
                                                                • Figure 64: Changes in financial habits over the past year, by demographics, June 2012
                                                                • Figure 65: Repertoire of usage of concierge services, by demographics, June 2012
                                                            • Appendix – Shopping Habits

                                                                • Figure 66: Most popular preferred shopping destinations (weekend clothes), by demographics, June 2012
                                                                • Figure 67: Most popular preferred shopping destinations (groceries for a meal at home), by demographics, June 2012
                                                                • Figure 68: Most popular preferred shopping destinations (home cinema system), by demographics, June 2012
                                                                • Figure 69: Preferred shopping destinations (face cream/shaving cream), by demographics, June 2012
                                                                • Figure 70: Preferred brands (weekend clothes), by demographics, June 2012
                                                                • Figure 71: Preferred brands (home cinema system), by demographics, June 2012
                                                                • Figure 72: Preferred brands (everyday 2-course dinner + wine (outside of home)), by demographics, June 2012
                                                                • Figure 73: Preferred brands (face cream/shaving cream), by demographics, June 2012
                                                                • Figure 74: Most popular factors informing shopping decisions, by demographics, June 2012
                                                                • Figure 75: Next most popular factors informing shopping decisions, by demographics, June 2012
                                                                • Figure 76: Repertoire of factors informing shopping decisions, by demographics, June 2012
                                                                • Figure 77: Agreement with the statements ‘I think less of brands if they go on sale/have been discounted’ and ‘I always buy what I want regardless of price’, by demographics, June 2012
                                                                • Figure 78: Agreement with the statements ‘I carefully account for all of my spending’ and ‘You get what you pay for’, by demographics, June 2012
                                                                • Figure 79: Agreement with the statement ‘I always look out for special offers’, by demographics, June 2012
                                                                • Figure 80: Agreement with the statements ‘Once I find a brand I like I tend to stick to it’ and ‘I buy clothes for comfort, not for style’, by demographics, June 2012
                                                                • Figure 81: Agreement with the statement ‘I enjoy splashing out on a meal in a restaurant’, by demographics, June 2012
                                                                • Figure 82: Agreement with the statements ‘I am prepared to pay more for VIP areas/premier seating/lounges’ and ‘It’s worth paying more for organic food’, by demographics, June 2012
                                                            • Appendix – Automotive Ownership

                                                                • Figure 83: Automotive ownership, by demographics, June 2012
                                                                • Figure 84: Most popular car makes, June 2012
                                                            • Appendix – Technology Ownership and Media Habits

                                                                • Figure 85: Weekly online activities by repertoire of personal technology use, June 2012
                                                                • Figure 86: Attitudes towards technology by repertoire of personal technology use, June 2012
                                                                • Figure 87: Most popular weekly time spent with media, by demographics, June 2012
                                                                • Figure 88: Next most popular weekly time spent with media, by demographics, June 2012
                                                                • Figure 89: Other weekly time spent with media, by demographics, June 2012
                                                                • Figure 90: Most popular weekly online activities, by demographics, June 2012
                                                                • Figure 91: Next most popular weekly online activities, by demographics, June 2012
                                                                • Figure 92: Most popular personal technology use, by demographics, June 2012
                                                                • Figure 93: Next most popular personal technology use, by demographics, June 2012
                                                                • Figure 94: Most popular attitudes towards technology, by demographics, June 2012
                                                                • Figure 95: Repertoire of weekly online activities, by demographics, June 2012
                                                                • Figure 96: Repertoire of personal technology use, by demographics, June 2012
                                                            • Appendix – Family Activities

                                                                • Figure 97: Most popular regular family activities, by demographics, June 2012
                                                                • Figure 98: Next most popular regular family activities, by demographics, June 2012
                                                                • Figure 99: Other regular family activities, by demographics, June 2012
                                                                • Figure 100: Repertoire of regular family activities, by demographics, June 2012
                                                                • Figure 101: Agreement with the statements ‘My career/work always comes first’ and ‘My family always comes first’, by demographics, June 2012
                                                                • Figure 102: Agreement with the statements ‘I wish I could spend more time with my family/children’ and ‘We mostly socialise as a family’, by demographics, June 2012
                                                                • Figure 103: Agreement with the statements ‘I often buy things because I know my family would like them’, ‘When I feel low I like to spend money to cheer myself up’ and ‘My family influences what I buy’, by demographics, June 2012
                                                                • Figure 104: Agreement with the statements ‘I don’t have enough time to enjoy my success’ and ‘I/my partner are active in a society or club (wine, golf, charities)’, by demographics, June 2012
                                                                • Figure 105: Agreement with the statement ‘I/my partner often host gatherings (dinners, parties, fundraisers) at our home’, by demographics, June 2012
                                                                • Figure 106: Amount donated to charity over the past year, by demographics, June 2012
                                                            • Appendix – Holiday Habits and Property Ownership

                                                                • Figure 107: Number of holidays taken in the past year, by demographics, June 2012
                                                                • Figure 108: Amount of money spent on holidays in the past year, by demographics, June 2012
                                                                • Figure 109: Most popular holiday habits, by demographics, June 2012
                                                                • Figure 110: Next most popular holiday habits, by demographics, June 2012
                                                                • Figure 111: Property ownership, by demographics, June 2012
                                                            • Appendix – Sources of Influence and Self-Image

                                                                • Figure 112: Agreement with the statements ‘My friends and colleagues place a high value on my opinion’ and ‘I like to fit in with others in my crowd/my group of friends’, by demographics, June 2012
                                                                • Figure 113: Agreement with the statements ‘I tend to be the leader in my professional circle’ and ‘I tend to be the leader in my group of friends’, by demographics, June 2012
                                                                • Figure 114: Agreement with the statements ‘Generally, I place more value on advice from someone I know’ and ‘Generally, I place more value on advice by experts’, by demographics, June 2012
                                                                • Figure 115: Most popular sources informing purchasing decisions, by demographics, June 2012
                                                                • Figure 116: Next most popular sources informing purchasing decisions, by demographics, June 2012
                                                                • Figure 117: Other sources informing purchasing decisions, by demographics, June 2012
                                                                • Figure 118: Least popular sources informing purchasing decisions, by demographics, June 2012
                                                                • Figure 119: Agreement with the statements ‘I want to stand out in the crowd’ and ‘I like people to admire things I own’, by demographics, June 2012
                                                                • Figure 120: Agreement with the statements ‘I do my own thing, regardless of the current trends’ and ‘I like to follow latest fashion trends’, by demographics, June 2012
                                                                • Figure 121: Agreement with the statements ‘I look after my appearance/my image’ and ‘It’s important for me to look well-dressed’, by demographics, June 2012
                                                                • Figure 122: Agreement with the statements ‘Sometimes I treat myself to something I don't need’, ‘I want to get to the very top in my career’, and ‘I am perfectly happy with my standard of living’, by demographics, June 2012
                                                                • Figure 123: Repertoire of sources informing purchasing decisions, by demographics, June 2012

                                                            Companies Covered

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                                                            Lifestyles of the Ultra-affluent and HNWIs - UK - August 2012

                                                            £1,995.00 (Excl.Tax)