Eye on Retail: male shopping habits revealed
It appears that male shoppers are very price-conscious.
Price is the number one consideration for men when it comes to making a purchase, according to a study of men’s shopping habits by daVinci Payments. And in line with current eco-friendly and cost-saving trends, men are also moving toward consignment and resale purchases more than ever before. More than 50% of respondents either frequently or regularly purchase used products or take advantage of rental sites.
Two-thirds of respondents prefer richer rebates over instant discounts, the study found. In addition, 80% will spend back prepaid rewards when provided a savings offer with the reward.
In other study findings:
• The majority of male shoppers, especially younger men, have more income and buying power this year;
• Fifty-three percent do more than half of their total shopping online;
• Most prefer online shopping for its convenience;
• Forty-percent make more than half of their online purchases from their smartphone;
• The majority claim greater loyalty to brands that surprise them with savings offers;
• Sixty-seven percent believe name brands are 16% more expensive than private label brands; and
• Most men are neutral in preferences between name brands and private label brands.
“Men’s price sensitivity and preference for rebates provides a significant opportunity to attract them with best in market price offers,” said Rodney Mason, daVinci Payments’ chief revenue officer “When their rebate reward is instantly delivered to their phone with a relevant offer attached, they say they will spend it back where the original purchase was made and it makes them more loyal.” As brands fight to foster loyalty among male shoppers, ongoing surprise offers and value rewards to encourage future spending will be key.”
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