United Kingdom: Consumer Profile

August 2023

The UK’s population is ageing, and more people are choosing to live child-free. By 2040, Millennials (aged 45-60 years) will be the largest demographic, surpassing Baby Boomers. To cope with rising costs, consumers actively seek bargains, although Baby Boomers enjoy financial stability thanks to their assets and retirement funds. Despite higher costs, the UK holds significant luxury spending potential, with households earning over USD150,000 comprising one third of the total by 2040.

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Overview:

Consumer Profiles  reports  provide key insights into the country's consumer landscape and uncover related business opportunities in 40 countries.

The Consumer Profiles offer valuable statistics and insights into key consumer indicators, linking household size, age, income, and spending patterns to behavioral trends and consumption habits. Utilizing a wide range of socioeconomic data, these reports quantify behaviors, preferences, and motivations both presently and forecasted across 40 markets. Analysis also encompasses Euromonitor’s lifestyles survey results, alongside the examination of longer-term shifts in consumer attitudes and behavior, analyzing their impact within each of the 40 countries. Consumer profiles are constantly changing, influenced by both socioeconomic factors and behavioral changes. Understanding these shifts is imperative for businesses to maintain competitiveness and adapt in order to capitalize on emerging opportunities.

The Consumer Profiles in United Kingdom report includes:

A high-level analysis of socioeconomic data, including insights on demographics, income and expenditure, households, and consumer lifestyles backed by both in-house statistics and survey data. It also provides a concise compilation of socioeconomic data, offering a snapshot of the consumer landscape today (2022) and in the future (2040). The report is also illustrated with relevant and actionable case studies

The Consumer Profiles in United Kingdom report answers:

  • How consumers in United Kingdom are changing? 
  • What are key changes in United Kingdom population, society and generational structure and how it is affecting businesses?
  • What is the household structure in United Kingdom and how it is changing consumer landscape?
  • What are key income groups in United Kingdom? What is the outlook for the future?
  • Where consumers are  spending the money in United Kingdom? 
  • How is the consumer mindset in United Kingdom changing?
  • In United Kingdom, what are consumer attitudes towards “green” and sustainable products?
  • Where and how do consumers shop in United Kingdom?
Download Table of Contents
Scope
Key drivers affecting consumers in the UK in 2022
How developments today shape consumer of tomorrow
Key findings
Today 2022: Late Lifers and Seniors are too large a demographic to ignore
Today: Population growth is set to slow down due to stricter migration regulations
Perception of others drives Gen Z to share purchases on social media more frequently
Tomorrow 2040: Ageing population due to increased life expectancy and declining birth rate
Tomorrow : Millennials the largest cohort in 2040, Alphas will be 15-30 years old
Tomorrow: Efforts to reduce regional disparities to mitigate population loss in smaller cities
Areas of opportunity
Case study: The “ScaleUp” initiative strives to foster diversity within the fashion industry
Today 2022: Rising number of households in the UK are choosing to lead a child-free lifestyle
Singleton households are also rising while single-parent families sustain larger household size
With energy prices on the rise, nearly half of consumers prioritise energy efficiency
Tomorrow 2040: Household heads are more likely to be single, older, and highly educated
Over a third of households projected to have incomes exceeding USD150,000 by 2040
Single-person households to continue lagging behind in terms of digital device penetration
Areas of opportunity
Case study: Sky offers holistic smart home solution, integrating insurance and home control
Today 2022: The middle-class share is below the regional average
The UK’s middle class is grappling with the challenges of a cost of living crisis
As prices soar, nearly half of UK consumers anticipate an increase in their grocery spending
Tomorrow 2040: Income inequality to increase over the period to 2040
Tomorrow 2040: By 2040, seniors are projected to dominate the top-income band
Tomorrow 2040: London will remain the UK’s dominant consumer market
Areas of opportunity
Abbeyfield Belfast redefines senior living with its luxury offerings
Key findings consumer survey
Younger generations hold a more optimistic perspective regarding their future
Baby Boomers are the most economically secure generation in the UK
Baby Boomers recycle and reduce waste to make an environmental impact
Working mothers show a significant increase in prioritising remote work since the pandemic
Amid consumer struggles to afford necessities, second-hand proves to be cost-effective
Budget-friendly toiletries from Boots help save money during cost of living crisis
Areas of opportunity
Key findings
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