2021
9
UK Lifestyles of the Over-55s Market Report 2021
2022-02-09T03:02:09+00:00
OX1049091
2195
147804
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Report
en_GB
“The over-55s are all too aware of the rising cost of living and the implications this has for their pension pots. This is arguably fostering a fiscal bunker mentality across…

UK Lifestyles of the Over-55s Market Report 2021

£ 2,195 (Excl.Tax)

Description

The UK Lifestyles of the Over-55s market report identifies consumer attitudes towards retirement lifestyle trends, over 50s consumer spending trends, and quality of life in the UK. This market report covers the market size, market forecast, market segmentation and industry trends for the Lifestyles of the Over-55s market in the UK. 

Current Market Landscape

The over-55s prove relatively adventurous when it comes to travel destinations. In the short term, with international travel restrictions still in flux, there is arguably more opportunity to encourage this age group to more freely explore domestic travel. However, longer-term, there is scope to help this wanderlust generation explore the world, with campaigns pitching international travel as an opportunity to feed the cohort’s desire for adventure.

  • 31% of over-55s consider themselves adventurous when it comes to the places they travel to on holiday.
  • Data from Mintel’s Global COVID-19 Tracker: 22-30 December 2021 shows that 42% of all over-55s are shopping more online since the start of the pandemic.
  • Encouragingly, 55% of all over-55s feel very confident shopping for groceries online, with 25% being only somewhat confident.

The COVID-19 outbreak – or moreover the associated lockdowns and social distancing measures – has accelerated the digitisation of consumer lifestyles, with the over-55s by no means exempt. However, it can be argued that more must be done to cater to those who are less confident with online shopping for groceries.

Future Market Trends in Lifestyles of the Over-55s 

Data for Mintel’s Finance Tracker has consistently shown that the over-55s are overall significantly more likely than younger people to describe their current financial situation as healthy. However, with most expecting to – or already living on – a fixed level of income in their retirement, there is a general anxiety about the rising cost of living and having enough money to support their retirement. This is fostering a fiscal bunker mentality across the over-55 cohort, making it hard to encourage this cohort to trade up, be that for clothes and personal care or holidays and leisure experiences.

This paves the way for the so-called “masstige” brands which offer higher-quality, luxurious products at a more attainable price. The fragrance market has been a major innovator in this space in recent years but there is now scope to expand this into the clothing market, with partnerships between luxury brands and popular retailers helping to encourage over-55s to trade up.

Read on to discover more details or take a look at all of our UK Lifestages market research.

Quickly understand

  • Factors the over-55s consider most important to a good quality of life.
  • How adventurous the over-55s consider their FMCG, travel and leisure choices.
  • Saving priorities of the over-55s.
  • How confident the over-55s are in carrying out online tasks
  • Over-55s’ preparedness to trade up in the clothing and BPC categories.
  • Over-55s’ preparedness to spend on luxury services in the leisure and travel sector.

Covered in this report

Brands: Monzo, Revolut, Starling Bank, H&M, Ted Baker, Marks & Spencer, Zara, Jo Malone, Avro, Igloo, People’s Energy, Coca-Cola, Pelegrims, Saga, Waitrose, Harrods’, Glow Recipe, Abercrombie & Kent, John Lewis Partnership, British Airways, Wendy Wu.

Expert analysis from a specialist in the field

This report, written by Sarah Al Shaalan, a leading analyst in the Lifestyles sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

The over-55s are all too aware of the rising cost of living and the implications this has for their pension pots. This is arguably fostering a fiscal bunker mentality across the over-55s, illustrated by a focus on saving and a hesitance to spend more than is necessary. And yet the relative financial strength of this cohort make them an important and highly promising audience for higher-end brands. This paves the way for the so-called “masstige” brands, across the clothing and beauty and personal care categories, that offer higher-quality products at a more attainable price.

Sarah Al Shaalan
EMEA Consumer Lifestyles Analyst

Table of Contents

  1. Overview

    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
  2. Executive Summary

    • The market
    • Market size and forecast
      • Figure 1: Population, by age group, UK, 1966-2066
    • Working for longer
    • Financial confidence is high, but financial prudence remains well-entrenched
      • Figure 2: What consumers are worried will affect the household’s financial situation , by age, 2021
    • The consumer
    • Family time is the top factor for over-55s
      • Figure 3: Good quality of life factors for over-55s, 2021
    • How adventurous over-55s consider their choices
      • Figure 4: Adventurous choices among over-55s, 2021
    • Retirement is a worry for over-55s
      • Figure 5: Savings priorities for over-55s, 2021
    • Online grocery shopping booms
      • Figure 6: Confidence levels of activities online
    • Catering to the over-55s fitness market
      • Figure 7: Preparedness of purchasing premium versions of clothing categories, 2021
    • Expanding “masstige” NPD can appeal to cost-conscious over-55s
      • Figure 8: Preparedness of purchasing premium versions of BPC categories, 2021
    • Travel experiences to tap into safety and comfort
      • Figure 9: Preparedness of purchasing premium versions of activities categories, 2021
  3. Issues and Insights

    • A highly cautious attitude towards money …
    • … brings challenges in encouraging the over-55s to premiumise
  4. Market Drivers

    • Population continues to age …
      • Figure 10: Population, by age group, UK, 1966-2066
    • … but life expectancy improvements slow
      • Figure 11: Life expectancy at birth for males and females, UK, between 1980 to 1982 and 2018 to 2020
    • Obesity remains a major issue
      • Figure 12: Adults’ body mass index (BMI), by age within gender, 2019
    • Working for longer
      • Figure 13: UK employment rates of all genders, by age bands over time, 1991-2021
    • Financial confidence is high …
      • Figure 14: How respondents would describe their financial situation, by age within gender, 2021
    • … but financial concerns remain
      • Figure 15: What consumers are worried will affect the household’s financial situation , by age, 2021
    • End to triple lock pensions makes over-65s anxious
  5. Factors Most Important to a Good Quality of Life

    • Family time is the top factor for over-55s
      • Figure 16: Factors considered most important to having a good quality of life, 2021
    • Having a comfortable home ranks highly
      • Figure 17: Proportion of over-55s who consider “having a comfortable home” as factor indicative of a good quality life, 2021
    • Financial situation proves key focus for over-55s
      • Figure 18: Proportion of over-55s who consider “Being in a strong financial position” as factor indicative of a good quality of life, 2021
    • Leverage momentum for physical activity and outdoors time
    • Encouraging older men to socialise more
      • Figure 19: Proportion of over-55s who consider “Getting to socialise with friends” as factor indicative of a good quality of life, by age within gender, 2021
  6. How Adventurous Over-55s Consider Their Choices

    • Consumers become less experimental as age rises
      • Figure 20: Proportion of over-55s who consider their purchasing choices to be adventurous, 2021
    • Using local produce to encourage greater experimentalism
    • Travel adventurousness remains high
      • Figure 21: Proportion of over-55s who find themselves adventurous when it comes to holiday travel destination, by demographics, 2021
    • Price promotions key to swaying product choice on alcoholic drinks
    • Less experimenting with daily BPC and household products
    • Little interest to explore more with technology
  7. Saving Priorities

    • Retirement is a worry for over-55s
      • Figure 22: Savings priorities for over-55s, 2021
    • Over-55s plan for the worst …
    • … but also plan to enjoy themselves
      • Figure 23: Proportion of over-55s who are currently prioritising saving for a holiday, by demographics, 2021
  8. Confidence with Online Activities

    • Online grocery shopping booms
      • Figure 24: Confidence levels in doing selected activities online, 2021
    • Opportunities remain in the digitisation of financial management
      • Figure 25: Confidence levels of managing finances online, by demographics, 2021
    • Over-55s rank lowest in conducting video calls
      • Figure 26: Confidence levels of conducting video calls online, by demographics, 2021
  9. Premium Spending Inclination

    • Growing the masstige clothing market
      • Figure 27: Preparedness to purchase premium clothing and footwear products, 2021
    • Spending on trainers surges during pandemic
      • Figure 28: Preparedness of purchasing premium trainers, 2021
    • Premium fragrances remain a hit
      • Figure 29: Preparedness of purchasing premium versions of BPC categories, 2021
    • Focusing on health can increase demand for premium and luxury BPC
      • Figure 30: Preparedness to purchase premium fragrance and facial skincare products, by age within gender, 2021
    • Travel and leisure experiences to tap into demand for comfort
      • Figure 31: Preparedness to spend on premium leisure services and activities, 2021
    • Elevating the family and friend reunification experience
  10. Appendix – Data Sources, Abbreviations and Supporting Information

    • Abbreviations
    • Consumer research methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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