Despite lower birth rates, the UK's population is expected to grow by 2.8 million by 2040, fuelled by high immigration from non-EU countries. Single-person households are set to dominate, spending more on necessities due to reliance on a single income. Income inequality is poised to widen, creating a polarised market with significant regional disparities. However, as one of the most developed countries, the UK’s luxury spending potential is set to remain strong, particularly among older cohorts.
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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?
Scope
Key findings
Key drivers affecting consumers in the UK in 2023
How developments today shape the consumers of tomorrow
Today 2023: Population continues to age, yet immigration helps to offset the trend
Most migrants now come from non-EU countries, increasing the population and diversity
Elevated health risks prompt more UK respondents to take vitamins than the global average
Tomorrow 2040: Seniors to grow fastest due to longer life expectancy and lower birth rate
Population growth to slow down as immigration policies are becoming stricter
Regional disparities to prevail in the UK, driving the workforce decline in smaller cities
Opportunities for growth
UK Specsavers committed to changing its children’s range to ensure glasses are inclusive
Today 2023: An increasing number of households in the UK are choosing to remain child-free
Singleton households lead, but high rental costs keep many young adults with their parents
UK’s rental market is set to grow faster than the buyer market over the long term
Tomorrow 2040: Almost half of all households are set to earn USD75,000+ in real terms
In the UK, men often make household decisions, but women still undertake most of the chores
Internet access gaps persist, but broadband should be nearly universal by 2040
Opportunities for growth
Simple Life launches the UK’s first build-to-rent TV campaign, boosting market visibility
Today 2023: Inflation outpaced UK’s consumer income growth, reducing purchasing power
Lower-income households face a faster rise in living costs as essential prices increase more
Millennials plan to increase education spending in part due to rising student loan payments
Tomorrow 2040: Fastest income growth among 15-19-year-olds, fuelled by the gig economy
Seniors to lead the top-income band due to accumulated wealth and diverse income streams
London to lead in consumer expenditure but face the highest essential spending burden
Opportunities for growth
LEON’s Roast Rewards offers price-conscious consumers premium coffee at a lower cost
Key findings of consumer survey
Gen Z and Millennials prioritise health in food, while Gen X and Baby Boomers favour taste
Bargain hunting enables UK consumers to maximise their value for money.
While older generations lead in green activities, Gen Z favours renting as a sustainable choice
Baby Boomers is the most financially secure cohort, with nearly half having emergency funds
Britons prioritise job security amid economic uncertainty and widespread precarious work
Opportunities for growth
More solid shampoo launches expected as waterless trends and spending tightens
Key takeaways
Buy Consumer Profiles reports to:
Gain a thorough knowledge of shifting consumer landscape and attitudes s and fill in information gaps to inform product/service development, market positioning and channel strategy.
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