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- Brits Stick To Things We Know And Love
4 June 2010
Brits Stick To Things We Know And Love
- 1.3 million women have returned to the same hairdressers for over 20 years
- Our average relationships with professionals last seven years
From our dentists to our favourite shop keepers, when they earn our trust we return time and time again. On average these relationships with our favourite shops and people last the test of time, according to new research by M&S Money* to mark the company's 25th anniversary.
The results showed that people have firm favourites among their shopkeepers and other professionals, with over 3.4 million remaining loyal to their favourites for 20 years or more. Six out of 10 say that good customer service is the main reason they stay loyal to a person or business and over half cite reliability and good value for money.
Other findings from the report showed:
- 1.3 million women have stuck with the same hairdressers for over 20 years
- On average British adults have the same doctor for almost 13 years, and over 10 million for over 25 years
- Despite some people's nervousness we stay faithful to our dentists for over 10 years
- Men stay with their main bank for 14 years and women slightly longer at 15 years.
Colin Kersley, chief executive of M&S Money, said: "Consumers will evidently stick with businesses and people who deliver great service and look after their customers. Most people can name someone they trust completely, whether cutting their hair, managing their money, decorating their house or fixing their car.
People clearly feel strongly about good customer service, reliability and trustworthiness as these are reasons why they stay loyal for so long. After 25 years in business, M&S Money has stood the test of time and we know how important it is to continue earning the loyalty of our customers."
ENDS
For further information please call the M&S Money press office:
Simon Coughlin on 020 7992 1574
simon.coughlin@mandsmoney.com
Liz Neild on 01244 686 068
liz.a.neild@mandsmoney.com
Or
Francesca Pattison / Katherine Hobby/ Charli Scouller
francescap@lansons.com /katherineh@lansons.com/ charlis@lansons.com
Tel: 0207 490 8828
Notes to Editors:
* Research conducted online by Opinium Research amongst a nationally representative sample of 2,014 UK Adults. www.opinium.co.uk
*** With whom do we have the longest relationships?
| Average number of years we've been using them | Which region+ has the longest relationships | |
|---|---|---|
| Bank | 14 years and 6 months | Midlands: 15 years and 6 months |
| Doctor | 12 years and 10 months | Wales: 14 years |
| Dentist | 8 years and 8 months | Scotland: 10 years and 5 months |
| Insurance broker | 6 years and 6 months | London: 7 years and 6 months |
| Butcher | 6 years and 4 months | South West: 6 years and 10 months |
| Baker | 6 years | South West: 7 years and 10 months |
| Hairdresser | 5 years and 11 months | Wales: 7 years and 2 months |
| Decorator | 5 years and 11 months | South East: 7 years and 6 months |
| Greengrocer | 5 years and 10 months | Wales: 7 years and 4 months |
| Mechanic | 5 years and 10 months | London: 7 years and 1 month |
| Dry cleaner | 5 years and 4 months | South West: 6 years and 5 months |
| Restaurant/café | 5 years and 2 months | London: 6 years 1 month |
| Cleaner | 5 years and 1 month | Midlands: 7 years and 4 months |
+ Northern Ireland was included in the surveyed so is accounted for in the national figures, but we are unable to provide specific regional statistics.
*** Includes customers who held the chargecard & now credit card
A history of financial services at M&S
1984:
M&S trials the Chargecard in 17 stores in Scotland.
1985:
Announcement of the formation of St Michael Financial Services and the introduction of M&S Chargecard. 270,000 applications in first three weeks.
M&S Chargecard goes live in stores.
1986:
Application for planning permission to develop 120,000 sq ft headquarters outside Chester on a 20 acres site to be known as Kings Meadow.
Millionth Chargecard account opened, making it the third largest card in the country.
1988:
Company changes name to Marks & Spencer Financial Services (MSFS). Offers the first M&S unit trust, Investment Portfolio.
1989:
Personal loans available to all customers.
1995:
Marks & Spencer Life Assurance Ltd launched, offering pensions and term assurance.
1999:
M&S ISA launched.
2000:
M&S Home Insurance and car buying plan launched.
2003:
MSFS rebrands to M&S Money.
&More Credit Card launched – the largest ever card launch in Europe.
2004:
M&S Money is bought by HSBC in a joint venture with Marks and Spencer plc. Mini Cash ISA launched, and M&S Money starts managing in-store bureaux de change.
2007:
M&S Ethical Fund and Fixed Rate Savings launched.
2008:
M&S Travel Money campaign featuring Myleene Klass.
M&S independent traveller cover launched and 37 multi-currency ATMs installed in stores.
2009:
M&S Premium Club launched.
First M&S regular savings account – Everyday Savings – launched.
2010:
M&S Flexi Cash ISA launched. Now 122 bureaux de change in M&S stores.
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc, making 2010 the company's 25th anniversary.
The company is a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance and car insurance , as well as loans, savings and investment products.
In November 2004, Marks & Spencer sold M&S Money to HSBC. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 8,000 offices in 88 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,364 billion at 31 December 2009, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as ‘the world's local bank'. M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.
