UK Price Comparison Sites in Financial Services Market Report 2023
£ 2,195 (Excl.Tax)
Description
This report examines the UK market for comparison websites in financial services. Featuring a comprehensive analysis of market drivers, consumer behaviour and the latest innovation, this report is packed with the market intelligence you need to secure future growth for your business. Below, we’ve summarised the key areas covered, defined the report scope, and offer handpicked insights from the report itself.
Key Areas Covered
- The leading comparison website brands, by share of users.
- The most popular products enquired about on comparison websites.
- The impact of high inflation and rising interest rates on consumer behaviour and demand.
- The importance of price versus other factors, such as quality, when comparing products.
- Interest in additional functionality and products.
Current Landscape of UK Price Comparison Sites
The UK Price Comparison Site market is in a strong position. Comparison websites are heavily relied upon by millions of UK consumers to compare products and search out the best deals. 73% of adults have used a financial comparison website within the past year. The majority of users enquired about two or more products, most commonly car and home insurance.
UK Price Comparison Sites in Financial Services – Future Trends
Usage is set to remain high, or even increase, as a result of the prevailing high cost of living, which has made people more price-conscious and keen to make savings where they can. The largest comparison brands are best-placed to capitalise on this, having sizeable advertising budgets and a rich resource of data on visitors and registered users.
Purchase our full report to learn more about price comparison sites in UK financial services.
More About this Report
This Report examines the UK market for comparison websites in financial services. This mainly encompasses ‘traditional’ price comparison sites (such as Compare the Market, MoneySuperMarket, Go.Compare and Confused) as well as comparison websites that aim to cover the whole market, rating products and/or providing best-buy tables (such as Moneyfactscompare and Money Expert).
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Expert Analysis from an Industry Specialist
This report, written by Sarah Hitchcock, a leading analyst in financial services, delivers in-depth commentary and analysis to highlight trends in the price comparison market and add expert context to the numbers.
Comparison websites are a popular and convenient resource for people looking to find the best deal on a range of everyday financial products. However, the leading brands must continually respond to changing customer needs and emerging forms of competition. In the years ahead, we are likely to see a further shift away from pure price comparison to more customisable and automated services.
Sarah Hitchcock
Associate Consultant – Financial Services
Table of Contents
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Overview
- Key issues covered in this Report
- Products covered in this Report
-
Executive Summary
- The market
- The market for online comparison services is huge
- Figure 1: Proportion of UK adults who have used a financial comparison website and those who are registered with one, 2023
- A harsh economic environment encourages consumers to be more price-savvy
- Companies and brands
- Four brands dominate
- Figure 2: Comparison website(s) most likely to use in the next 12 months and those registered with, 2023
- Just over half of registered users hold an account with two or more brands
- Advertising is critical to maintaining brand saliency and driving site traffic
- The consumer
- General insurance products dominate customer enquiries
- Figure 3: Usage of comparison websites for selected insurance and money products, 2023
- Usage rate set to remain high
- Figure 4: Likelihood of using a comparison website for insurance or money products over the coming year, 2023
- Most people use comparison websites to save them money and for the rewards on offer…
- Figure 5: Behaviours regarding saving money, rewards and favourite brand, 2023
- …but convenience is also a major draw
- Figure 6: Experience of using comparison websites, 2023
- Significant interest in additional features and functionality
- Figure 7: Interest in new features and functionality, by all adults and registered users, 2023
- Under-45s show strong interest in an investment comparison service
- Figure 8: Interest in ability to compare selected investment, pension and retirement income products, by age, 2023
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Issues and Insights
- The challenge of elevating comparison beyond price…
- …without jeopardising simplicity
- Emerging threat from new FinTech solutions and embedded finance…
- …could evolve into an opportunity
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Market Penetration
- Financial comparison websites attract 37 million users annually
- Figure 9: Proportion of UK adults who have used a comparison website in the past 12 months for selected insurance and other financial products, 2023
- Financial comparison websites attract 37 million users annually
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Market Drivers
- Households continue to feel the squeeze…
- Figure 10: Household financial wellbeing index, 2016-23
- …meaning comparison websites have become even more relevant
- Figure 11: Impact of cost-of-living crisis and rising interest rates on consumer behaviour and demand, 2023
- Increased pain for mortgage holders
- 24% of UK adults are impacted by higher interest rates, while 66% are affected by high grocery bills
- Figure 12: Proportion of adults who have been impacted by price increases and related issues, 2023
- Households continue to feel the squeeze…
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Regulatory and Legislative Changes
- Pricing reforms have had limited impact on the motor insurance market so far…
- …but home insurers have seen higher levels of customer retention
- Remedies to address auto-renewal present an opportunity
- New Consumer Duty comes into force to ensure good outcomes
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Market Share
- Compare the Market leads the way by share of prospective and registered users
- Figure 13: Comparison website(s) most likely to use in the next 12 months and those registered with, 2023
- MoneySuperMarket and Go.Compare are close rivals
- On a group basis, RVU is the second largest by customer share
- Significant others
- Less than half of all registered users show allegiance to one brand
- Figure 14: Number of comparison website(s) registered with, 2023
- Largest comparison websites continue to attract new customers
- Figure 15: Key performance indicators for selected comparison websites within the financial services sector, 2022
- Compare the Market leads the way by share of prospective and registered users
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Competitive Strategies and Innovation
- Offering rewards is a common strategy to attract customers and encourage repeat usage
- Go.Compare pledges to pay policy excess
- Compare the Market’s one-year rewards programme
- Confused.com offers one-off gifts to appeal to drivers and homeowners
- MoneySuperMarket offers customers a “Price Promise”
- MoneySuperMarket repositions its brand around “saving”
- Go.Compare rebrands and diversifies
- Moneyfacts.co.uk declares itself a comparison site for “Serious Savers”
- Amazon launches a home insurance comparison service
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Advertising and Marketing Activity
- Four of top five comparison websites cut adspend in 2022
- Figure 16: Largest five advertisers in the comparison website market by above-the line, online display and direct mail advertising expenditure, 2019-2022
- Advertising tends to centre on motor and home insurance
- Figure 17: Breakdown of advertising expenditure by brand and product category (top five advertisers only), 2022
- Most adspend goes on TV commercials for maximum reach
- Figure 18: Advertising expenditure split by brand and media type (top five only), 2022
- Nielsen Ad Intel coverage
- Four of top five comparison websites cut adspend in 2022
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Brand Research
- Brand map
- Figure 19: Attitudes towards and usage of selected brands, 2023
- Key brand metrics
- Figure 20: Key metrics for selected brands, 2023
- Brand attitudes: Compare the Market stands out as a brand that rewards loyalty
- Figure 21: Attitudes, by brand, 2023
- The most well-known brands are perceived as accessible…
- Figure 22: Brand personality – macro image, 2023
- …and are viewed positively
- Figure 23: Brand personality – micro image, 2023
- Brand analysis
- Compare the Market is the best-performing brand
- MoneySuperMarket, Go.Compare and Confused.com all have strengths, though still fall short of the market leader
- MoneySuperMarket can use its “good reputation” to challenge the market leader
- Go.Compare has the fun factor
- Confused.com needs to differentiate to compete more effectively
- Quotezone.co.uk and Moneyfactscompare.co.uk need to build awareness
- Brand map
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Usage of Comparison Websites by Product
- Vast majority of adults have experience of using comparison websites
- Figure 24: Usage of comparison websites for selected insurance and money products, 2023
- Car and home insurance are the most searched for financial products on comparison websites
- Recovery in the travel insurance market following pandemic dip
- Savings market is boosted by interest-rate rises
- Multiple usage per year is common
- Figure 25: Number of financial products compared or sought quotes on within the past 12 months, 2023
- Cross-sell opportunities are rife
- Figure 26: Products compared or sought quotes on within the past 12 months, by total number of products enquired about, 2023
- Vast majority of adults have experience of using comparison websites
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Expected Future Demand
- Usage volumes are expected to remain high over the coming year
- Figure 27: Likelihood of using a comparison website for insurance or money products over the coming year, 2023
- Usage volumes are expected to remain high over the coming year
-
User Behaviour
- Four in five users say comparison websites save them money
- Figure 28: Behaviours regarding saving money, rewards and favourite brand, 2023
- Two thirds are drawn to comparison websites that offer rewards…
- … rising to 90% of younger adults looking for personal loans and travel insurance
- Figure 29: User behaviour – CHAID – Tree output, 2023
- 48% have a favourite comparison website
- Figure 30: Proportion of users who have a favourite comparison website, by brand registered with, 2023
- Four in five users say comparison websites save them money
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User Experience and Preference
- Consumers are drawn to brands that offer convenient and helpful shortcuts
- Figure 31: Experience of using comparison websites, 2023
- Two thirds of users focus their search on the products listed at the top
- Around one in six users fail to check the key features before purchase
- Consumers are drawn to brands that offer convenient and helpful shortcuts
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Interest in New Features, Functionality & Products
- Comparison websites need to marry customisation and convenience
- Figure 32: Interest in new features and functionality, 2023
- Around half of users are keen on a whole-of-market comparison service
- Two fifths of adults are interested in comparing pension and investment products
- Figure 33: Interest in ability to compare selected investment and pension products, 2023
- 12% of over-45s are interested in comparing retirement income products
- Figure 34: Interest in ability to compare retirement income products, 2023
- Comparison websites need to marry customisation and convenience
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Appendix – Abbreviations and Data Sources
- Abbreviations
- Consumer research methodology
- CHAID methodology
- Figure 35: User behaviour – CHAID – table output, 2023
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