The UK Price Comparison Sites in Financial Services Market Report 2022 identifies consumers’ attitudes towards using UK price comparison sites, barriers to usage and conversion rates from research to sales for the UK price comparison market. This report covers the UK price comparison sites market size, market forecast, market segmentation and trends in the UK price comparison market.
Rising inflation is eroding purchasing power. As households have to grapple with higher costs for everyday essentials, UK price comparison sites have a significant role in helping cost-conscious consumers to find the most cost-effective products.
Mintel’s price comparison sites market research identifies that the vast majority of users report very positive experiences with UK price comparison sites. However, some barriers persist, with a significant minority who don’t trust aggregators to find the best price, suggesting that the UK price compassion market still has scope to improve transparency.
Mintel’s price comparison sites market research indicates that the recent FCA legislation introduced to ensure renewing customers are offered the same price as new customers across motor and home insurance is one of the biggest threats to the UK price comparison market in the long term. For now, product research and purchasing in these two core markets remain consistent with previous years, suggesting that renewal behaviour is deeply ingrained.
The pressure on household finances creates an opportunity for the UK price comparison market to assist consumers in managing their household finances. Outside of their core – car and home insurance – products, UK price comparison sites have an opportunity to increase engagement across a broader range of products, such as credit cards and pet insurance. As a result, they can position themselves as partners during challenging times by delivering a best-in-class digital experience.
To discover more about the UK Price Comparisons Sites in Financial Services Market Report 2022, read our UK Brand Overview: Finance 2022, or take a look at our extensive Financial Services Market Research.
Products: Car insurance, travel insurance, pet insurance, life insurance, home building or contents insurance, current accounts, saving accounts, credit cards, mortgages, personal loans, travel money, and income protection.
Brands: comparethemarket.com, Gocompare.com, Moneysupermarket.com, confused.com, travelsupermarket.com, Uswitch.com, Money.co.uk, Mustard.co.uk, Moneysavingexpert.com.
This report, written by Stefania Apostol, a leading analyst in the financial services industry, delivers in-depth commentary and analysis to highlight current UK price comparison market trends and add expert context to the numbers.
Rising inflation and increasing prices are major concerns for consumers who are feeling the squeeze from the higher cost of living. Amid this challenging economic climate, PCWs will have a significant role to play in helping cost-conscious consumers navigate the cost of living crisis by helping them to find the best price for the products they need and even supporting them to manage their household finances.”
Stefania Apostol
Financial Services Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
Access high-quality market research with every purchase of Mintel’s consumer reports. Here’s what else is included in your report purchase:
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more£ 2,195
69% of adults report having sought financial advice, although 18-34s often confuse informal guidance from friends, family, or social media with professional advice. This highlights a significant gap...
Find out more£ 2,195
Nearly a third of under-35s are keen to use AI tools that can highlight cost savings by switching to different providers or suggesting...
Find out more£ 2,195
Household retail deposits increased in 2024, exceeding the £2 trillion mark. Amid cautious consumer behaviour and a focus on financial security, relatively high interest rates are expected to...
Find out more£ 2,195
Nearly nine out of 10 parents in the UK have some form of savings for their children, covering around 7.3 million households. However, this leaves approximately one million...
Find out more£ 2,195
Mortgage ownership has remained fairly consistent, with just over a fifth of UK adults owning their property with a mortgage. Affordability challenges remain despite real wage growth and...
Find out more£ 2,195
Early financial education plays a vital role in shaping individuals' ability and confidence in managing money effectively as adults. Financial services brands can take an active role both...
Find out more
Mintel helps us when we want to know something quickly – it provides fast answers to our questions. If we need to get a view of what’s going on in a particular market it’s very useful.
When carrying out background research, I find Mintel an excellent starting point.
The fact that it covers so many markets is a big plus for me– instead of having to buy specialist products in each area we are interested in, especially when we only require a brief view on a particular market, we can go to Mintel for help as a one-stop shop. I find Mintel a useful and valuable resource.
Mintel is really good for getting a handle on a particular category quickly. If we are working on a new business pitch in an area we don’t have much experience in, it’s a brilliant way to get up to speed with what’s going on, what’s changing and what the key trends are in any category.
It’s very rare now that anyone will plough through a 200-page report – that’s why the summaries are really useful. We know they are backed up by a lot of detail, so if you need to go into something in more depth you know the information will be all there for you.
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
We utilize Mintel Reports, Trends and Comperemedia to mine for insights across the numerous business verticals that Epsilon serves, such as CPG, automotive, telecom, healthcare/pharma, retail and financial services.
By integrating Mintel insight into new business opportunities, we have been able to gain the competitive edge necessary to advance partnerships with global brands and key business players.
For our organization, it’s about depth and breadth. Having one without the other doesn’t enable success in our business.
From consumer reports to customised growth strategies. We have an option to suit your business requirements.
Find out more
