Competitive Strategies in Banking Services – Implications of Segmentation Analysis of Consumers by Age Groups Available to Purchase

A potential customer base of older, wealthier people derived from an ACORN sociodemographic sample of target sample household groups in Scotland was investigated using a postal survey. A significant proportion of younger respondents permitted valid comparisons between three age groups, i.e. under 35 years, 35 to 54 years, and 55 years and over. Discriminant analysis was used to determine the main predictor‐variable profiles of the groups. Groups were classified in terms of variables associated with house ownership, household size, bank service requirements, attitudes towards credit, investment, and travel. The findings show many differences in terms of customers and attitudes based on the age profiles.