Men have reputation for being non-shoppers. Maybe it’s the new high-tech tools men have at their disposal, the effects of great new ad campaigns – or a combination of the two – but things have changed. Today’s men are the new hot prospects, especially for luxury marketers.
Retailers are reporting that men are buying clothes and products for themselves. In fact, research firm iProspect notes that affluent men, those defined as having household income of greater than $100,000 a year, spend up to $4,000 a year online. That’s the catch – up to 70% of affluent men prefer to research and buy online. The majority of these men are using their PCs, tablets and smartphone as windows to the world of retail which means that marketers must boost their presence in these channels.
For the most part, affluent guys shop directly from Amazon. But there are ways for other retailers to connect with with this audience. This includes offering products in categories preferred by this demographic. Research by the Luxury Institute reveals that wealthy consumers are making the following purchases electronically: event tickets (39%), gift cards (29%), and food and electronics (27%). And, nearly 25% of affluent men buy something once a week, often apparel and accessories. This is especially true for the specialty online retailer Gilt Groupe which says men outspend women at its site. Some retailers, such as Kiehl’s – a purveyor of high-end personal-care products, note that once men become customers, they buy in bulk and they have a high return rate.
Online marketers will be adjusting their marketing mix to include more digital and mobile to reach affluent men. The extra initial expense should be considered an investment in future sales.[Sources: Digital Anatomy of the Affluent Male. Iprospect.com. 2012. Web. 16 May 2012; Demographics: Wealthier Men Outpace Women in Online Shopping. Marketingvox.com. 7 May 2012. Web. 16 May 2012]