The report found that overall for the past year, men spent $39 million on luxury while women spent $28 million. Despite the large difference in spending between men and women, it was found that the number of luxury items purchased was similar – 2.9 items for men and 2.8 items for women. This suggested the difference in the amount of money spent per item.
The report also discovered that men are more likely to purchase things for other people. Self-purchase is still the most popular option, accounting for 79 per cent for men and 89 per cent for women.
“The brands and their agencies need to go out into their marketplaces and listen very carefully to how their customers and prospects discuss their categories and brands,” Bob Shullman, CEO of Shullman Research Center told Luxury Daily. “Don’t think you know the appropriate messaging.”