Men Are Out-Shopping Women Online
It might be time for the consumer lexicon to change. Retailers usually refer to shoppers as “she,” but turns out, men are out-shopping women online.
According to digital performance company iProspect, there are 19 million affluent men online, and the vast majority of them are shopping. Nearly half of these wealthy men spend more than $4,000 a year online.
Luxury menswear and accessories are leading the growth trend. Seventy percent of affluent men prefer to both research and buy online, with more than a quarter of them making purchases weekly. (Sorry ladies, but 84 percent of these guys are buying for themselves.)
Chris Ventry, the general manager of Gilt Groupe's GiltMan, tells CNBC the growth rate of men shopping online has outpaced women, and guys are outspending the ladies by 20 percent to 30 percent per transaction.
Megan Grant, senior vice president of Marketing for Kiehl's, tells CNBC its men's business online has doubled that of its stores.
These men expect a seamless experience across all digital platforms. iProspect’s survey reveals nearly half of all wealthy men research products on their mobile devices.
The affluent male, which the survey defines as a man with a household income of more than $100,000, is very connected, with nearly half of those surveyed researching products on smartphones. Tablet shopping is growing quickly as well.
So what websites are these guys checking out? The No. 1 site for this group is Amazon. Surprisingly, sports news website ESPN.com was number ten.
And when it comes to favorite brands, affluent men listed Rolex first, followed by Louis Vuitton and BMW.
And if Kiehl's experience offers any guide for other online retailers, hooking these men maybe very valuable.
According to Kiehl's Grant, once men make a Kiehl’s purchase, they are more likely than women to purchase again, with a 53 percent retention rate. Male customers also are more likely to buy in bulk and more often than the ladies.