collinson tribes-infographic-uk

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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: anthony.borgman@collinsongroup.com

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%

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