THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
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.

GENERAL MERCHANDISE

During an economic crisis, women make more sacrifices than 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.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing