Mintel's British Lifestyles Report Reveals Consumer Reaction to the Age of Austerity

CHICAGO, Sept. 6, 2011 /PRNewswire/ -- They say that money can't buy you happiness - but new research from Mintel reveals it can certainly go a long way towards it. With economic pressures and an increasingly polarized society all making their mark, the research highlights the divide that has opened up between British consumers over the past couple of years—both in affluence and outlook.

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In new figures from British Lifestyles 2011—Mintel's flagship report—it appears that money CAN buy you happiness and affluence plays a pivotal role in financial outlook.  Indeed, today almost six in 10 (58%) of those earning 50,000 pounds Sterling and over are satisfied with their life, compared to just four in ten (43%) of those earning under 15,000 pounds Sterling.

Similarly, almost half (47%) of those earning 50,000 pounds Sterling and over have achieved the important things they want in life compared to three in 10 (31%) of those earning less that 15,500 pounds Sterling.  And despite being arguably in the 'prime of life,' it is not consumers aged 25-54 who are most satisfied with their lives. Those aged 16-24 are the group most optimistic about their finances (74% say they are healthy) with retirees faring next best (31% have money left at the end of the month for a few luxuries).

"There have always been sections of society who do better than others, but when times are tough it becomes harder to gloss over those differences," says Toby Clark, Head of Finance at Mintel. "The UK is staging a weak recovery from the recession of 2008-10. Government spending cuts, too, are playing on consumers' minds, with seven in 10 feeling that the austerity measures will leave them worse off."

Today, as many as half (50%) of all Brits are satisfied with their life, three in 10 are neutral (31%) while a fifth (21%) are not content with their lot. Almost four in 10 Brits (38%) have achieved the important things they want in life.  Meanwhile, slightly more consumers (43%) admit that "in life they always want more than they have."

"A lack of money holds people back from realizing their dreams and as a result, the unemployed and those living in lower-income households are the most likely to say that they always want more than they have," adds Alexandra Richmond, senior consumer analyst at Mintel. "They are less satisfied with life and less likely to agree that they have achieved the things they wanted to."

And it is consumers living in Yorkshire who are the nation's happiest consumers—almost six in 10 (57%) are very satisfied with life compared to an average of 50% across the nation. By contrast, those living in London are the least content, indeed, today, less than half (48%) of Londoners admit to being happy. Life in a village adds up to a content existence, well over half (56%) of those living in a village are satisfied with their lives, with Suburban dwellers (52%) the next most satisfied—and Urban Dwellers (47%) trailing someway behind.

For more information about British lifestyles and consumer sector highlights (food and drink, travel, tourism, technology, beauty, personal care, OTC, apparel and footwear) please contact the Mintel press office at [email protected]

Notes to Editors

ASK A MINTEL ANALYST:  Mintel's dedicated sector analysts are available to answer questions from the public at British Lifestyles microsite - www.mintel.com/britishlifestyles - relating to their specific consumer market.  Working in partnership with VYou.com, users can type questions relating to specific consumer sectors which will be answered via video in response.  Past responses, infographics and downloads per sector are also available on site.

Mintel's British Lifestyles report is available to purchase from Mintel priced 2195 pounds Sterling.

For Mintel's British Lifestyles report, Mintel conducted online consumer research in May 2011 on a sample of 2,017 internet users aged 16+.  In addition to quantitative consumer research, Mintel also conducted an online discussion group in July 2011 among a demographically mixed group of consumers.

About Mintel

Mintel is a leading global supplier of consumer, product and media intelligence. For nearly 40 years, Mintel has provided insight into key worldwide trends, offering exclusive data and analysis that directly impacts client success. With offices in Chicago, New York, London, Sydney, Shanghai and Tokyo, Mintel has forged a unique reputation as a world-renowned business brand. For more information on Mintel, please visit www.mintel.com. Follow Mintel on Twitter: http://twitter.com/mintelnews

SOURCE Mintel