Geo-demographics
It is possible to distinguish several geo-demographic characteristics of the UK market. First of all, one should mention that the longevity and fertility rates have increased throughout the country. Therefore, various businesses can expect to find a larger number of potential clients. This tendency will manifest itself within the next two decades (Kearney 314).
Furthermore, researchers note that the population of metropolitan areas will increase dramatically due to the growing immigration. In particular, much attention should be paid to people who come from India, Bangladesh, and Pakistan (Kearney 315). They are most likely to settle in London, Manchester, Birmingham and other metropolitan areas.
It is expected that in 2015 the population of the country will be approximately 64 million (Kearney 316). Additionally, researchers note that the average age of the population in the urban areas decrease because a great number of young immigrants will come to the country. These are the main trends that managers and entrepreneurs should consider.
Socio-economic characteristics
The UK consumers can differ in terms of social class and purchasing power. As it has been said before, immigrants can constitute a significant segment of the possible target audience. In most cases, the purchasing power of these people is not very strong. Furthermore, the economic recession has increased the inequalities in the United Kingdom.
It should also be noted that consumers in the United Kingdom began to pay more attention to the price of a product. In contrast, before 2007 they focused primarily on such aspects as quality or design (Burton 205). This is one of the details that should be taken into account. However, the situation can change, provided that the economy of the country recovers more swiftly.
Psycho-behavioral characteristics of customers
It is possible to say that the customers in the United Kingdom are willing to accept innovative products and services. Yet, companies have to demonstrate that they can create value for clients. This is one of the main aspects that can be identified.
Yet, it is important to remember that UK consumers differ immensely in terms of values, attitudes, and lifestyles (Burton 205). One should keep in mind that they can represent various cultures, ethnic groups, and religions. These factors can affect their purchasing decisions and attitudes toward different brands or products.
Consumption patterns
The studies of consumer behavior in the United Kingdom indicate that currently clients are more concerned about the prices of products and services (Burton 205). This trend should not be disregarded by companies that develop their marketing campaigns.
This tendency is typical of various industries (Burton 205). Nevertheless, a more detailed analysis can be provided only if one looks at a particular product or service. Therefore, it is not reasonable to make generalizations when speaking about these issues since this generalization can lead to inaccurate analysis or estimation.
Major trends
At present, the market in the United Kingdom passes through a period of economic recovery. Currently, many businesses struggle to find and retain customers in order to remain sustainable. In their turn, clients want to buy products that can be regarded as the best ratio of price and quality. This is one of the main trends that can be observed. By considering these issues, entrepreneurs can better promote their products.
Works Cited
Burton, Dawn. Cross-Cultural Marketing: Theory, practice and relevance, London: Routledge, 2008. Print.
Kearney, Hugh. The British Isles: A History of Four Nations, Cambridge: Cambridge University Press, 2012. Print.