Affluent Males Spend Up To $30K Annually Online
Some 19 million males with a household income of more than $100,000 spend twice as much when shopping online compared with their female counterparts, according to a report released this week.
It turns out that men outpace spending for luxury items online compared with women, according to the iProspect study "The Affluent Male: What His Online Behavior Can Teach Luxury Brand Marketers." The survey included 26 questions.
Some 40% of respondents shop online at least twice weekly, and those who shop multiple times spend in excess of $30,000 annually. The findings identify behavior and trends related to online research and shopping habits of affluent males with salaries of more than $100,000 annually.
"About half spend $4,000 per year -- but they buy monthly -- about 13% of respondents," said Andrea Wilson, luxury practice lead at iProspect. "The next-biggest group spends more than $30,000 online annually. Four out of 10 who shop online do so more than twice weekly."
Top sites visited frequently include Amazon, Yahoo, Google, eBay, MSN, Bing and AOL. But most affluent males want detailed product information and simpler, yet more focused messages, according to the study.
While the majority of purchases are made on PCs, affluent males do more than research products on mobile devices. Findings from the study reveal a multichannel approach to buying. More engaged with search than the general public, 96% use search to learn more about products. Search ads -- especially those on mobile devices -- appear to be effective. About 71% report clicking on sponsored search links either sometimes, usually or always.
Some 91% access a PC at least once daily, while 77% have a mobile smartphone and 50% have a tablet. Affluent males with daily access to tablets are 32% more likely to make a purchase on the device. About 71% have seen ads on a PC, while one in three have seen ads on a mobile phone or tablet.
The study also provides tips on setting expectations and questions to consider before designing strategies and building apps, such as what content and features the brand can include to encourage consistent use, what the goals of the app are, what platforms the brand will support, and the best ways to collect and process feedback from customer satisfaction from the apps.