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  • EU consumer confidence at highest level in over nine years
    • 10/18/17
    • Financial Services
    • Public Services
    • Global
    • English

    EU consumer confidence at highest level in over nine years

    Consumer sentiment within the EU 28 has continued its upward trend in the third quarter of this year, finishing on 20.9 points. 

  • Driving Innovation: Involve your customers to unlock new opportunities - Co-Creation
    • 10/02/17
    • Home Appliances
    • Financial Services
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • United Kingdom
    • English

    Driving Innovation: Involve your customers to unlock new opportunities - Co-Creation

    How can your brand move forward in the innovation process and develop the right ideas? It is essential to co-create with your customers to develop and explore concepts.

    • 09/28/17
    • Financial Services
    • Automotive
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global
    • English

    What impact is renewal transparency having on the British motor insurance market?

    Premium Drivers

    If you have renewed your motor insurance recently you may have noticed that the price your insurer has asked you to pay has probably increased. A combination of higher Insurance Premium Tax (rates have doubled over the past two years), bigger injury pay-outs and rising vehicle repair costs mean that motor insurance prices are now at an all-time high.

    Even for those of us savvy enough to shop around and switch provider, prices have also typically risen, despite the fact that the market remains as competitive as ever. However, it still generally pays to switch, as the vast majority of motor insurance providers are still willing to chase new business and therefore many still offer introductory discounts.

    Given this, it is somewhat concerning that, according to GfK’s Financial Research Survey (FRS), that the number of drivers who do switch has remained basically unchanged compared to four years ago.

    The number has held steady at around a quarter of drivers. So it would seem that many drivers don’t know, don’t consider, or just can’t be bothered, to change provider, despite the rising prices.

    Motor insurance renewal transparency: early signs of increased shopping around

    But there are tentative signs that this might be changing. Since April 2017, insurance providers have had to disclose prior year premiums on renewal notices. These new rules mandated by the FCA allow customers to compare more easily what they paid last year versus what they may pay this year, if they remain with the same provider.

    Early signs suggest renewal transparency has helped encourage greater levels of shopping around but this hasn’t so far translated into actual switching.

    According to the FRS, the proportion of drivers who “actively renew” their motor insurance (renew but take out at least one quote) has grown and now stands at 29%, the highest-ever level. In addition, a high proportion of those who have switched in the last 12 months also state that they are likely to switch again.

    On the other hand, large numbers are still auto-renewing on their motor insurance, particularly across older age groups where auto renewal rates remain stubbornly high at over 45%. For these customers, renewal transparency rules mean that providers must now also include additional disclosures on renewal notices explicitly encouraging people to shop around.

    Overall, I think renewal transparency has definitely been a useful step forward in making the motor insurance market more consumer friendly, and it will be interesting to see if it helps encourage greater levels of switching in the months ahead.

    If you would like more data, please contact me.

    The Financial Research Survey (FRS) is one of the largest and longest running surveys tracking personal financial holdings and behaviours and is considered the industry benchmark within the British financial industry

  • German consumer climate declines slightly
    • 09/28/17
    • Press
    • Financial Services
    • Public Services
    • Trends and Forecasting
    • Global
    • English

    German consumer climate declines slightly

    GfK forecasts a decrease in consumer climate for October of 0.1 points in comparison to the previous month to 10.8 points.

  • UK Consumer Confidence up one point in September
    • 09/28/17
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • Consumer Life
    • United Kingdom
    • English

    UK Consumer Confidence up one point in September

    Confidence in personal finances declines but consumers are in defiant mood. GfK’s long-running Consumer Confidence Index increased by one point to - 9 in September. 

  • UK Consumer Confidence up one point in September
    • 09/28/17
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • Consumer Life
    • Global
    • English

    UK Consumer Confidence up one point in September

    Confidence in personal finances declines but consumers are in defiant mood. GfK’s long-running Consumer Confidence Index increased by one point to - 9 in September. 

  • Unlocking the keys to innovation: Keys to deciphering behavior
    • 09/26/17
    • Financial Services
    • Health
    • Consumer Health
    • Media and Entertainment
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • FMCG
    • Market Opportunities and Innovation
    • United States
    • English

    Unlocking the keys to innovation: Keys to deciphering behavior

    Understanding what consumers really want and do takes more than one data perspective. Marketers today have a wealth of data at their disposal; the challenge is combining it wisely to reveal a true picture of their targets’ needs, desires, and behavior.

  • Driving Innovation: Understanding your consumers' unmet Needs
    • 09/20/17
    • Financial Services
    • Media and Entertainment
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • Home and Living
    • United Kingdom
    • English

    Driving Innovation: Understanding your consumers' unmet Needs

    If we don't understand consumers' needs, how are we going to innovate and find new opportunities to develop our brand and products? Discover how to uncover their behaviour and attitudes at both an unconscious and conscious level.

  • Driving Innovation: The importance of Targeting in your innovation process
    • 09/13/17
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • FMCG
    • United Kingdom
    • English

    Driving Innovation: The importance of Targeting in your innovation process

    Why do three out of four new product launches fail to achieve their potential? The first step to address this question is to identify and understand the target market for any new product or service launch. Re-discover the importance of Targeting in your innovation process with our interactive content. 

  • Consumer insights competition focuses on Now Generation, purchase journeys
    • 09/07/17
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • Brand and Customer Experience
    • Market Opportunities and Innovation
    • Point of Sales Tracking
    • Shopper
    • User Experience (UX)
    • United States
    • English

    Consumer insights competition focuses on Now Generation, purchase journeys

    In its sixth annual Next Generation (“NextGen”) Competition for undergraduates, GfK in North America is urging students to explore such key marketing topics as purchase journeys, teen and young adult consumers (the Now Generation), and “future-proof” innovations.

  • Consumer insights competition focuses on Now Generation, purchase journeys
    • 09/07/17
    • Fashion and Lifestyle
    • Financial Services
    • Retail
    • Technology
    • Consumer Goods
    • Brand and Customer Experience
    • Market Opportunities and Innovation
    • Point of Sales Tracking
    • Shopper
    • User Experience (UX)
    • Canada
    • English

    Consumer insights competition focuses on Now Generation, purchase journeys

    In its sixth annual Next Generation (“NextGen”) Competition for undergraduates, GfK in North America is urging students to explore such key marketing topics as purchase journeys, teen and young adult consumers (the Now Generation), and “future-proof” innovations.

  • The mood of the world today – what are people thinking?
    • 09/06/17
    • Fashion and Lifestyle
    • Home Appliances
    • Financial Services
    • Media and Entertainment
    • Retail
    • Technology
    • Travel and Hospitality
    • Automotive
    • Consumer Goods
    • FMCG
    • Home and Living
    • Market Opportunities and Innovation
    • Consumer Life
    • Global
    • English

    The mood of the world today – what are people thinking?

    In this free on-demand webinar, our experts dive into current consumer confidence and other key indicators of the consumer mindset and what it means for individual markets and brands.

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