The latest Mintel’s flagship «British Lifestyles 2015 report looks at how internationalization and globalization have influenced British consumers. The research shows that 74% of the population feels at least one benefit of globalization, such as cheaper flights, more affordable tech devices, better choice of various foreign brands, etc. Over 53% feel three or more benefits (63% for older Millenials and 62% for the younger ones).
Mintel has separate statistics on the benefits the consumers cite for the U.K. in general and for them personally. For example, 55% of respondents say that cheaper tech products benefit the U.K. as a country and 51% — it is a plus for them personally.
The younger the consumers, the more positive sides of globalization they see, and vice versa. 74% of the Swing Generation (55+) prefer locally grown food for at-home consumption (against just 37% of Gen X and older Millenials). While about 45% of the Swing Generation prefer buying British clothing and accessories, just 24% of older Millenials share this preference. Overall, the preference towards the brands «made in Britain» is strong enough across all age groups at 44% in regard to food and drinks products, 28%—for clothing and footwear, 26%—for furniture and home accessories.
“Whilst Millennials are also developing a taste for British brands and in some cases even matching the enthusiasm of their older counterparts, on the whole, Britishness remains considerably less important to shoppers the younger they are. Retailers therefore should look to the other end of the age spectrum and work out how to balance the needs of consumers from different generations without compromising their bottom line,” Ina Mitskavets, Senior Consumer and Lifestyles Analyst at Mintel, comments.
Among the attributes associated with British brands and products, the respondents cite good quality (73%), safety to use (58%), and good value for money (51%).
More findings on the changes in spending habits 2014-2015, as well as basic economic, demographic, financial, consumer, tech, and media outlooks are available in Mintel’s paid report.