Empathica: Women More Frugal in This Down Economy
Empathica Inc., a provider of customer experience management (CEM) solutions for world-leading brands according to the company, said its survey of more than 7,200 American consumers indicates that women are more frugal in a down economy.
While overall spending was down, with only five percent of survey participants spending more in 2009 compared to 2008, results showed that women (72 percent) moderately to significantly cut spending to a greater extent than men (62 percent).
Out of 15 industry sectors, only four were unaffected by gender differences, noting similar levels of reduced spending at gas stations, bars, hotels and airlines.
Among its findings on the apparel side, Empathica's survey indicated that 46.7 percent intend to cut down on their spending of luxury clothing in the next three months and 5.9 percent intend to spend more during that time period. About 45 percent intend to spend less on all luxury goods at department stores and 4.2 percent intend to spend more (see graph below).
"When examining consumer spending during hard economic times, retailers would be smart to note that women and men not only spend differently, but have different motivations for spending," said Dr. Gary Edwards, executive vice president of client services with Empathica. "Retailers need to know their customers and how to best entice them with offers."
While overall spending was down, with only five percent of survey participants spending more in 2009 compared to 2008, results showed that women (72 percent) moderately to significantly cut spending to a greater extent than men (62 percent).
Out of 15 industry sectors, only four were unaffected by gender differences, noting similar levels of reduced spending at gas stations, bars, hotels and airlines.
Among its findings on the apparel side, Empathica's survey indicated that 46.7 percent intend to cut down on their spending of luxury clothing in the next three months and 5.9 percent intend to spend more during that time period. About 45 percent intend to spend less on all luxury goods at department stores and 4.2 percent intend to spend more (see graph below).
"When examining consumer spending during hard economic times, retailers would be smart to note that women and men not only spend differently, but have different motivations for spending," said Dr. Gary Edwards, executive vice president of client services with Empathica. "Retailers need to know their customers and how to best entice them with offers."