by: Linda Landers
This article found on Girlpower Marketing discusses the economic power of women in the market today and the future. It notes the growth of women’s wealth and spending power and failures of advertisers to catch up to the changing market. We have an increasing awareness that women have substantial purchasing power. The data suggests women in the position of top marketing opportunity in the economy.
As women seek financial independence, their wealth grows. Women now hold 60 percent of the countries personal wealth, and 51 percent of all U.S. stocks. With this, the number of women considered wealthy is growing at twice the rate of their male counterparts. Female spending contributes Seven Trillion dollars to the U.S. economy from females, and the expectation is that women will control two-thirds of consumer wealth in the coming decade.
Women’s economic spending power is visible in all reaches of the U.S. economy. The statistic illustrates this point in that an estimated 80% of all healthcare decisions are made by women. Women also make 68% of new vehicle purchases, 75% of women identify as the primary individual who shops, and women buy 50% of products typically sold to men. These statics equate to 85% of all consumer purchases made in the U.S. are by women. The question still stands, if women influence 85% of purchases, why do 91% of women still feel that advertisers do not understand what women want? Based on this information, market research is important to the design process to construct, market, sell, and make a profit.
This article is significant as it recognizes the power that women have in the U.S. economy. It also highlights the current lack of understanding of women by advertisers and the opportunity in it.
Originally Published By: Girl Power Marketing
