Budget-conscious millennial parents
www.nesta.org.uk/feature/targeting-heat-pumps-eight-key-consumer-audiences-july25/segment-c-budget-conscious-millennial-parents/
www.nesta.org.uk/feature/targeting-heat-pumps-eight-key-consumer-audiences-july25/segment-c-budget-conscious-millennial-parents/
Comprising around 1.8 million households, of mainly younger families – with 45% of heads of households aged 40 or under – on lower incomes who own their own home. Their properties tend to be small to medium terraced or semi-detached houses, valued below the national average. Their homes generally have small outdoor spaces. This segment is prominent in post-industrial urban areas in Central or Northern England.
35% of this group are saving for an emergency fund, with 34% saving for holidays or travel. These were the highest users of price comparison websites, with 35% saying they consult one before making a financial decision. As high-frequency internet users, they use their mobile phones to regularly scroll social media and keep in contact with others. Many regularly frequent the gym.
Environmental issues are often not high priorities for this group, and they can be slow to adopt eco-tech due to the expense. Their lifestyle is practical, focusing instead on immediate needs and financial stability.
Heat pump consideration is high, but affordability is a significant blocker. Half of this segment would consider a heat pump as their next heating system in the next five years. Installation costs are the biggest barrier for them getting a heat pump, with 38% citing this. The biggest motivator to getting a heat pump would be lower energy bills (22%).
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