If you’re thinking of starting or developing a business, it’s always useful to know where people are spending their money, and where they’re expected to spend it in the future.
The latest British Lifestyles Report from Mintel provides some valuable information. Here are some highlights:
Gadgets and Technology – The technology market has grown by 80% over the past 5 years and is expected to grow by another 140% in the next five.
This will be mainly through the launch of new and updated products. The UK market is worth £50 Billion
Grooming – Both male and female beauty markets have gown by 50% in the last 10 years. The market is worth £13 Billion and still growing
Alcohol – Sales are on a decline. The £34 Billion market fell by 3.1% last years and Mintel expect them to fall by a further 8% over the next 5 years
Eating Out – The market grew 43% over the past 10 years but it looks like the party is over. Klast years growth was less than 1%, and Mintel expect a decline of 7% over the next 5 years.
Pet Produtcs – This £1.8 Billion market grew by 4% last year, with the biggest growth area currently being in low fat foods and health products. Seems like even the dogs and cats are on a diet, whether they want to or not.
Groceries – Sales of grocery products rose by 2.4% last year, while sales at supermarkets went up by 3.4%.
The market is currently worth £64 Billion, meaning that within 5 years, we could easily be spending more on technology than we are on food.
What does that tell us…well combining the boom areas, maybe you should start working on a gadget that helps your dog to lose weight!