Consumers have become more price-conscious, increasingly turning to comparison websites to find the best deals on essential products such as motor and home insurance. This trend reflects a growing effort among UK consumers to combat rising bills and save money, creating a supportive environment for the price comparison market.
The UK price comparison market continues to be dominated by a few brands, with the market’s leading brands boosted by strong consumer demand for switching.
Current provider offerings that place price comparison at the core are at risk, with consumers seeking platforms that provide a more comprehensive assessment of value. Comparison websites that fail to adapt to these changing expectations and focus on quality may find themselves sidelined, as consumers favour providers offering a broader evaluation of products.
By leveraging their existing customer base, comparison sites have a significant opportunity to expand beyond their established areas. Offering incentives, such as discounts for related services including travel insurance and travel money, can encourage users to explore these additional offerings. This would enhance both market reach and customer engagement.
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).
Definitions of terms used in this report:
This report was written by Charlie Landsborough, Financial Services Analyst at Mintel. Charlie joined Mintel in January 2023 as a research analyst for financial services. Prior to joining Mintel, he had just graduated and was working as an investment assistant at an impact investment fund. Charlie has an undergraduate degree in Advertising and a masters degree in Investment and Finance.
Strong demand for switching, fueled by higher premiums and squeezed incomes, has driven high search traffic to comparison sites.
Charlie Landsborough
Financial Services Analyst
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