Who spends more? Men or women?
No, you got the wrong answer. A recent study says that men spend more time and money in shopping stores than women. The study was conducted on one thousand Americans, and was also published in Dailymail. According to this study, men spend around three hours in the shopping stores a week whereas, women spend around 2.5 hours a week. Similarly, a man spends $85 on clothing monthly and a woman spends $75 on clothing in a month.
Did Millennial Generation Alter the Framework of Shopping?
Consumerism has greatly changed in recent years. The current generation is more interested in an upgraded lifestyle than buying a house or investing in real estate or stocks business. For example, the British women own four time more clothes than the clothes owned by British women in 1980s. Similarly, around 10.5 million tons of clothes are stacked in the thrift stores and resale centers in the US, whereas only 20% of them are sold within the country. Rest of the clothes are either given in charities or sent to other countries for resale at lower rates. An average American owns $550 worth of clothes, which they never touch or wear in their entire lives.
It seems that millennial generation enjoys shopping.
Why Do They Enjoy Shopping?
A team of researchers from MIT, Stanford, and Carnegie Mellon conducted an in-depth study on the neurological processes of shoppers. They used the fMRI technology to determine the effect of shopping on human brain. The technology detected high scores when the subject found their choice of items in the grocery stores, or when they were closer to buy those objects. Further study revealed that happiness from shopping is the result of pursuit or fulfillment of desire. Furthermore, it also revealed that two factors contribute to pursuit of happiness. These include the item of choice and its price. In marketing terms, this union is known as transactional utility.
These facts are surprising against the common belief that women spend more money; however, various factors in the framework of spending habits contribute to the overall statistics.
This Study Reveals Surprising Statistics
The US Urban Land Institute constituted in a report that 50% of men and 70% of women consider shopping as an entertainment. This means that women get their happiness from shopping, and may not require other types of entertainments to achieve satisfaction. In contrast, men require separate money for shopping and entertainment, whereas, men are likely to spend more money on entertainment as compared to women. Simply put, women acquire need and entertainment by shopping clothes, cosmetics, shoes, bags, and such. Men consider these items as a necessity and require separate funds for sports, movies, gaming consoles, and other forms of entertainment.
This report also states that women spend more time in looking, checking and comparing the objects than purchasing them. Women compare the prices, try clothes to see how they will look in these clothes, match makeup products, and buy only if they find a perfect match.