collinson tribes-infographic-uk
TRANSCRIPT
Trading/investment app usage
RECOGNITION AND REWARD
In the UK, today’s affluent consumers are more engaged with rewards focused on family, altruism and enriching experiences ahead
of short-term satisfaction.
UK mass affluent also rate highly for use of price comparison websites
UK consumers rate the highest for using auction websites
The British ranked spending time with their family as their
number 1 priority
Of the countries surveyed UK was the least likely to use trading and investment apps
Savvy shoppers
Spending time with the family
33%
Global16%
UK19%
Global21%
UK
70%
UK
59%
Global
54%
UK
44%
Global
BANKING AND LOYALTY
More active participation in loyalty programmes and more personalised, aspirational rewards will help to retain the most affluent UK consumers.
Collinson Group is a global leader in influencing customer behaviour to drive revenue and value for clients.
collinsongroup.com
SOURCES:
Research conducted by online survey in Brazil, China, India, Singapore, the United Arab Emirates, USA and UK with 4,437 consumers within the top 10-15%
income during August 2014.
Global Business Travel Association Business Travel Index Outlook, March 2015
TRAVEL AND BENEFITS
You can attract new customers by offering something different like airport lounge access as part of a Bank Account or Credit Card offering. The British are most likely to travel economy and where affordable tickets rates highly.
THE FOUR TRIBES
Our global research identifies four tribes which span geographies and share common behaviours.
Staying in luxury accommodation is important to them
Airport lounge access is ‘Essential’
They are more loyal to companies who give them a personalised service
81%
53%
71% 27%
4. Experientialists
Experientialists put money-can’t buy experiences at the top of their priorities
More likely to use air-miles to upgrade their seat
Mid to younger demographic who are frequent travellers
Value having more leisure time, holidays and experiences than saving for the future
represents this tribe in the UK
68%
58%
Have a basic bank or credit card with no fee or benefits
2. Stylish Spenders 3. Mid-Life Modernists
Younger high earners, conspicuous spenders, tendency to spend on leading brands, cars, heavy users of technology,
Mid-life Modernists are characterised by their enthusiasm for technology. Well represented in India and Singapore.
Are more likely to be loyal to their mobile provider than their credit card provider
Say that they are not loyal to their bank because they don’t reward for staying with them
22%
Are more loyal to products/services that provide value for money
74%
Earn over £80,000 per annum. This group invests the most in travelling in style
Wiling to recommend a favoured brand to family and friends
15%
72%
1. Prudent Planners
3% 16%
54% of UK affluent middle class
of mass affluent consumers
of UK affluent middle class
Economic growth and urbanisation are rapidly expanding the affluent middle class
in the UK. Our research identifies motivations and attitudes amongst this
group who are valuable customers in the financial and travel sectors.
Winning the hearts and wallets of the
affluent middle class in the UK
STRATEGIES FOR BANKS TO ACQUIRE, ENGAGE AND RETAIN AFFLUENT CUSTOMERS
Motivations are changing and the traditional model of banks offering points-based rewards, product-focused, standardised services does not cater for affluent middle class consumers seeking more
personalised experiences with the brands they choose. Recent Collinson Group research amongst those within the top 10-15% of income within the United Kingdom has revealed the following statistics and insight.
Expect their bank to reward them for staying
with them
Have a credit/debit card that allows them to collect
points/miles
Have some sort of travel insurance and
81% have motor breakdown recovery
Have been with their bank for more than two years and they
often think about switching
Have a premium bank account eg with added value benefits such as
travel insurance and motor assistance
Believe their bank knows and understands them
53%59%
93%9%
28%17%
01020304
01020304
75% 5.7Flights
Travel insurance
Airport lounge access
Lounge access if flight delayed
Through bank account 29%Credit card 10%Direct from provider 39%Elsewhere 16%
Through bank account 6%Credit card 11%Direct from provider 20%Elsewhere 12%
Through bank account 4%Credit card 6%Direct from provider 13%Elsewhere 8%
How do UK consumers obtain travel services and products?
80%
49%
When traveling for leisure, people from the UK are most likely to travel in
economy (75%)
They take on average 5.7 flights annually
compared to a global average of 7.4
They see travel insurance as essential. Much more than any
other country.
Even when traveling for business 49% will opt to
travel in economy.
FIND OUT MOREFor more information about our research or to discover how we can help you influence the
loyalty of mass affluent consumers in your region, please contact:
Anthony Borgman Email: [email protected]
Prudent Planners are motivated primarily by family and trying to help others.
Most prevalent in UK & US
Value airline loyalty programmes, extended to cardholders family
They are less motivated by material products and brands
UK
Interest in giving to charity (31%) and protecting the environment (30%)
31%