Trends Briefing: Time Millionaires
Thursday 29th February 2024
Are you a ‘time millionaire’?
This is the rare group of people who have an abundance of a finite resource: time they control, to do with what they want.
Since the pandemic, there’s more of them. Many lives and routines were changed, giving more people more flexibility over how they spend their time. As we all got a reminder that life can be brief, and fragile, some changed their priorities entirely. Nearly half of the UK population say that as a result of the pandemic they plan to have more free time and a similar proportion say that they’ve reduced the importance they place on work.
Our analysis suggests that there are three distinct types of time millionaire – from those winding down to those starting their careers with a very different relationship with work. In the middle are those who enjoy pandemic-induced changes to their daily routines and have a adopted a new, relaxed perspective on work.
As we gradually climb out of the cost-of-living crisis this group and their relationship with leisure and discretionary spending will be key to the recovery. But the implications stretch well beyond that. How can creative industries respond to the ever increasing demand for content? How can firms adapt to new demands for flexible or condensed hours? And what happens if the weekday and weekend become indistinguishable?
Time Well Spent
This year we all have an extra day. So luxuriate in that extra time and join us on February 29th for our latest trends briefing where we’ll use our library of consumer sentiment data (the Optimism Index) and exclusive Time-Use data to explore the growth, impact and future evolution of the Time Millionaires.