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Affluent males spending big online
When men get rich, they go shopping... online. New research from digital marketing agency iProspect has identified a huge segment of males that spend thousands on luxury items online.
There are 19 million affluent males out there with their wallets at the ready, according to iProspect. These guys make at least $100,000 a year and 40% shop online twice a week. They spend 20% - 30% more per transaction than women.
They aren't shy with their spending - of the 40% that shop multiple times per week some are spending as much as $30,000 annually. Ladies, before you rush out to rein in one of these high-spending males, you should know that 84% of these guys are spending their money on themselves rather than gifting. When asked to rank their favorite luxury brands they named Rolex first, followed by Louis Vuitton and BMW.
The majority (91%) use a PC at least once a day while 77% have a smartphone and half own a tablet. They use these devices to research and purchase, with most (70%) preferring to research and shop online as opposed to research online and shop in-store. This makes having a multi-channel retail strategy vital to retailers in the luxury space.
"By all indications, this segment has untapped purchasing power which can and will trickle down to non-luxury brands," said Murray. "The best digital marketing strategies integrate practices across all channels. For brand managers, knowing how to effectively communicate to affluent men will be a key factor to success in an increasingly digital world."
Other findings include:
- 71% said they click on sponsored search links "sometimes", "usually", or "always";
- 96% use search to discover more about products;
- 71% have seen ads on a PC while one in three have seen ads on mobile device;
- 52% don't have children;
- Amazon is the top website visited followed by Yahoo, Google and eBay;
- 55% use Facebook at least daily; 39% use Google+ at least daily.;
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