Affluent millennial men show more interest in physical goods than women
While today's luxury consumers often show a preference for experience over physical products, wealthy men tend to be more fondness for tangible goods than their female partners.
Men are more of the luxury lushes than women / Ph. Pinterest
Men also show more fondness and pride in purchasing luxury than women
In an online seminar at Ipsos on January 23, an executive presented the results of the firm's Global Affluent Study, showing that about two-thirds of consumers are skewed to experience, but 40 percent of men are interested in physical goods. Along with the desire to continue on material luxury, men also expressed more positive feelings for luxury goods, making them an important target for marketers in the luxury industry.
“Men are more of the luxury lushes than women. Affluent men love luxury and they literally can’t get enough. They unashamedly embrace luxury and they want more” said Michael Baer, senior vice president and head of audience engagement at Ipsos.
Since the recession, luxury has an upward trajectory. More than half of wealthy consumers are mostly positive about the economic outlook, reflecting the performance of the stock market.
About three-quarters of wealthy people buy luxury items today, compared to an Ipsos survey conducted in 2016, when only 64 percent purchased luxury goods. Sixteen percent also plan to increase their luxury spending this year, compared to just 9 percent in 2016. Consumers prefer the most e-commerce, but they also often buy luxury watches, jewelry, vacations, alcohol, and cars.
Both women and millennials men tend to look for product reviews to research purchases. Ipsos also found that women are more likely to buy themselves than men. Male luxury buyers are 20% more likely to buy products or experience to share with others.
Wealthy men also show their love and pride in buying luxury goods more than women. Among the millennial men, 34 percent are planning to spend more on luxury next year. In addition, male buyers tend to choose higher-end products with popular options for everyday items and are willing to buy almost all category.
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