Affluent Men a Big Draw for E-Retailers, Data Suggest9 May, 2012 By: Jackie Jones
BOSTON – The preferences, behaviors and attitudes of affluent males – those 18 and older with household incomes of $100,000 or more – are making them an increasingly significant audience for online advertisers, according to a study by iProspect.
Forty percent of affluent males shop online at least twice a week, and those who are shopping multiple times are spending more than $30,000 annually in online purchases, data show. This shift in luxury spending means more opportunities for advertising to target this growing segment across all devices, according to iProspect’s “The Affluent Male: What His Online Behavior Can Teach Luxury Brand Marketers” study.
“The old adage that men hate to shop is being upended by the digital experience. Not only are affluent men shopping online more, but this demographic is doing extensive research, shopping and then purchasing online, which provides advertisers with multiple touch points to reach him,” said Robert Murray, global chief executive officer of iProspect.
Other findings of the study included:
• Affluent males prefer to research and buy online (70 percent) versus researching online and then buying in-store.
• Ninety-one percent of affluent males access a PC at least once a day, 77 percent have a mobile smartphone, and 50 percent own a tablet.
• Engagement is high with all three of these devices, with almost 100 percent of consumers reporting daily use of PCs and smartphones and 85 percent reporting daily use of tablets.
• When an affluent male has daily access to a tablet device, he is 32-percent more likely to have made a purchase on the device.
• Seventy-one percent have seen ads on a PC while one in three have seen ads on a mobile phone or tablet.
As this segment continues to grow and evolve, marketers will need to be diligent and apply a holistic approach with consistent messaging, visual storytelling and strategic placements to engage the affluent male consumer, iProspect noted.
“By all indications, this segment has untapped purchasing power which can and will trickle down to non-luxury brands,” Murray said. “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.”