Men and Women — Different in Many Ways Including the Luxuries They Buy
This Insights brief focuses on the similarities and differences between men and women demographically and what their current concerns and financial goals include, as well as their likelihood to purchase luxury products and services.
For marketers and media in the luxury, affluence, and wealth worlds (and indeed everyone selling products and services to any consumers), understanding the differences between the genders can be daunting, so these Insights are focused on bringing some clarity to an often complicated subject.
Pick your metaphor — Mars/Venus, Main Street/Wall Street — the differences in characteristics and concerns between men and women are considerable. At the same time, however, their top three worries — their own health, their family’s health, and a nest egg for retirement — converge, and their worries differ sharply only when it comes to inflation, with men’s concerns being higher than women’s.
As for who is enjoying the luxury lifestyle and buying luxury products and services, it’s interesting to note that men out-buy women in a number of luxury categories, but in our assessment that’s likely because many of these luxury purchases are gifts.
Beyond that, women are much more concerned about finances than men, with substantial differences about having enough money for daily expenses, emergencies, retirement, debt reduction and more… all of which proves that the apron strings of yore have dramatically been replaced by the purse strings of today.