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Men buy luxury more than women

Scottsdale is a luxury city, like Beverly Hills, Palm Springs, and Manhattan, and it’s not just the women who have all the fun.

While women may pay more attention to fashion, men with means are as interested – or more interested – in luxury. It’s just not the same luxury they’re after.

According to a survey noted in Mediapost, fewer than half of millionaire women planned to buy a luxury item (or more) in the next year, while more than two-thirds of the millionaire men planned to do so.

Men favored exotic vacations (a splurge that’s undoubtedly on hold for many in this COVID era) over women 30 to 26 %. They also were more likely to buy expensive jewelry (although perhaps not always for themselves) b 26 to 15%. And millionaire women were more into fashion and designer labels by 17 to 7%.

Ferrari cockpit

Perhaps surprising to many was that women were more interested in buying or leasiing a luxury vehicle than men by 18 to 11%. Maybe the guys already have theirs – or consider that more a necessity than a luxury. And the survey certainly wasn't exclusive to the men to pant heavily at the annual Barrett Jackson auto auction, and Scottsdale's many similar luxury and classic car events.

Classic Caddy

Another article noted that millenniels were not the luxury slouches or bargain buyers from the parents’ basement as they’re portrayed in common media. Millenniels are important players in the luxury space. A UBS Evidence Lab survey showed that milenniels accounted for 35% growth in luxury sales a couple of years ago. Yes, the world has changed since then but the surveyers had expected that generation to make up nearly half of luxury spending. They were expected (pre-pandemic) to account for 45% of luxury spending by 2025.

Shoes and clothes

They already make up about two-thirds of sales of Saint Laurent, half of Gucci’s and a third of Louis Vuitton.

Men are more inclined to be spa friendly than ever before, according to a 2019 report by The International Spa Association (ISPA). Men going to spas was up 47% – up from 31% just 10 years earlier. The reason cited was a change in focus from beauty to health – and high-income men are interested in their health.

Harley engine

Scottsdale, and other luxury destinations, has been hurt financially by the drop-off in travel, particularly leisure and luxury vacations, but the demand for luxury products and service remain. And it’s not just the women.

What's Coming:

  • A tasteful guide to men’s fashion
  • Fitness trends from the experts
  • Health & sellness for today’s active man
  • Tech – What’s cool
  • Styling Do’s and Don’ts – Looking your best
  • Relationships
  • Professions and success

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