Men Spending More on Credit Cards
Women aren’t the only shopaholics in the world. New studies indicate that men may be just as much to blame for high credit card bills as their female counterparts.
According to a 2013 study by Bain & Company, men now account for 40% of the luxury market, compared to 13% in 1995.
HSBC said in a report, “The metro-sexual, that cliché from 20 years ago, is now becoming a commercial reality.”
Not only have men begun to take up a bigger part of the luxury market, but they have also grown in their spending habits at a faster rate than women. Menswear as a whole has a 7% annual growth rate, while women’s wear posts a growth rate of 4%, according to the Bain & Company study.
What is the driving force behind this growth and the high credit card bills that come with it? This depends on where you are in the world. Men in Asia have begun carrying handbags, making the handbag market booming for both sexes. In America, the pressure likely comes from the societal need for men to dress well, look tailored and present themselves as if they make a lot of money.
Ladies, the next time your man barks at you for buying those sexy shoes on sale, kindly remind him about his most recent purchase. It may very well be even pricier than yours.