How much do men and women spend differently when it comes to shopping?
According to a study by Forbes, on average women spend
almost twice as much as men each month on apparel, accessories and cosmetics.
However, there are also some categories where men tend to outspend women.
Let’s take a look at some of the most interesting male vs
female spending statistics in general, as well as in specific areas such as
clothing, food, healthcare, and travel.
Editor Choice: Male vs Female Spending Statistics
Women account for 85
percent of all consumer-buying decisions contributing an astounding $15
trillion to the economy, hold more than 60 percent of all personal wealth.
(Forbes, Federal Reserve, Gallup, BusinessWeek, MassMutual Financial Group)
Single men outspent single women, but only by a slight
margin. Men spent an average of $35,018 a year while women spent $33,786.
Women Controls over $31.8 trillion dollars in worldwide
spending. (Catalyst)
38% of men and 36% of women are likely to spend more on
goods from online marketplaces
Women on average spend out $323 per month for groceries,
whereas men averaged $290.
Men spend on average $21 for lunch while women hover around
$14.
An average person spends $161 per month on clothes with
women spending 76% more than men per year.
Men spend almost twice as much as women on vehicle purchases
($1,670 per year compared to $2,900 per year, on average).
Men spent an average of $835 on “audio and visual equipment
and services” but only $206 caring for pets. Women, by contrast, spent $725 on
their home theatres and $488 on their pets.
During the time period of age 18 to 44, health spending for
females is 84% higher than for men for years.
They discovered that 68 percent of ladies have spent money
on these items online, while men have spent 52 percent of their money.
1.Single men outspent single women, but only by a slight
margin. Men spent an average of $35,018 a year while women spent $33,786.
In general, males spend more than women, according to the
source, with men spending an average of $35,018 per year compared to women’s
expenditure of $33,786. Even if the difference in spending between males and
females is just a little amount, it should be remembered that men earned
$10,000 more than women.
Men and women spend their money on their health, their clothing, their food, their cars, and the things that interest them when it comes to putting their hard-earned money into investments.
(Louisianafcu)
2. 38% of men and 36% of women are likely to spend more on
goods from online marketplaces.
According to the coronavirus’s source, customers want to
spend less or more in online marketplaces, depending on their preferences.
According to the results of the source, 38 percent of men and 36 percent of
women would spend more money on online purchases.
In addition, 49 percent of males and 45 percent of females
would continue to spend the same amount on online products as they are now
doing.
Men account for 7 percent and women account for 10 percent
of those who want to spend less.
(Statista)
3. Women on average spend out $323 per month for groceries,
whereas men averaged $290.
Going by results of a study done by the company Go Banking Rates, female respondents spend 11 percent more on food than male respondents. Women spend an average of $323 on groceries, while men spend an average of $290. When it comes to shopping, women spend $2.73 on every purchase, while men do not. Women are the main grocery consumers, accounting for 51% of all shoppers.
Women are the main grocery buyers, and since they are the ones who prepare the majority of the meals for their families and take care of the children, they wind up spending more money on groceries. Meal preparation is typically performed by 80 percent of mothers with children.
(Go Banking Rates)
4. Men spend on average $21 for lunch while women hover
around $14
When comparing men and women, males spend more time eating lunch. Males spend 44 percent more on their lunches than women, and on average, men spend $21 on their lunches while women spend just $14.
(Forbes)
5. An average person spends $161 per month on clothes with
women spending 76% more than men per year.
CreditDonkey estimates that the typical American spends $ on clothing each year. In terms of clothes, women spend 76 percent more than men. Online purchases of clothing account for 40 percent of all items purchased. The fact that women’s clothing is more costly than men’s apparel is the primary reason for spending more money on clothing.
Another important motivation for women to purchase more clothing is because women’s fashion is always changing, and women just like looking trendy in their clothing and accessories. When it comes to men’s clothing, they can wear the same pieces mixed and matched every other day, but women’s clothing has a limited amount of mix and match that can be worn every other day, so they need something fresh for every occasion.
(Clothingric)
6. Men spend almost twice as much as women on vehicle
purchases ($1,670 per year compared to $2,900 per year, on average).
Men are more interested in purchasing automobiles than women, whether they are brand new or old. Males spend $682 on their vehicle rentals and other associated expenses, while females spend $560, according to the source. Men also spend more money on automobiles than women when purchasing them. Women spend $1670 each year on car purchases, while males spend almost twice as much, over $2900 per year.
Men are constantly on the lookout for a vehicle that is both luxury and attractive. That is the primary reason why males wind up spending more money on their ideal vehicle, while women choose affordability above luxury when purchasing a car.
When males choose for costly luxury vehicles, they must spend a significant amount for insurance on these vehicles, and they are also more likely to be involved in automobile accidents on the road.
Men make automobile purchasing choices based on technical considerations as well, since they know what engine size, suspension, and driving characteristics they desire in their vehicle. As a result, after they have loaded all of their belongings into a vehicle, they are not reluctant to strike a deal and pay extra.
(SmartAsset)
7. Men spent an average of $835 on “audio and visual
equipment and services” but only $206 caring for pets. Women, by contrast,
spent $725 on their home theatres and $488 on their pets.
While men and women spend about the same amount of money on leisure activities and entertainment, their methods of spending are vastly different. In addition to “audio and visual equipment and services,” males spent an average of $835 on “audio and visual equipment and services,” but just $206 on pet care. Women, on the other hand, spend an average of $725 on their home theaters and $488 on pets.
(Moneycrasher)
8. During the time period of age 18 to 44, health spending
for females is 84% higher than for men for years.
According to the American Association of Registered Nurses, individuals between the ages of 18 and 24 in the United States were questioned about health-care costs. When compared to males, women spent an average of 84 percent more on health-related expenses. Men spend $2097 per year on health care, while women spend $3867 per year on health care. When it comes to pregnancy and other health-related problems, it is no secret that women need more attention and assistance than males. It is a no-brainer for women to get the health insurance coverage that they need.
(Registered Nursing)
9. 37 per cent of female survey respondents stated that they
were willing to spend between 50 and 99 U.S. dollars on Valentine’s Day gifts.
According to the results of a study done by the source, 32 percent of females and 23 percent of men were ready to spend between $1 and $49 on a Valentine’s Day present this year. Females were ready to spend between $50 and $99, while men were only prepared to spend 31 percent of their money in this range. Also, when given a larger budget between $100 and $499, males were 39 percent more likely than women to purchase presents in his price range, while women were just 21 percent more likely.
(Statista)
10. Women in both the United States experienced more
decreases in weekly expenses than men.
According to ScienceDirect, as a result of the Covid-19 epidemic, women have reduced their weekly expenditures as a result of the anticipated reduction in income. Since the beginning of time, there has been a wage disparity between men and women. As a result, women already had less money to spend, and many in the country have lost their employment as a result, women have reduced their weekly expenditures in order to meet their basic requirements.
(ScienceDirect)
11. Women spend 7% more on toys and accessories than men.
According to CreditCards, women spend 7 percent more on toys
and accessories and 13 percent more on face and body care goods than men
because products developed specifically for women are more expensive than those
designed specifically for men, according to the study.
Women also need a greater number of accessories to
complement their overall appearance, such as jewelry and purses of various
kinds to match a variety of different outfits.
Women also provide more care for children and are more
familiar with their playing patterns and preferred toys than males, which
explains why women spend more money on toys.
(CreditCards)
12. 91% of new homes are purchased by women.
According to BusinessInsider, women are the primary
purchasers of new houses in the United States. It has an impact on women’s
purchasing behavior since they are rising in the ranks of the labor market and
becoming more successful entrepreneurs and small company owners. The quantity
of money that women have in their possession has increased considerably in
recent years.
(BusinessInsider)
13. Women are involved in spending and investing decisions
in their household.
Women who are married or live with a partner are more likely
than men to be involved in household spending and investing decisions,
according to the source, which has increased since 2012 when it was only 42
percent according to a report from consumer research firm Hearts & Wallets,
which was published in 2012.
Women who live with their better halves have said that they
are the primary decision-makers in terms of financial and spending choices,
according to a recent survey. Men in these types of relationships, on the other
hand, have a different perspective – just 5 percent of the men surveyed believe
that their partners play a leading role in their financial choices.
(Investment News)
14. 38% of men would spend their money buying gym and
fitness accessories if they are confined at home due to coronavirus.
According to the source, 38 percent of men and 25 percent of
women who took part in the study indicated they planned to spend their money on
gym and fitness gear online, respectively.
Fitness accessories are more appealing to males than they
are to women, since they like to purchase gym clothing, dumbbells, and other
gym-related items in order to bulk up their muscles.
(Statista)
15. 45 to 54 age group was the highest spender on men’s and
boys’ clothing.
In accordance with the source, data on annual expenditure on
men’s and boys’ clothes for various age groups were compiled. According to the
statistics, males between the ages of 45 and 55 spend $638 on clothing each
year.
(Statista)
16. Women tend to reduce their current consumption and
increase savings.
According to the source, women who are affected by the
Covid-19 epidemic are more inclined to conserve money, which is why they are
reducing their consumption levels.
(ScienceDirect)
17. 53 percent of working-age American women have started
saving for retirement, compared with 65 percent of men.
According to CNBC, the Global Investor Pulse study conducted
by the BlackRock company, which included 4,000 respondents from the United
States, revealed that 53 percent of American working women and 65 percent of
American working men had already begun saving for their financial future.
(CNBC)
18. Roughly seven-in-ten adults (71%) say it is very
important for a man to be able to support a family financially.
According to a study conducted by the Pew Research Center, a
significant portion of a man’s earnings is dedicated to the maintenance of his
family. Being excellent partners or spouses is important. Men are expected to
provide financial assistance for their families, according to 71% of
respondents, while women are expected to provide financial support for their
families, according to 32%.
(Pew Research)
Difference In Men And Women Finance Management
As men and women are different at their purchasing behavior they
are also different when it comes to long term financial goal setting. Women
with greater amounts of money are less confident in making their own financial
decisions; they rely more on advisors and wealth managers. Such as
Older women are 2 times more likely to pay 1% or higher
charges to any financial advisor as compared to men.
Only a quarter of women are confident enough in making
investment and savings-related decisions which are 15% lower than their male
counterparts.
10% of the women are less likely to make any big and risky
investment as compared to men. Men invest more for potentially high returns.
Older women are 10% more concerned about their retirement
assets.
Final Words
When it comes to virtually everything, men and women are
fundamentally different. In certain areas, women are more concerned with
conserving money than men are, while in other areas, men are more concerned
with spending money than women are. There is no such thing as a proper or wrong
amount of money spent by a person.
Male expenditure is greater than female spending on a per
capita basis. Women spend more money on food, clothing, pets, and health care
than men do on these items. Men, on the other hand, spend more money on cars,
meals, and equipment.
The spending habits and behavior of an individual are
influenced by a variety of factors. Our buying choices are influenced by a
variety of variables, including our demographics, gender, income, lifestyle,
dependents, and future goals.
Our spending patterns are determined by our habits, way of
life, and earnings. Spending, saving, and investing are all extremely important
factors that we should become more familiar with. The purpose of providing
these data is to understand more about your financial situation and how to improve
your financial situation.
It has long been a topic of discussion as to why and how men
and women perform differently in certain situations. The mind sets and skill
sets of men and women are quite different, and as a result, they tend to
approach the same tasks in very different ways. One example of this is the
buying and spending habits of people.
The Covid-19 epidemic has had a significant impact on global
consumer purchasing behavior in general. The way men and women spend their
money as individuals has also altered as a result of this development. As a
result, it is critical for you as a company owner to see yourself as a member
of your product’s target customer.
Preferences differ depending on the gender of the people
that are part of your target audience. For example, males may consider
something to be typical, while women may find the same thing to be intriguing.
In her book For Richer, Not Poorer: The Money Book for
Couples, author Ruth Hayden argues that whereas women have been trained to buy
things for their lifestyle and children, men have been taught to invest in
products that have a long-term monetary worth.
One other example might be the price of the product itself.
It is possible that opposing genders may evaluate it differently. Women may
consider something to be costly, while men may consider it to be cheap.
Additionally, men and women tend to spend money in different
ways in a variety of areas, such as their spending patterns on home items,
vacations, technology, and healthcare. Another important element of money
management is figuring out how to save more money in the future. The savings
increase according to the amount of money saved.
According to the source, they looked at the purchasing
habits of men and women who shop online for clothing, shoes, and other types of
accessories. They discovered that 68 percent of ladies have spent money on
these items online, while men have spent 52 percent of their money.
Another factor that influences an individual’s spending and
expenditure is how much they tend to save more money and on which things they
spend less money in order to have greater savings, both of which are important.
FAQ
Q1. Are Women Clothes more expensive than men?
The answer is that in general, adult clothing is one of the
most costly items that people purchase, but there are certain categories in
which women’s clothing is more expensive than men’s clothes. For example, a
typical woman’s pair of pants is 10 percent more costly than a typical man’s
pair of jeans. Women’s clothes is also more costly because of the design and
style.
Q2. Is spending above-average bad?
While there is no such thing as a right or wrong way to
spend your money, for a more balanced and budget-friendly way of living, one
might consider dividing their income into three categories. 50 percent of your
income should be used to meet your essential needs, 20 percent should be set
aside for savings, and the remaining 30 percent may be utilized for any
personal expenditures.
Q3. What is the percentage of women online shoppers in the
US?
Ans: In the US women account for 72% of online shoppers
while men account for 68% of online shoppers.
Q4. What is the difference between Men and Women Shopping?
Women tend to be more engaged in advertisements and product
presentations than males, which leads to increased online purchasing by women.
Source
Catalyst
Statista.
Louisiana
Statista
Gobanking
Statista
Clothingric
SmartAsset
Moneying
Moneycrash
Registered nursing
Forbes
Pewresearch
Statista
Optinmonster
InvestmentNews
Mckinsey
Statista
Sciencedirect
CNBC
CreditCards
BusinessInsider
Statista
British men spend more on clothes, shoes and grooming each month than women, according to new research from Barclaycard.
The research reveals that men are spending 114 pounds each month on clothes and shoes, equating to more than 300 pounds more each year than women. In addition, men are spending more each month on clothes, 67.10 pounds, than they do on drinking with friends or even tickets to sports matches.
Despite spending more than women on clothes, men dislike the process of shopping so much that over a fifth (21 percent) say they would prefer to mow the lawn, while nearly one in 10 would prefer to clean the toilet (9 percent) or take a visit the dentist (9 percent) over a trip to the shops.
Top frustrations for men includes: retailers not having their size in stock
(42 percent), crowded stores (36 percent) and having to queue at the till (35 percent) – with four in 10 men (40 percent) saying five minutes is the longest they will wait to pay before leaving a store.
Barclaycard research shows men spend more on clothes than women
This is probably why research reveals that nearly half of men, 48 percent prefer to go online to snap up the latest fashion trends, while women still prefer to shop in-store.
Retailers have begun to recognise the rise of men shopping online, which is why almost two-fifths, 37 percent have begun using online and social media advertising to attract male customers, states the research, and one in seven (14 percent) are now working with bloggers and influencers to increase their online brand presence.
However, it seems that the influences for men are a little closer to home, with a third of men (32 percent) admitting that they are more likely to be influenced by what their partner likes.
George Allardice, head of strategy, Barclaycard Payment Solutions, at Barclaycard said: "It’s eye opening to see the tension between men spending more money on shopping and grooming, but still not enjoying the experience. Even though they spend more on shopping than having beers with friends or watching their favourite footie team, the idea of retail therapy is still lost on British men.
“We know that retailers are increasingly becoming savvy to men spending more on clothing and grooming, and so have been increasingly expanding their male offering over the past few years. However retailers need to continue to innovate to ensure the whole shopping experience is as enjoyable for men as it is for women - whether that’s online, mobile or instore. Simple changes such as ensuring a wide range of sizes are stocked and reducing queues at the tillcould lead to an increase of men shopping ‘til they drop.”
A study by the Wharton School of Business titled “Men Buy, Women Shop” found that women are more likely to view shopping as a recreational activity, while most men just want to make their purchase and get out. Because of this, women may be quicker to spot a deal.
Healthcare: Women tend to spend slightly more across all healthcare categories. The largest being drugs and medical services, with women spending more than $200 per year more than men on things like X-rays and doctor’s appointments. Women spend just over $200 per year more than men in those two items.
Personal care: Ladies vastly outspent men on personal care products and services. On average, women were willing to pay around $714 a year on self care, while men spent closer to $297.
It’s not just the spending numbers that set men and women apart. There are multiple studies that suggest women are more price-conscious shoppers than men. 71% of women say the last item they bought online was on sale, compared to only 57% of men. Additionally, 74% of millennial women say they look for coupons when shopping online, compared to 65% of millennial men.
Financial goals
When it comes to saving up, men and women tend to have different priorities. A recent survey by The Motley Fool found that men are most likely to view saving for a vacation as their top financial goal, followed closely by paying off credit card debt. Women had identical goals, but named debt repayment as a bigger priority.
Savings
Although men and women have similar financial goals, there’s a vast difference between how much money each gender sets aside for those goals. A report by Mylo Financial Technologies found that men set aside nearly twice as much money for their long-term financial goals as women. American women nearing retirement age have an average of $81,300 in retirement funds, while their male counterparts have $118,400.
However, if you look at the percentage they save from their paychecks, women come in first place. A recent Vanguard study found that women are more likely to participate in workplace retirement plans, and that they put up to 8% more of their pretax earnings into these plans than men in the same earnings bracket.
The discrepancy between the dollar amounts saved and the percentages of incomes earmarked for savings can be attributed to the reality that the average woman is still earning less than the average man. The gender pay gap Louisiana is by far the worst in the nation with a 31% differential, according to data from the Census Bureau. Meaning women working full-time in the pelican state make only 69% of what the average full-time working male makes.
Investing
Men seem to take more of an interest in investing. 70% of millennial men enjoy managing their investments compared to just 36% of millennial women. Because of this, men tend to feel confident in their financial knowledge and are more open to risky investments. Women tend to be cautious, patient investors. Interestingly enough, while females are more likely to admit they know very little about investing, their conservative approach puts them slightly ahead of men over the long term because while they produce smaller gains, they also see smaller losses.
There’s no right or wrong when it comes to spending your hard-earned money, but there's certainly room for learning. Do you recognize any of these trends in your own life? By reviewing the numbers you can gain better knowledge of where your money is going and understand your financial mindset a little better.
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