Research: men splurge more often and spend more too (than women)
Welcome to the bi-weekly update (#176) where we dive deeper into key topics, themes or issues specific to women and their lived experience.
According to new research by Deloitte Insights, men are not only as likely to splurge as women, but they are likely to spend more too.
This very much goes against the age-old gender stereotype that women are ‘the spenders’. In fact, it reinforces an unfair financial reality which is that women have less disposable income available and therefore spend much less, less often. The gender pay gap and rising inflation continues to make a dent in women’s ability to spend.
Deloitte Insights surveyed consumers in 23 countries about their spending habits, compiling a database of roughly 150,000 splurge purchases.
Here is a summary of the key data:
Men are spending almost 40% more than women worldwide and in the U.S. on a variety of purchases.
Women splurged an average of $28 vs $39 spent by men (worldwide).
Millennial men are splurging the most. Men’s median splurge was $53 vs $33 for millennial women.
Men account for more than 57% of global splurges in food and drinks.
Regardless of how much each gender spends on splurging, one thing is clear: ‘consumers generally relieve the pressures of frugality by occasionally treating themselves’.
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