editor’s letter
She’s a He
Stephanie K. De Long
One of the biggest changes in the profile of today’s luxury consumer in particular and online buyer in general is that your key customer may now be a he, not a she.
According to the National Retail Federation, men spent 50 percent more offline last year on Black Friday (the day after Thanksgiving) than women, and 100 percent more online. And, a CNBC report in March found that luxury spending among men is outpacing that of women in every single category. Looking ahead, the report has predicted a seven percent rise in the U.S. luxury market for 2012, thanks more to men than women.
The importance of deciding which gender and what economic level you’re targeting with a given message is supported in spades by recent TV and e-newsletter reports. For example:
■ GROWTH RATE. Chris Ventry, Gilt Groupe’s GiltMan’s general manager, told MSNBC that “the growth rate of men shopping online has outpaced women by 20 to 30 percent this year.”
■ FREQUENCY. According to iProspect, affluent males (those earning $100,000 or more annually) outshop women online in both dollars and frequency. In fact, 40 percent of them shop online twice weekly, with nearly half (45 percent) ringing up at least $4,000 in online purchases a year.
■ RAPID RISE. According to a 2011 survey by Bain & Co., luxury menswear represented 40 percent of the total luxury fashion market, growing a whopping 14 percent compared with just eight percent among women.
■ BRAND LOYALTY. As told to The New York Times by Jose Neves, chief executive of farfetch.com, “Men are less impulsive, more crowd-averse, brand loyal, and they don’t mind waiting a few days for that item.”
■ RETENTION RATE. Megan Grant, senior vice president of marketing for Kiehl’s, told CNBC, “Kiehl’s men’s business online has doubled that of in-store, and once men make a purchase, they are more likely than women to purchase again, with a 53 percent retention rate.”
So, if now’s the time you’re examining social media strategies for 2013, we suggest you check out some of the online resources we’ve mentioned here, like mediapost.com and luxurydaily.com.
Happy planning,
Steph De Long
PS. Look to the left for more tips about purchasing power and gender trends.
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WHAT THEY SAID… |
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Mars and Venus, the classic man vs. woman gender divide, can be a puzzle for effective marketing. Consider these points. BRAND LOYALTY “Brand loyalty rates are twice as high among the male clientele as female… because men are more likely to create a fixed and invariable personal style, sticking with a limited range of labels.” — Federico Marchetti, Yoox Group The New York Times HASSLE-FREE “Men aren’t necessarily driven to the Internet because of its value proposition, but because it’s more suited to their shopping habits. Their shopping experience is less about exploration and more about being informed…without being hassled by shop assistants.” — Ashma Kunde, Euromonitor International LAPTOP OR TABLET “Some 67 percent of affluent men report seeing ads on a computer, while 33 percent recall viewing them on a tablet or smartphone.” Source: iProspect CLICKS ‘N LINKS “Male customers are more likely to click on links that are images or buttons. Men are also more likely to enjoy ads that are funny or have a unique creative style.” — Beth Curtis-Clarke, Emailvision THE EXPERIENCE “81 percent of women find shopping relaxing, compared with only 43 percent of men.” Source: Market Intelligence Survey SOCIAL MEDIA CAMPAIGNS Luxury brands…should tailor digital advertising, marketing, and social media in a more entertaining way for men, but should appeal to the emotions and reasoning behind a purchase when aiming at females.” Source: Luxurydaily.com |
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