During an economic crisis, women make more sacrifices than men
Data reveals that 72% of women moderately to significantly cut their spending in 2009, compared to only 62% of men.
A survey by Empathica, a provider of Customer Experience Management solutions, reveals that women hold back on their spending more than men in a down economy.
While overall spending was down, with only 5% of survey participants spending more in 2009 compared to 2008, results showed that women (72%) moderately to significantly cut spending to a greater extent than men (62%).
In fact, 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.
Restaurants, specifically, were largely impacted by gender differences. During 2009, only one in 10 men indicated they never eat out at restaurants. This compared to one in five women who say they never eat out.
“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,” explains Dr. Gary Edwards, EVP of Client Services with Empathica. “Retailers need to know their customers and how to best entice them with offers. For example, our survey indicates that women are most motivated to try a new restaurant if they have a coupon.”
The Empathica Consumer Insights survey indicated that a coupon would entice 48.3% of women to try a new restaurant while fewer men, 39.8%, would be influenced by this offer.
While women are more likely to use coupons in order to try a new restaurant, they are also slightly more forgiving of a bad restaurant experience at a familiar establishment. Eight percent of men cited a negative experience at a familiar restaurant as their top reason to try a new restaurant, yet only 4% of women cited the same reason.
“Knowing the demographics of your top promoters, and your top detractors, can be key in establishing a better customer experience, and ultimately catering to what the customer desires from your business,” adds Edwards.
