New research about the recession and the 50-plus
Research conducted in the UK by 20plus30 and Mature Marketing reveals that older consumers are avoiding the pain of the recession. Even though the value their assets have been reduced, older consumers are making few changes to their lifestyle and buying intentions.
London (PRWEB) June 17, 2009 -- Over a quarter say the recession has had little or no effect on their lifestyle with a third reporting that they have made no change to their expenditure patterns. The majority (60%) report that they are making only a few changes to their spending.
Despite older people holding 80% of savings and investment assets, the fall in UK interest rates has seriously affected only 20% of respondents.
Not all of the news is so positive - 12% have cut back drastically on spending.
The banks and the Labour Government are blamed for the UK's economic troubles resulting in a significant swing in support to the Conservatives and minority parties.
The recession is hurting the children and grandchildren of the older demographic forcing a quarter of the 50-plus to provide them with financial support.
Charities are a big loser with a half of the 50-plus reducing their donations.
Dick Stroud, the founder of 20plus50 and a marketing expert about the older consumers, says that: "The recession is having little or no impact on most of the UK's 50-plus. Marketers need to get smart at understanding the winners and losers of the recession - that means really understanding the dynamics of the 50-plus market."
The report summarising the research results can be downloaded from
http://www.20plus30.com/presentations/Insights_into_the_recession.pdf
Key Findings
..Over 25% say the recession has had little or no effect with a third reporting that they have not changed their spending patterns.
..Over 60% say the recession has resulted in them only making a few cutbacks in their expenditure.
..Despite older people holding 80% of savings and investment assets in the UK, the fall in interest rates has seriously affected only 20% of respondents.
..Not all of the news is so positive - 12% have cut back drastically on spending.
..The banks and the Labour Government are blamed for the economic problems resulting in a major swing to the Conservatives and minority parties.
..The 50-plus are giving far more financial support to their families than they are receiving - 25% are providing the children with direct support.
..Nearly a half of the 50-plus have reduced their charitable donations.
Research Details
'The Recession and You' survey was conducted using respondents from Mature Times subscribers. The maximum total respondent sample size is 1,184 for on-line and 458 for off-line (paper entries) creating a combined total of 1,642. Both the questionnaires were self-completion, with most of the electronic survey requiring optional, rather than compulsory answers. All sample sizes are robust, except where specifically identified.
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