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.
UK Price Comparison Sites Market Landscape
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.
UK Price Comparison Websites Market Statistics
- UK price comparison sites market share:Â Compare the Market continues to be the market leader, with almost tw0 thirds of consumers having used the site in the last 12 months to August 2024.
- Consumer price comparison habits: Brits are getting savvier, with six in ten using multiple sites in the last year.
UK Price Comparison Sites in Financial Services Market Report – What’s Inside?
Key Topics Analysed in the Report
- Market dynamics, including market share and key macro-economic factors
- Marketing trends and innovation in the market.
- Usage of price comparison sites, who uses them, and for what products
- Likelihood of using comparison sites in the future, including key factors preventing use of comparison sites
- Attitudes towards health and health insurance, including customer satisfaction
Report Scope
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:
- Price comparison site – a digital intermediary service designed to allow consumers to compare and potentially to switch or purchase products/services from a range of businesses in the financial services sector, including banks, building societies, insurance companies, brokers and other intermediaries. Comparisons are largely based on price, with results presented back to the consumer, typically ranked by price, with the cheapest at the top.
- Comparison website – a broader term that includes any form of digital comparison service, platform or app.
Meet the Expert Behind the Analysis
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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Executive Summary
- Opportunities for the price comparison sites market
- Comparison sites must help consumers evaluate products beyond pricing
- Providers have abundant cross-selling opportunities
- Brands are establishing membership programs to foster loyalty
- Market dynamics
- The market continues to be dominated by a few brands
- Graph 1: comparison websites used to compare/obtain quotes in the last 12 months, 2024
- Leading brands boosted by strong demand for switching
- Consumers are turning to multiple comparison sites
- Finance-oriented price comparison sites struggle to attract older consumers…
- Graph 2: comparison websites used to compare/obtain quotes in the last 12 months, by generation, 2024
- …but have been boosted by high interest rate environment
- Graph 3: comparison websites used to compare/obtain quotes in the last 12 months, 2023-24
- Inflation eases, but affordability concerns remain high
- Graph 4: CPI inflation rate, 2021-24
- What consumers want and why
- Car and home insurance remain flagship products on comparison sites
- Graph 5: usage of comparison websites for insurance products, 2024
- Strong demand for switching continued to drive high search traffic
- Consumers turn to comparison sites for an array of products
- Over two-thirds of Brits will use comparison sites in the next 12 months
- Going direct to providers remains the key barrier for comparison site usage
- Graph 6: reasons not to use a comparison website in the next 12 months, 2024
- Consumers express high satisfaction, but desire more assistance from comparison sites
- Graph 7: attitudes towards price comparison sites, 2024
- PCW customers use various comparison sites, but often have a favourite
- Innovation and marketing
- Top brands are using rewards to set themselves apart
- Total advertising expenditure continues to fall
- Graph 8: total above-the-line, online display and direct mail advertising expenditure on price comparison sites, 2019-2023
- TV advertising remains the leading channel
- Graph 9: total above-the line, online display and direct mail advertising expenditure on price comparison sites, by media channel, 2023/24
- Confused.com’s newest ad discovers the joy in finding the right insurance
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Market Dynamics
- Market share
- The market continues to be dominated by a few brands
- Graph 10: comparison websites used to compare/obtain quotes in the last 12 months, 2024
- Compare the Market maintains top spot
- MoneySuperMarket boosted by strong demand for switching
- Finance-oriented price comparison sites struggle to attract older consumers…
- Graph 11: comparison websites used to compare/obtain quotes in the last 12 months, by generation, 2024
- …with redefining the role of comparison sites key to attracting this consumer group
- More than half of consumers have a preferred comparison site…
- …but consumers continue to  use multiple  sites
- Graph 12: number of comparison sites used in the last 12 months, 2024
- Higher interest rates boost finance-oriented comparison sites
- Graph 13: comparison websites used to compare/obtain quotes in the last 12 months, 2023-24
- Macro-economic factors
- Inflation eases, but affordability concerns remain high
- Graph 14: CPI inflation rate, 2021-24
- Most people are still feeling the effects of higher prices
- Graph 15: cost-of-living-related issues noticed in the last two months, 2024
- The recovery in financial wellbeing has slowed…
- Graph 16: the financial wellbeing index, 2019-2024
- …but consumer confidence is on the mend
- Graph 17: consumer financial confidence index, 2016-2024
- Interest rates environment presents opportunities and challenges for comparison sites
- Consumer Duty forces comparison sites to re-evaluate their role
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What Consumers Want and Why
- Usage of price comparison sites
- Most Brits have experience with comparison sites
- Graph 18: usage of comparison websites, 2024
- Car and home insurance remain flagship products on comparison sites
- Graph 19: usage of comparison websites for insurance products, 2024
- Strong demand for switching continued to drive high search traffic
- Comparison sites can further embed themselves into the holiday planning process
- Comparison sites will need to tackle blind renewals
- Financial products are a growing area of opportunity for comparison sites
- Graph 20: usage of comparison websites for financial products, 2024
- Brits are keeping a close eye on the savings market
- High remortgaging activity boosts demand for comparison sites
- Comparison sites should focus marketing on young Brits looking to stretch their budgets abroad
- Graph 21: usage of comparison sites for travel money in the last 12 months, 2024
- Consumers turn to comparison sites for an array of products
- Graph 22: number of products compared or sought quotes within the last 12 months, 2024
- Leveraging cross-selling opportunities is key to increasing the influence of comparison sites
- Future usage expectations
- Over two-thirds of Brits will use comparison sites in the next 12 months
- Graph 23: likelihood of using a comparison website in the next 12 months, 2024
- High repeat business presents opportunities for comparison sites to foster brand loyalty
- Reasons for not using price comparison sites
- Going direct to providers remains the key barrier for comparison site usage
- Graph 24: reasons not to use a comparison website in the next 12 months, 2024
- Highlight the convenience and time-saving benefits of using comparison sites
- Comparison sites must highlight the benefits of switching
- Consumers need more support when evaluating deals
- Attitudes towards price comparison sites
- Consumers express high satisfaction, but desire more assistance from comparison sites
- Graph 25: attitudes towards price comparison sites, 2024
- Price comparison sites must broaden their focus beyond pricing
- High consumer satisfaction is driving repeat business
- Rewards remain key to attracting new customers
- PCW customers use various comparison sites, but often have a favourite
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Innovation And Marketing Trends
- Competitive strategies and innovation
- MoneySuperMarket launches SuperSaveClub
- Confused.com teams up with eSIM Go to reward travellers
- Go.Compare teams up with Carwow to help inform customers on insurance
- Advertising and marketing activity
- Total advertising expenditure continues to fall
- Graph 26: total above-the-line, online display and direct mail advertising expenditure on price comparison sites, 2019-2023
- Leading comparison sites continue to cut adspend
- Graph 27: above-the-line, online display and direct mail advertising spend on price comparison sites, across leading brands, 2021-23
- TV advertising remains the leading channel
- Graph 28: total above-the line, online display and direct mail advertising expenditure on price comparison sites, by media channel, 2023/24
- Confused.com is trying to change how people think about shopping for insurance
- Confused.com’s newest ad discovers the joy in finding the right insurance
- MoneySuperMarket launches new campaign promoting SuperSaveClub
- Dame Judi Dench goes undercover at the opera
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Appendix
- Report scope and definitions
- Market definition
- Abbreviations and terms
- Consumer research methodology
- Nielsen Ad Intel coverage
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