RESEARCH: IPC Inspire surveys the 'Resilient Rich'
Provided by Time Inc. UK
IPC research into the impact of the recession on AB readers of Inspire brands with an average income of £102,000.
What was the Challenge / Background of the Campaign?
IPC conducted an online survey in June 2009 to examine the following about regular Inspire brand users: - Impact of the Recession on the Resilient Rich; How they manage their finances; Changing spending habits and what influences their choice of financial products/services. The resilient rich identified by the research have an average age of 49 and are in the AB social grade. They have an average household income of £102,000 and almost a quarter privately educate their children.
What was the Campaign Objective?
To study the impact on the recession on AB adults and to identify what influences their choice of financial products and services.
What was the Solution?
Respondents were recruited using IPC's database of contacts as well as our websites and newsletters. The survey achieved a sample size of 1400 adults who regularly interact with one of 20 Inspire brands and examined how the recession had affected their spending, how confident they are with their finances and how seriously they take them; what investments they have and how their spend has changed over the past year. The survey also identified what influences their choice of financial products and services and what is the most influential media when choosing these products.
What were the Results?
The vast majority (83%) of the resilient rich keep a close eye on their finances. Six in 10 don't put off sorting out their financial affairs and 58% spend time making sure their finances are optimised.
They have a wide portfolio of investments, with savings accounts, property in the UK, and stocks and shares being the most popular options. More than half (57%) feel it's a good time to invest in property, while 32% are considering changing their savings accounts.
What were the Key Learnings of this Campaign?
The research has revealed that the recession has had a relatively limited impact on the lives of the resilient rich. Two-thirds of them are spending just as much as they used to on areas that are important to them, and almost two fifths still spend money as and when they want. Moreover, seven in ten think now is a good time to pick up bargains on expensive items and 40% believe the time is right to invest.