In a traditional world, the man of the house used to work all day and the woman would handle running the household, including managing the family’s day to day finances. Those “traditional days” ended a long time ago, and now more men control the family finances. This is according to a recent report from the market research publisher Packaged Facts. According to the report, men will account for $6 trillion in income by the year 2012. This was according to a recent press release from Packaged Facts. This information can provide very valuable to retailers attempting to reach the male market during the holiday shopping season.
Men still make up less than half the adult population of the United States. They account for 48.6 percent of the adult population in the country to be exact. That 48.6 percent though accounts for 62% of the total personal income among adults in the U.S. according to the press release. Along with the increase in their percentage of total personal income, males throughout the country are starting to take a more substantial role in the day to day finances of their household.
It is starting at a younger age. In the 18-34 age group it turns out that males are the ones that are more likely to be the first in their peer groups to try new styles, electronic equipment and new health food. The press release also pointed out that men in the 18-34 age group actually enjoy shopping, even on trips where they do not purchase a single item. Men in this age group also are more likely to watch for bargains or special advertisements for sales ran by their local stores.
As the men reach the 35-59 age group demographic their shopping habits change. They are more likely to become fathers in this time frame and shop more for household items. These items include home furnishing stores and home improvement stores as well according to the press release. They also tend to make more trips to small shopping centers such as strip malls for their shopping needs.
“Married men, especially married men with children, form the dominant segment in the men’s market. However, as a result of the declining educational achievement of men and the long–term loss of stable high-paying jobs for men without a college degree, the focal position of the family man in the men’s market will continue to erode,” commented Tatjana Meerman, who is the publisher of Packaged Facts. “It is likely that single men, including those who have never married as well as those who are divorced and separated, will become a more prominent aspect of the men’s market”., concluded Meerman.
Prnewswire.com. “Men to Control the Purse Strings, Accounting for $6.0 Trillion in Personal Income by 2011”.