By: Hal Conick, Marketing News
The big-ticket items of Black Friday and Cyber Monday draw a greater number of men to stores and e-commerce websites.
Going into Cyber Monday and Black Friday, the two biggest shopping days of the year, a report shows that men spend more money than women and tend to shop with a budget in mind.
New research from Mindshare North America , a media agency network, found men plan on spending approximately 69% more money than women on these two days. The report, which surveyed 779 upcoming shoppers, also found that men anticipate spending $417 on average compared with women’s spending average of $247.
Sixty-eight percent of men have a specific budget in mind for Cyber Monday and Black Friday, compared with 55% of women. Men are also the most willing to camp outside for this shopping (56% versus 29% of female shoppers).
“The data around product choices also show that men are more likely to purchase big-ticket items—again, likely because they see this as the best possible time of year to do so,” says Joe Migliozzi, managing director and global head of Shop+ at Mindshare. “Because they’re more likely than women to purchase things in the automotive or electronics categories, it makes sense that they would plan to spend more. And, when you’re purchasing a big-ticket item, you’re more likely to brag about it on social media.”
What Does This Mean for Marketers?
How can marketers take advantage of men’s proclivity for spending? Migliozzi says there’s no “silver media bullet” for reaching genders. Companies must have a good handle of their own data and insights to form the best media plan, he says, which will come from having a view of the data and working with adaptive strategies throughout the holiday season.
Jodie Huang, manager of insights for Mindshare North America, says marketers can also fight for shoppers via their smartphones.
“Our data show that 58% of shoppers will use their phones to check for prices while shopping in-stores. There’s an opportunity there for other brands and retailers to push out messages that day and draw attention to their own sales, even as someone’s in another store,” Huang says. “We also found that certain groups are more likely to post deals and what they bought on their social networks. Brands can engage with these posts on social and offer shoppers additional services, like future discounts or customer service.”
Companies can use the consumers’ love of the deal to drive more sales. Migliozzi says it’s clear that many shoppers have an expectation that there will be “deals that put all other deals to shame,” which means companies that theorize the holidays as a time to piggyback on the increased traffic to launch new products are mistaken.
“Planning for increased discounts and promotions during this time is critical to grabbing shoppers’ attention,” he says.
The Future of Shopping Holidays
In the future, Migliozzi says he believes these shopping days—Black Friday, Small Business Saturday, Cyber Monday—will merge into one promotional retail event. Amazon is already calling the five days of shopping between Thanksgiving and Cyber Monday the “Turkey Five,” he says.
“Ultimately, as we move forward, it will become less about specific time periods in and of themselves, and more about activating shoppers when they want to purchase,” Migliozzi says. “It’s on the retailer to make the specific calls.”
Originally published on American Marketing Association.