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The Impact of Demographic and Lifestage Shifts on Consumer Trends in Financial Services
Datamonitor, Dec 2010, Pages: 128
Traditional models of consumer segmentation are outdated by rapidly changing demographics and family structures. Product and service development must be undertaken with an appreciation of the wider socio-demographic context. Global events have changed the distribution of wealth across generations and FS providers must now question their assumptions.
Scope of the report:
- Enhance product design by appreciating the complexities surrounding demographic segmentation
- Improve customer acquisition and retention through clear, actionable strategies.
- Better understand the needs of your consumers through questioning assumptions and updating segmentation methodology
Highlights:
The growth of the 'empty nester' lifestage is a reflection of the aging of society and greater longevity. Empty nesters are an increasingly powerful consumer cohort due to their greater financial freedom.
Providers need to ensure that they strike the balance between providing products geared for different age groups while still providing the right level of flexibility, so that consumers feel the product has been tailored to their unique circumstances.
Many consumers are under the impression that they will not personally benefit from a life insurance policy as the policy wouldn’t pay out until they die, ignoring critical illness and income protection insurance. They are therefore reluctant to pay for the service, which goes some way towards explaining the 44.0% life insurance product holding.
Key questions answered:
- How are demographic trends changing the composition of your market?
- How does product holding vary with age and marital status? Where are the opportunities for growth?
- What challenges need to be overcome to increase product penetration and strengthen customer relations?
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