From assorted research
profiles, we were able to collect some viable data on the purchase influence
power of women in the marketplace. If your programming boast women as their
target demographic….here is some supportive data showing the power of women. Philip
Jay LeNoble, Ph.D. CA
Wednesday, Sept. 9,
2015
According to a report from Fona
International, prepared by Kit Barmann, women represent the largest market
opportunity in the world, according to Forbes magazine. Globally, they control
$20 trillion in annual consumer spending. In the next five years, it is
expected that this number will rise to nearly $30 trillion.
In the United States, women
have enormous control, and it’s increasing. Reports range from $5-15 trillion,
with Marketing Zeus citing sources that $7 trillion is contributed by women in
the U.S. in consumer and business spending. Fleishman Hillard Inc. estimates
that women will control two-thirds of the consumer wealth in the U.S. over the
next 10 years.
Boomers led the way, attending
college in large numbers, punching through the glass ceiling and demanding
higher pay. So while Millennials are a focus for many marketers, when marketing
to women don’t ignore the women who laid the groundwork. Marketing to women
takes strategic planning that has longevity, adds a study by Forbes from
Patricia Odell.
And, from Fona, women handle
the bulk of purchasing decisions for everyday items like groceries and
clothing, even for those items targeted at men. 50% of products marketed to men
are actually purchased by women. In addition to being responsible for most of
the day-to-day purchases, women are also heading up or influential in large
ticket purchases like cars, homes and appliances.
Women’s rise in spending power
is thanks to Baby Boomer women who blazed new paths and opened doors to more
control and power in their lives. These defining generational facts are
important to remember when marketing to this demographic.
Boomer women were the first
generation to attend college in large numbers.
- Education has brought greater influence, skills,
self-confidence and expectations, all of which bring women great spending
power, says the report.
- Between 1970-2004, the percent of women 25-54 with
college degrees tripled.
- Women in the U.S. earned 36.8% of MBAs in 2010-2011.
- The percent of women in the workplace sky rocketed from
only 6% in 1950 to nearly 30% in 2004.
- Women own 40% of all private businesses in America.
- 1.3 million women earn salaries over $100,000
- 60% of all personal wealth in the U.S. is held by women
Boomer women were able to broaden
their horizons beyond the secretary, teacher and nurse careers available to
their mothers. Today, these Boomer women of the workforce have made dual-income
households the norm, says the report. More than 70% of Boomer couples are dual
earners. Thanks to Boomer women, these two-paycheck families bring home a lot
more money. Married couples account for 82% of households with income of
$100,000 or more. And:
- 85% of all consumer purchases in the U.S. are made by
women.
- 93% of food purchases are made by women.
- 75% of women identify themselves as the primary
household shopper.
- 50% of products typically marketed to men are purchased
by women.
- 80% of healthcare decisions are made by women.
- 68% of new car purchase decisions are made by women.
- 66% of PCs 92% of vacations
- 92% of vacations
According to the Harvard Business
Review, women are obtaining higher education degrees at rates higher than men.
It also reports that the 1 billion women in the workforce will grow to 1.2
billion in the next five years.
Anna Shaw from Smart Design, a
design and innovation company with a lab that focuses on female consumers, told
Inc. magazine that companies flounder when they interpret women as smaller,
softer humans. Companies need to understand her emotions, and are her values.
- 91% of women say advertisers don't understand them.
- 66% if women feel misunderstood by healthcare
marketers.
- 59% of women feel misunderstood by food marketers.
The report concludes by noting
that women aged 50+ have a combined net worth of $19 trillion. Women aged 50-70
are the largest segment of female consumers and are by far the biggest
spenders. Prime Timers have higher incomes, greater net worth and stronger
spending than younger adults. They have the freedom and disposable income to
make purchases.
Additionally, Women Represent Big STATISTICS
Women account for 85% of all
consumer purchases including everything from autos to health care:
·
91% of New Homes
·
66% PCs
·
92% Vacations
·
80% Healthcare
·
65% New Cars
·
89% Bank Accounts
·
93% Food
·
93 % OTC PharmaceuticalsAmerican women spend about $5 trillion annually…
Over half the U.S. GDP
Women represent the majority of the
online market
Digital Divas By The Numbers
• 22% shop online at least once
a day
• 92% pass along information about deals or finds to others
• 171: average number of contacts in their e-mail or mobile lists
• 76% want to be part of a special or select panel
• 58% would toss a TV if they had to get rid of one digital device (only
11% would ditch their laptops)
• 51% are moms
Source: Mindshare/Ogilvy & Mather
Women process information and make
purchasing decisions differently than men:
·
59% of women feel misunderstood by food marketers;
·
66% feel misunderstood by health care marketers;
·
74% feel misunderstood by automotive marketers;
·
84% feel misunderstood by investment marketers
·
91% of women in one survey said that advertisers don’t understand them
·
70% of new businesses are started by women
·
The average black woman spends 3 times as much on beauty products
compared with the average woman
·
Women influence $90 billion dollars worth of consumer electronic
purchases in 2007
·
61% of women influence household consumer electronic buying
decisions
·
Nearly 50% of women say they want more green choices
·
37% are more likely to pay attention to brands that are committed to
environmental causes.
·
25% of all products in a woman’s shopping cart nowadays are
environmentally friendly.When women are aware you support women owned
businesses
·
79% would try your product or service
·
80% would solidify their brand loyalty
·
51% would give a company a second chance if a product or service missed
the mark the first time
·
Women make more than 80% of all consumer purchasing decisions
·
Consulting firm A.T. Kearney estimates that women determine 80% of
consumption, purchase 60% of all cars and own 40% of all stocks
·
57% of women gardened within the last year
·
55% of women spent time reading literature within the last year
·
Single women are becoming a more influential category versus 10 years
ago
·
In 1998, only 69% of women between 18 and 24 were involved in home
electronics purchases. By 2008, that number has grown to 91%, in part driven by
the prevalence of personal electronics such as cell phones and computers
·
Over the past 10 years, the number of women 25-34 who were single or
living with a significant other increased 8% to 38%
·
And they are more educated: the percentage of women who had an
undergraduate or graduate degree increased, from 28% to 41%, over those 10
years.
·
She’s Got Game! Women And Sports: WOMEN MAKE UP:
- 47.2 % of major league soccer fans
- 46.5% of MLB fans
- 43.2% of NFL fans
- 40.8% of fans at NHL games
- 37% of NBA fans
- Women purchase 46% of official NFL merchandise
- Women spent 80% of all sport apparel dollars and
controlled 60% of all money spent on men’s clothing
- Women comprise about one-third (34%) of the adult audience
for ESPN sport event programs
In older groups, women make up a
larger percentage of the audience:
·
31% are women 18-34
·
32 % are women 35-54
·
40% are women 55+
Women in Motorsports
·
74% of male respondents and 62% of female respondents agreed that “women
racers bring fans out to the games.”
·
40% of female respondents and 21% of male respondents stated that they
would be “more” or “much more” likely to follow motorsport races if more
females were involved.
·
40% of the 6.6 million people attending Winston Cup races each year are
women.....
You go ladies!!!
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