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The Affluent Consumer - UK - November 2016

“The EU referendum in June 2016 has sparked a wave of economic uncertainty across the UK, with Britain’s most wealthy consumers a key consumer group for brands and businesses. Affluent consumers have the drive and financial ability to buy into Brand Britain, and so marketing and products that play on their British provenance could be important in ensuring the future growth of the economy.”

– Jack Duckett, Senior Consumer Lifestyles Analyst

This report looks at the following area:

  • Brexit: a case for expanding British provenance

With the UK’s vote to leave the EU sparking a new period of economic uncertainty, companies operating in the UK marketplace will be more reliant than ever on the financial stability of its most affluent consumers.

Brands can engage with the wealthy by tapping into their penchant for all things British, using marketing that highlights the role their business and products play in ensuring the future growth of the economy.

The sample for Mintel’s consumer research for this report includes internet users aged over 18 with a gross annual household income over £100,000 and/or investible assets worth more than £50,000.

Throughout this Report the following groups are defined as such:

  • The aspirational affluent – those with investible assets of less than £100,000
  • The mass affluent – those with investible assets of £100,000-249,999
  • The affluent – those with investible assets of £250,000–499,999
  • High net worth individuals (HNWI) – those with investible assets of £500,000+.

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Table of contents

  1. Overview

    • What you need to know
      • Definitions
      • Executive Summary

          • Affluence brings financial confidence
            • Figure 1: Description of personal financial situation, September 2016
          • Affluent have mixed expectations for the UK economy
            • Figure 2: Expected impact of UK vote to leave the EU on the wider economy, September 2016
          • 21% of affluent consumers eat out at least once a week
            • Figure 3: Frequency of foodservice outlet usage, September 2016
          • Provenance a priority for two thirds of affluent shoppers
            • Figure 4: Food and drink buying behaviours, September 2016
          • Wealthy shoppers favour discretion
            • Figure 5: Clothing, shoes and accessories buying behaviours, September 2016
          • Affluent altruism
            • Figure 6: Affluent consumer lifestyle attitudes, September 2016
          • What we think
          • Issues and Insights

            • Brexit: a case for expanding British provenance
              • The facts
                • The implications
                • The Market – What You Need to Know

                  • Britain’s richest get richer
                    • Growing pension pots
                      • Home ownership and the wealth gap
                      • Wealth Segmentation

                        • Britain’s most affluent get wealthier
                          • Figure 7: Distribution of total household wealth, Great Britain, July 2010-June 2014
                          • Figure 8: Distribution of total household wealth, percentile points, July 2012-June 2014
                        • Growing pension pots
                          • Rising proportion fall into higher tax bracket
                            • Figure 9: Number of individual income taxpayers by marginal rate, gender and age, 2010/11-2015-16
                          • Home ownership and the wealth gap
                            • Figure 10: Percentage of each age group that are home owners, UK, 1981 to 2014
                          • UK wealth concentrated in London and the south east
                            • Figure 11: Percentage of households with household wealth greater than £1.05 million, by region, July 2012 to June 2014
                        • The Consumer – What You Need to Know

                          • Affluence brings financial confidence
                            • Affluent have mixed expectations for the UK economy
                              • Brexit: a case to encourage manufacturing in the UK?
                                • 21% eat out at least once a week
                                  • Leveraging lifestyle trends to drive consumers in-store
                                    • Provenance a priority for two thirds of affluent shoppers
                                      • Wealthy shoppers favour discretion
                                        • Advertising fails to capture the attention of older affluent audiences
                                          • Family time a top priority
                                          • Sample Segmentation

                                            • Segmenting the UK’s wealthiest consumers
                                              • Figure 12: Segmentation of total sample, by investible assets, September 2016
                                            • The aspirational affluent
                                              • The mass affluent
                                                • The affluent and high net worth individuals
                                                • Consumer Finance

                                                  • One in 10 a lot better off than last year
                                                      • Figure 13: Description of personal financial situation, September 2016
                                                    • Young affluent enjoy growing financial strength
                                                        • Figure 14: Description of personal financial situation “I’m a lot/a little bit better-off” (NET), by age, September 2016
                                                      • Affluence brings financial confidence
                                                          • Figure 15: Financial confidence for coming year, September 2016
                                                      • Response to EU Referendum Result

                                                        • Affluent have mixed expectations for the UK economy
                                                          • Figure 16: Expected impact of UK vote to leave the EU on the wider economy, September 2016
                                                        • Brexit: a case to encourage UK manufacturing?
                                                          • Figure 17: Blackhorse Lane Atelier, October 2016
                                                        • Londoners pessimistic about Brexit impact
                                                          • Figure 18: “Any Negative” expectations of the impact the UK vote to leave the EU on the wider economy, by region, September 2016
                                                        • The impact of EU referendum on personal finances
                                                          • Figure 19: Expected impact of UK vote to leave the EU on personal finances, July 2016
                                                        • The most affluent prove optimistic about savings and investments
                                                          • Figure 20: Expected impact of UK vote to leave the EU on “the value of your savings and investments”, by the value of investible assets, July 2016
                                                      • Lifestyle Activities

                                                        • 21% of affluent consumers eat out at least once a week
                                                          • Figure 21: Frequency of foodservice outlet usage, September 2016
                                                          • Figure 22: Supper delivery service. October 2016
                                                        • Retailers tapping into booming fitness trends
                                                          • Figure 23: Frequency of participation in health and wellbeing activities, September 2016
                                                          • Figure 24: Psycle at London’s Selfridges, April 2016
                                                        • Opportunity for spa market
                                                          • Figure 25: Proportion of affluent consumers who have a health treatment (eg massage, Reiki) at least once a month, September 2016
                                                        • Engaging shoppers in-store
                                                          • Figure 26: Frequency of participation in leisure activities, September 2016
                                                        • Further premiumising cinema experiences
                                                          • Figure 27: Frequency of participation in selected leisure activities, by age, September 2016
                                                      • Affluent Consumer Shopping Behaviours

                                                        • Provenance a priority for two thirds of affluent shoppers
                                                          • Figure 28: Food and drink buying behaviours, September 2016
                                                        • Beauty and grooming shoppers
                                                            • Figure 29: beauty and grooming product buying behaviours, September 2016
                                                          • Wealthy shoppers favour discretion
                                                            • Figure 30: Clothing, shoes and accessories buying behaviours, September 2016
                                                            • Figure 31: Louis Vuitton Spring/Summer 2016 handbag range, August 2016
                                                          • Online vs in-store clothing retail
                                                              • Figure 32: Proportion of shoppers who agree “I buy online whenever possible” when buying clothing/shoes/accessories, September 2016
                                                          • Marketing Influences

                                                            • Advertising fails to capture the attention of older affluent audiences
                                                              • Figure 33: Places where adverts grabbed affluent consumers’ attention in the past month, by age, September 2016
                                                            • Leisure advertising resonates with affluent …
                                                              • Figure 34: Sectors with most memorable adverts in the past month, September 2016
                                                            • … While charitable campaigns prove unmemorable
                                                            • Lifestyle Attitudes

                                                              • Family time proves a top priority
                                                                • Figure 35: Affluent consumer lifestyle attitudes, September 2016
                                                                • Figure 36: Center Parcs Urban Bears campaign, December 2015
                                                              • Financial pragmatism
                                                                • Figure 37: Affluent consumer lifestyle attitudes, September 2016
                                                                • Figure 38: Designers at work at Burberry Makers House exhibition, October 2016
                                                              • Affluent altruism
                                                                • Figure 39: Affluent consumer lifestyle attitudes, September 2016
                                                            • Appendix – Data Sources, Abbreviations and Supporting Information

                                                                • Abbreviations
                                                                  • Consumer research methodology

                                                                  Companies Covered

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

                                                                  The Affluent Consumer - UK - November 2016

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