There are many factors aside from price that women take into account when choosing a brand, according to results from the 5th wave of Ipsos MediaCT’s “Women, Power & Money” study, co-developed with FleishmanHillard and Hearst Magazines. Yet pricing is obviously important to shoppers, and while 91% of women agree that good value for the money is more important than price, there are a number of categories in which a majority feel that it is extremely or very important to get the lowest prices.
Tops among the 12 categories examined are automobiles, with 68% of women finding it to be at least very important that they get the lowest price, virtually on par with the 66% of men who share that attitude. After that big-ticket item come more frequent shopping categories, such as household supplies (65% women; 51% men) and food/groceries (63% women; 58% men).
A majority of women also find it at least very important to get the lowest prices for:
- Household appliances (60%);
- Personal care items/toiletries (60%);
- Vacations (56%);
- Fashion apparel and accessories (55%);
- Technology (54%);
- Watches or jewelry (52%);
- Household furnishing and decor (51%); and
- Financial services and investments (51%).
Compared to men, women appear to be more motivated by low prices across most categories, but most particularly when it comes to household appliances, personal care items, and household furnishings.
The survey also turns up some interesting differences in how men and women approach their spending decisions. For example, women are more likely to prefer spending money on experiences rather than things (74% vs. 65%) and to usually wait for something on sale before buying it (84% vs. 74%). However, they’re less likely to usually buy the brands they grew up with (45% vs. 60%), and (maybe not too surprisingly) less likely to prefer to buy luxury brands in many categories (28% vs. 38%).
About the Data: The data is based on surveys conducted in February 2013 among 1,008 US women and (for comparison purposes) 503 US men. Respondents were aged 21 to 69, with annual household incomes of at least $25,000, reflecting a population of more than 78 million women in the U.S.