2022
9
UK Lifestyles of the Over-65s Market Report 2022
2022-12-10T03:11:03+00:00
OX1101367
2995
158373
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Report
en_GB
“Seniors in the UK are living longer and their relatively stronger financial positions mean they are an increasingly important consumer group for brands to understand and service. This is particularly…

UK Lifestyles of the Over-65s Market Report 2022

$ 2,995 (Excl.Tax)

Description

The UK Lifestyles of the Over -65s Market Report examines over 65s optimism for the future and approach to post-pandemic life, lifestyle priorities for the over 65s and factors that influence over 65s product choices when shopping. This report covers the ageing population trends in the UK, factors influencing the lifestyles of the over 65s and expert analysis from leading researchers.

Lifestyles of the Over 65s: Current landscape

Mintel’s lifestyles of the over-65s market report outlines how attitudes towards post-pandemic life are polarised among over-65s. While some struggle to recover from the major disruption, others have been spurred on by a renewed appreciation for life and a desire to seek more enjoyment. Indeed, 51% want to try something new in the next 12 months.

Rising costs will undoubtedly lead to an adjustment to the spending and lifestyles of the over 65s. Fortunately, over-65s are likely to be more in tune with increases to their outgoings, with many living off a fixed income from their pensions pot. However, it will be challenging for brands to persuade some seniors to spend their cash above what is essential.

Lifestyles of the Over 65s: Aging population trends

The pandemic has caused some seniors in the UK to drop habits, such as exercising or leisure activities, and many are now finding it hard to pick up old behaviours. For many, a level of anxiety about catching the virus and getting seriously ill still persists, signalling a need for out-of-home venues to continue to reassure customers about hygiene and safety protocols.

  • Seniors in the UK are in a relatively strong financial position, with 41% in a healthy financial position, and a further 43% claiming to be getting by.
  • 74% of adults over 65 claim that maintaining/improving their health is their top priority in the next five years.
  • 71% of seniors who want to prioritise travelling over the next five years say they want to try something new in the next year.
  • 40% of over 65s say the COVID-19 outbreak has made them want to have more fun in life.

The Lifestyle of Seniors in the UK: Future trends

Mintel’s lifestyles of the over 65s market report reveals that there is a significant pent-up demand for out-of-home experiences and travel desire among seniors in the UK. This opens up significant opportunities, particularly for brands within the travel sector, to help over-65s live out their retirement years fully by providing once-in-a-lifetime experiences and holidays specifically for seniors.

Unfortunately, the experience of retirement is largely dependent on your financial situation, and attitudes towards post-pandemic life is another area where we will continue to see wide inequalities among seniors.

To discover more about the UK Lifestyles of the Over -65s Market Report 2022, read our UK British Lifestyles Market Report 2022, or take a look at our Consumer Lifestyles Market Research Reports.

Quickly Understand

  • Market factors influencing the lifestyles of the over 65s.
  • Seniors in the UK’s priorities for the next five years.
  • Change in frequency of selected behaviours by over-65s since the pandemic.
  • Over-65s’ preferred method for selected activities.
  • Factors and values influencing over-65s’ product choice when shopping.
  • Over-65s’ optimism for the future and approach to post-pandemic life.
  • Factors influencing the lifestyles of the over-65s and their personal identity.

Covered in this Report

Brands: Saga Holidays, Better Health, Odeon, Empire, British Airways, Sainsbury’s, Lloyds, The Body Shop,

 

Expert Analysis from a Specialist in the Lifestyles Sector

This report, written by Francesca Smith, a leading analyst in the consumer lifestyle sector, delivers in-depth commentary and analysis to highlight current trends influencing the lifestyles of the over 65s and add expert context to the numbers.

Seniors in the UK are living longer and their relatively stronger financial positions mean they are an increasingly important consumer group for brands to understand and service. This is particularly important amid the cost-of-living crisis, with older consumers with stable finances best placed to absorb price rises. Around half of over-65s say the pandemic has created a desire to seek more fun and new experiences. This presents a significant opportunity for brands, particularly across leisure and travel, to tap into pent-up demand and provide once-in-a-lifetime experiences.”

Francesca Smith
Consumer Lifestyle Research Analyst

 

Table of Contents

  1. Overview

      • Key issues covered in this Report
      • Executive Summary

          • The market
            • The shifting age structure of the UK population
              • Figure 1: UK population projections, by age, 1980-2060
            • Consumer financial wellbeing has declined as a result of rising inflation
              • Figure 2: Household financial wellbeing index, 2016-22
            • Seniors are seeing rising prices in essential categories…
              • Figure 3: Issues faced by over-65s in the last two months, 2022
            • …but the majority remain confident about their finances
              • Figure 4: Financial confidence for the coming year, by age, 2022
            • The consumer
              • Seniors have a number of priorities for their retirement years
                • Figure 5: Over-65s’ priorities for the next five years, 2022
              • Over-65s’ lifestyles aren’t back to normal yet
                • Figure 6: Behaviour compared to before the COVID-19 outbreak, 2022
              • The pandemic accelerated uptake of digital activities, but face-to-face remains important
                • Figure 7: Preferred channels for selected activities, 2022
              • Quality and price most important for seniors
                • Figure 8: Factors influencing over-65s’ product choice, 2022
              • A polarised approach to post-pandemic life
                • Figure 9: Over-65s’ lifestyle behaviours, 2022
              • Age, health and family have the greatest influence over seniors’ personal identity
                • Figure 10: Influences on over-65s’ personal identity, 2022
            • Issues and Insights

              • Over-65s are concerned about rising prices but remain confident
                • Approach to post-pandemic life varies significantly…
                  • …but there are opportunities to support seniors to thrive
                  • Market Factors

                    • The UK’s population is ageing
                      • Figure 11: UK population projections, by age, 1980-2060
                    • Seniors are living longer, but not always in good health
                      • Figure 12: Cohort life expectancy at birth year, by gender, UK, 1982-2020
                    • Inflation is the key concern for consumers and brands…
                      • …and despite government support, energy prices are still a major concern
                        • Rising interest rates mean that the pressure will move up to middle- and higher-income households
                          • Consumer spending power will be curbed
                            • Figure 13: Behaviour changes over-65s expect to do due to rising prices, 2022
                          • Consumers’ financial wellbeing has fallen from the highs of 2021…
                            • Figure 14: Household financial wellbeing index, 2016-22
                          • …but over-65s remain confident
                            • Figure 15: Over-65s’ financial confidence for the coming year, by age, 2022
                          • Over-65s are seeing and feeling the effects of price rises
                            • Figure 16: Issues faced by over-65s in the last two months, 2022
                          • A return to work?
                            • Figure 17: Number of over-65s in employment, in thousands, UK, 2014-22
                        • Priorities for the Next Five Years

                          • Health is a top priority for seniors
                            • Figure 18: Over-65s’ priorities for the next five years, 2022
                          • Over-65s are hopeful they can still improve financial situation
                            • Figure 19: Over-65s’ priorities for the next five years, by financial situation, 2022
                          • Help seniors relax
                            • Charities can benefit from over-75s’ interest in volunteering
                              • Figure 20: Over-65s prioritising volunteering in the next five years, by age, 2022
                          • Lifestyle Changes Since the Pandemic

                            • Seniors’ lifestyles aren’t back to normal just yet
                              • Figure 21: Behaviour changes compared to before the COVID-19 outbreak, 2022
                            • Health and wellness brands can help re-build healthy habits
                              • Figure 22: Changes in exercising compared to before the COVID-19 outbreak, by age, 2022
                            • Pent-up demand for out-of-home experiences
                              • Travel companies need to regain seniors’ trust
                              • Preferred Activity Channels

                                • Face-to-face interaction remains important for doctors
                                  • Figure 23: Preferred channels for selected activities, 2022
                                • Seniors return to in-store grocery shopping
                                  • Online is preferred method for managing finances…
                                    • Figure 24: Preferred channels for managing finances, by financial situation, 2022
                                  • …and booking holidays and events
                                  • Factors Influencing Product Choice

                                    • Quality and price come out on top
                                      • Figure 25: Factors influencing over-65s’ product choice, 2022
                                    • Made in Britain more important for over-75s
                                      • Figure 26: Proportion of over-65s who value “Made in Britain” claims when choosing products, by age, 2022
                                    • Women value ethics and sustainability from brands
                                      • Figure 27: Proportion of over-65s who value “Made from sustainable methods/materials” and/or “Ethical brand” claims when choosing products, by gender and age, 2022
                                  • Lifestyle Behaviours

                                    • Optimism triumphs for most seniors
                                      • Figure 28: Over-65s’ lifestyle behaviours, 2022
                                    • A new era of spontaneity?
                                      • A polarised approach to post-pandemic life…
                                        • Figure 29: Changes in seniors’ level of concern about their health since the pandemic, by financial situation, 2022
                                      • …with worse-off seniors struggling to re-adjust
                                        • Figure 30: Changes in seniors’ level of concern about money since the pandemic, by financial situation, 2022
                                    • Over-65s’ Personal Identity

                                      • Age, health and family have the greatest influence over seniors’ identities
                                        • Figure 31: Influences on over-65s’ personal identity, 2022
                                      • Seniors define themselves in a number of ways
                                        • Figure 32: Number of influences on seniors’ personal identity, 2022
                                      • Women identify more with their role as a family member and friend
                                        • Figure 33: Influences on over-65s’ personal identity influences, by gender, 2022
                                    • Appendix – Data Sources, Abbreviations and Supporting Information

                                        • Abbreviations
                                          • Consumer research methodology

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