By Rieva Lesonsky
Both affluent men and affluent women have optimistic outlooks about their personal financial situations in 2013, a new report from Shullman Research found. However, there are significant differences in the optimism levels of men and women that could affect how you market to these wealthy consumers.
The Shullman Luxury and Affluence Monthly Pulse conducted in December found that 48 percent of U.S. adults with a household income of over $250,000 believe the U.S. economy is doing better today than it was a year ago. About one-third (34 percent) thought the economy was doing the same as 12 months ago.
However, when you dig down into the men’s vs. the women’s responses, some key differences emerge:
- Some 45 percent of men are very optimistic or optimistic about the economy, compared to just 35 percent of women.
- About 42 percent of female respondents say that the economy is essentially the same today as it was 12 months ago, compared to just 26 percent of male respondents.
- While men and women generally felt positive about their current financial situations, with 78 percent of men and 73 percent of women describing themselves as financially stable, men were more positive about the future. Nearly three-fourths (74 percent) of men believe they will definitely or most likely be better off financially one year from now than they are today, compared to 64 percent of women.
- Overall, 90 percent of those surveyed reporting that as long as the economy keeps improving, they will spend either more than they did in 2012, or the same amount. However, men were more likely to spend more; 43 percent of men said they will spend a lot more or slightly more than they did last year. Just 36 percent of women said the same.
Shullman Research Center founder Bob Shullman says women tend to take a more cautious approach to their finances than do men. What do these numbers mean to your business?
If you’re targeting upscale women, your marketing message will need to work harder to reach them and overcome that inclination to be conservative in their spending. Use marketing messaging that will calm their financial concerns, such as emphasizing the value of your product or service, how it will benefit them or their families, and how it’s a smart investment.
If you’re targeting upscale men, marketing messages that focus more on “fun” and rewarding oneself may be more effective. Affluent men are more willing to boost their spending and feeling more confident, so tap into their pent-up desires to spend a little more by playing up the desirable features of your product or service.
Image by Flickr user ToGa Wanderings (Creative Commons)Google+