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ABC1 Consumer Market Assessment 2010
Key Note Publications Ltd, Aug 2010, Pages: 133
Changes in the social and economic base of the UK population have meant that there has been a steady increase in the number of adults who are classified, in socio-economic terms, as either ABs or C1s. In the year ending March 2000, the proportion of ABC1s and C2DEs in the population of Great Britain was roughly equal; by the year to September 2009, 55.8% could be classified as ABC1s and 44.2% as C2DEs.
The reports findings clearly show the effects the economic crisis has had on ABC1s. In 2005, more than half of those surveyed said that their financial situation was better than it was 2 years previously, while just one in five said that it was worse; by 2010, the proportion of ABC1s who felt better off financially had dropped to just over four in ten, while those who felt worse off than they did 2 years previously had risen to a third.
ABC1 consumers have always been particularly important to food and drink markets, leading many major trends. Until the beginning of 2008, when the financial crisis began to bite, the emphasis was on quality and luxury, which was reflected by food retailers' advertising and marketing activities. However, the more difficult financial circumstances in which many found themselves led to some major changes in eating and food shopping habits by ABC1 consumers, with many deserting the major food retailers for discounters.
Food retailers were forced to change tactics, introducing new economy ranges or upgrading existing ones, and placing a greater emphasis on value than on luxury. Things began to look better for food markets during 2009, with consumers regaining the confidence to start buying premium items again.
The booming housing market — a characteristic of the UK economy until the beginning of 2008 — had, for many years, been particularly important to the ABC1 consumer. Things have now changed considerably, and there is much less confidence in the housing market. The proposed increase in capital gains tax will almost certainly have a further negative effect on the buy-to-let market.
The research reveals that many ABC1 consumers are happy to buy clothing from discount retailers and supermarkets. The recent financial crisis has no doubt strengthened this trend, although there are still some environmental and ethical concerns about the idea of cheap `throwaway' clothing and the methods used in its manufacture.
The middle market has suffered particularly from the credit crunch, and a number of high-street fashion names have been casualties during the past 2 years. However, the more upmarket fashion brands seem to have been more resilient, with many going from strength to strength.
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