There are 19 million affluent men on the internet, and they are researching, shopping and spending at rates higher than ever before, according to [pdf] a survey by iProspect. Its just-released report “The Affluent Male: What His Online Behavior Can Teach Luxury Brand Marketers” details the preferences, behaviors and attitudes of affluent males toward online advertising. iProspect defined an affluent male as being 18 years or older, with a household income of at least $100,000.
Forty percent of respondents are shopping online at least twice a week and those who shop multiple times spend more than $30,000 annually. Luxury menswear leads as a category, growing at a rate of about 14% per year. This shift in luxury spending means more opportunities for advertisers to target this growing segment, and across all devices.
The Norm, Not An Anomaly
The belief 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.
An overwhelming preference among affluent males (70%) to research and buy online as opposed to researching online and purchasing in store, provides unique opportunities for advertisers to capitalize on this audience’s behaviors. And while the majority of purchases are still made on PCs, the affluent male is doing more and more research on mobile devices, making a multi-channel approach necessary. Some details:
- The vast majority (91%) access a PC at least once daily, while 77% have a mobile smartphone and 50% own a tablet.
- Engagement with these devices is high across the board – almost 100% of survey respondents report using their PCs and mobile smartphones at least daily and 85% reporting daily use of tablets.
- When an affluent male has daily access to tablet, he is 32% more likely to have made a purchase via the device.
- In terms of visibility, 71% have seen ads on a PC while one in three has seen ads on a mobile phone or tablet.
By all indications, this segment has untapped purchasing power which can and will trickle down to non-luxury brands: the habits of online research and shopping become ingrained. As this segment continues to grow and evolve, brand managers and marketers will need to be diligent and apply a holistic approach with consistent messaging across channels, with visual storytelling and strategic placements.
About the Data: The iProspect study was developed and conducted in partnership with comScore, and included two custom behavioral analyses that were applied to comScore’s US panel of affluent males in February 2012.