Are Higher Income Women More Likely to Buy Online?
If you’re a business owner and your target demographic is high-income women who shop online, then this article is for you.
According to the Bureau of Labor Statistics, “The average salary for women in the United States is approximately $1,002 per week, which is around 84% of the median weekly earnings of men. For full-time, year-round work, this equates to about $52,104 annually, though the exact earnings vary widely depending on occupation, experience, and education level.”
With so much talk about women and their finances since the rise of podcasts, especially those centering around topics such as marriage, lifestyle, wellness, or even dating, more women feel pressured to disclose their financials for online validation or, in some cases, male validation. A large number of men want to absolve themselves of being the provider for women because they themselves are not high-income earners—at least not enough to properly care for two or more individuals. But how is this possible when almost everyone online brags about making six figures and how easy it is to do so?
You need to build an emotional connection with your customers by getting your products on people they relate to and placing those people in valuable spaces such as television commercials, print magazine covers, and so forth. If your sunglasses are being worn on a model who photographs for Shein, but you’re selling the item for $230 while they have it for $14, you are automatically disqualified from the luxury market, and your target demographic will go elsewhere for their shopping needs.
Additionally, the vast majority of high-income-earning women are chasing luxury in the form of luxury apartments, DH Gate handbags, bottomless brunches, and trips to Greece. High-income women are more likely to buy online depending on what is for sale—experiences trump materials unless those materials are dupes from overseas.
The average high-income-earning woman is smart enough to know that no one will contest the authenticity of her handbag collection or accessories once she’s disclosed her occupation and it’s well-known that her line of work is lucrative. For example, a travel nurse who earns anywhere from $90,000 - $120,000 per year may or may not be inclined to spend $10,000 on a Chanel bag when that money can take her overseas, or she can enjoy multiple vacations or trips in one year. She’s more likely to get the dupe, which will set her back around $150, and no one will really question her purchasing decision.
MARKETING TO HIGH-INCOME EARNERS -
There is no surer way to enter the luxury market than to have a strategy. Brands like The Row, LUEQ, Acne Studios, and Tove are all less known but are respected for their minimalism and lack of overt marketing, which correlates with the mantra that wealth whispers. The more your brand screams, “Hey, I’m luxury, so if you’re rich, buy me!” the more likely you are to lose your target market and have them go elsewhere.
There’s something satisfying about watching a woman or man wear a $500 shirt just to go for a stroll down their driveway, or our Editor-in-Chief going to the gym downstairs in our office wearing a Burberry shirt—everyone in the office audibly gasped because… we simply couldn’t fathom taking a shirt that costs over $200 and throwing it on to sweat in. But our respect for her simply increased, and collectively, we were all inspired to one day achieve that level of nonchalance when it comes to affluence.
In terms of online shopping habits, research shows women are more active online shoppers compared to men. Women are estimated to account for about 58% of all online purchases in the United States, with a preference for clothing, beauty products, and household items. Men, by contrast, often lead in electronics and tech gadget purchases.
This gender-based shopping trend presents brands with valuable insights for targeting demographics effectively in e-commerce. But while women make up a large percentage of online shoppers, it’s important to note that most women are frugal and want to get a good deal on items, whereas men may not think twice about making a purchase if they can afford it.
The luxury marketing space is not an easy one to crack because you have to be quiet enough to garner respect but loud enough that consumers know you exist. So, how do you do this? You partner with companies like Branndet Marketing Group, who specialize in helping brands grow their business, or you start doing your research to learn more about the marketing strategies implemented by past brand owners such as Gucci, Chanel, and Burberry.
Influencer marketing did not grow in popularity until Fashion Nova began their partnership program via Instagram, enlisting numerous celebrities to promote their items and share a code with their followers for a discount. I will admit this worked on me back in the day—I was using codes from Brooke Valentine to Malaysia Pargo. Now they’ve since ceased this type of marketing by selecting only a handful of influencers and paying them a salary to post a certain number of times per week.
Events are also another great way to market your brand—invite journalists and influencers, offer to compensate them with a gift card to Starbucks or Dunkin’ Donuts, and for VIP journalists, offer to pay them a small fee for their time to show your appreciation. This will also make them more eager to get on the press list and may even start promoting your brand for free in hopes of you noticing them! I hope this article helped, and if you need more information or want to work with a marketing agency, Branndet is available to call or email Monday-Friday from 9 a.m. to 5 p.m. EST.
by Riley Cook & Amelia Taylor, Branndet Marketing Group
Image Credit: Gotham | Getty Images
