WOMEN AND SPENDING
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 Pharmaceuticals
- 58% of Total Online Spending
(Source: Greenfield Online for Arnold’s Women’s Insight Team)
Women control over $20 Trillion in world-wide spending.
(Source: Muhtar Kent, Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, October 2010)
Women have tremendous spending power in America today—and it’s growing. Market estimates about their total purchasing prowess varies, ranging anywhere from $5 trillion to $15 trillion annually. Nielsen Consumer 04-02-2013
- Boomer Women and Affluence – One huge, affluent segment wields more spending clout than any other: Baby-Boomer women. Born between 1946 and 1964, these women represent a portion of the buying public no marketer can afford to ignore. With successful careers, investments made during the “boom” years, and inheritances from parents or husbands, they are more financially empowered than any previous generation of women. – Mary Brown, Carol Orsborn, Ph.D., Marketing to the Ultimate Power Consumer—The Baby-Boomer Woman
- Senior women age 50 and older control net worth of $19 trillion and own more than three-fourths of the nation’s financial wealth. – MassMutual Financial Group–2007
- Fifty-plus American women are the healthiest, wealthiest and most active generation of women in history. – Demographics by Mark Miller
- Once the college bills are out of the way and children launch their own households, the discretionary spending power of 50-plus women soars. They spend 2.5 times what the average person spends. Women are the primary buyers for computers, cars, banking, financial services and a lot of other big-ticket categories. – Marti Barletta, Primetime Women
- The 55 to 75 year-old female has seen her role change from homemaker to purchaser of security, convenience and luxury items. – Barbara Kleger, president of 55+ Consulting
- Wealthy boomer women are the marquee players in our country’s culture and commerce. They are educated, have a high income, and make 95 percent of the purchase decisions for their households. – Karen Vogel, The Women’s Congress and co-founder and president of New Generation Event Solutions
- The Baby Boomer Generation has more money, leisure time and technology than any other generation in history. They can not only stay in touch with family and friends but actually continue to pursue their careers while traveling. Thanks to Wi-Fi, satellite Internet hookups, e-mail and cell phones, baby boomers can continue running businesses from RV’s from just about anywhere in the United States. – Baby-Boomer Magazine.com
WOMEN AND WEALTH
- Of the 743 women of wealth interviewed with at least $3 million in investable assets, 61.2% accumulated their fortunes through corporate employment, their own or a family business or a professional practice. Only 38.8% of the women had married into or inherited their money. – Women of Wealth, 2004, by Russ Alan Prince and Hannah Shaw Grove
- High-net-worth women account for 39% of the country’s top wealth earners; 2.5 million of them have combined assets of $4.2 trillion. More than 1.3 million women professionals and executives earn in excess of $100,000 annually. 43% of Americans with more than $500,000 in assets are female – MassMutual Financial Group–2007
- Over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates range from $12 to $40 trillion. Many Boomer women will experience a double inheritance windfall, from both parents and husband. The Boomer woman is a consumer that luxury brands want to resonate with. – Claire Behar, Senior Partner and Director, New Business Development, Fleishman-Hillard New York
- The more mature luxury consumer places the highest priority in making memories and experiences. They don’t buy things to have more things; they want the experience to go along with it. Luxury consumers expect superior quality and are extremely discerning. – Pam Danziger, president of Unity Marketing
- Affluent women juggle demands of career and family, are concerned about the environment and are discriminating shoppers. – The Affluent Market in the U.S., Dr. Robert Brown and Ms. Ruth Washton
- The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68%, while the number of men grew only 36%. – The Spectrem Group
- Affluent working women with family incomes of $75,000 or more are growing in number, and 94.3 percent access the Internet during an average month. About half are now considered heavy users of the Internet, while heavy use of radio, television, newspapers and direct mail has declined within this group. – Ten Marketing Trends to Watch, Kim T. Gordon, Entrepreneur.com
- The Department of Education estimated in 2013, that women earned 61.6% of all associate’s degrees, 56.7% of all bachelor’s degrees, 59.9% of all master’s degrees, and 51.6% of all doctor’s degrees.
- Overall, 140 women graduated in 2013 with a college degree at some level for every 100 men.
- Women have earned the majority of bachelor’s degrees for every college class since 1982 and the female share of degrees has risen every year.
- Since 1982, women have earned 4.35 million more bachelor’s degrees than men (22.43 million for women vs. 18.08 million for men).
- For all college degrees, women have earned 9.7 million more degrees than men (44.1 million for women vs. 34.4 million for men) since 1982.
(Source: American Enterprise Institute, Carpe Diem, Mark J. Perry, 2013)
- 93% of women say they have significant influence on what financial services their family purchases.
(Source: The Financial Brand, December 2013)
- Women will control two-thirds of the consumer wealth in the U.S. over the next decade and be the beneficiaries of the largest transference of wealth in our country’s history.
(Source: Mediapost, April 9, 2013)
- Financial services companies admit that, historically, they haven’t done a great job of attracting women as customers, but with women rising fast on the income and managerial ranks, they’re now paying more attention. The number of women-owned firms increased by 54% between 1997 and 2012 – that’s a rate 1 1/2 times the national average.
- Recent research by Vanguard Group’s Asset Management & Advice Services Division found that women differ substantially from men in how they relate to investing. They don’t want to hear about the growth or comparative performance of different funds; they want information about reaching their long-term goals, like putting a child through college.
- Just 20% of female breadwinners said they were ‘very well prepared’ to make wise financial decisions, versus 45% of their male peers.
(Source: New York Times, January 2013)
- In the five year period between 2006 and 2011, the number of women in the US earning a greater share of income than their husbands rose from 13% to 16%.
(Source: GfK Roper Reports, 2012)
- In 2011, women’s earning power will recover from the recession far quicker than that of men.
Women have always made the majority of household spending decisions, but they will have even more purchasing power as they contribute more money to their households.
(Source: Bank of America Merrill Lynch, December 2010)
- In the Penn Mutual 2nd Annual Worth Survey for Women, 71% of respondents characterized themselves as Independent Women:
- Women who characterize themselves as independent are more likely to be on track with respect to paying off debt (33% vs. 19% of non-independent women), building up their savings (26% vs. 18% respectively), and guaranteeing they will maintain or enhance their lifestyle during retirement (26% vs. 17%).
- Independent women are significantly more likely than those who do not view themselves as independent to say they are on or ahead of target for being able to save for future travel (29% vs. 18%), and save for a home remodel (20% vs. 10%).
(Source: Penn Mutual 2nd Annual Worth Survey for Women, 2010)
The annual U.S. mom buying power is estimated to be $2.1 trillion
Forbes May 2013
There are 84.5 million moms with kids of all ages living in the U.S. – United States Census Bureau, May 13, 2013
MOMS AND MARKETING
- 35% of mothers feel ‘pigeonholed’ by brands*
- 46% feel marketing places pressure and presents unrealistic ideals*
- 28% feel marketing to mothers is sexist*
- 32% feel most marketing to mothers is patronizing*
- 87% feel brands should incorporate fathers more in marketing*
* FanFinder survey of 5330 mothers, March 2015
- 58% of mothers agree that “marketers treat motherhood as an activity, filled with things that I have to do” – Mumsnet and Saatchi & Saatchi
WORKING MOMS – Hold either part-time or full-time jobs
- 40% of all households with children under the age of 18 include mothers who are either the sole or primary source of income for the family. – Pew Research Center, May 2013
STAY AT HOME MOMS – Unemployed with at least one child in the home
- 71% visit a brand’s social channels to search for a deal. – SheKnows, November 2013
MILLENNIAL MOMS – Born between 1980 and 1995
- Make up about 20% of all U.S. mothers. – Weber Shandwick, July 2013
- They have 3.4 social media accounts on average, vs. 2.6 for all other moms. – Weber Shandwick, July 2013
GEN X MOMS – Born between 1965 and 1979
- 83% believe technology helps them achieve a better work/life balance – compared to 78% of women in general. – SheKnows, November 2013
MOMS AND DIGITAL
- On average, moms spend 3 hours online a day. – Edison Research & Arbitron, May 2013
- For Millennial Moms, 79 % use mobile to access social media, while 44% have made a purchase on their smartphones within the past week. – Babycenter.com, Jan. 2014
- 57% of Working Moms research products and services on social media. – SheKnows, Nov. 2013
- About 1/3 of U.S. moms are bloggers. – Nielsen, May 2012
- 61% of Millennial Moms share content online once a day. – SheKnows, Nov. 2013
- 64% of moms put the most trust in recommendations from people they know personally in their social circles. – SheKnows, Nov. 2013
MOMS AND BRANDS
- Millennial Moms follow 22.5 brands online on average, compared to 13.7 among Gen X Moms. – SheKnows, Nov. 2013
- 71% of Stay-At-Home Moms say finding a deal is the #1 reason to visit a brand’s social page. – TheNextWeb.com, Jan. 2012
- 77% of moms who blog will only write reviews about products they approve of.– TheNextWeb.com, Jan. 2012
WOMEN AND BUSINESS
- Between 1997 and 2013, when the number of businesses in the United States increased by 41%, the number of women-owned firms increased by 59%—a rate 1½ times the national average. American Express OPEN
- 62% of women business owners question whether the companies they buy from understand their needs as business owners.
- 76% question whether most companies understand their needs as women.
(Source: Entrepreneur Tracking Study, Linkage Research, 2013)
- As women increasingly populate the ranks of management, it makes sense to gain a clearer understanding of the role that gender plays in B2B selling and service delivery.
(Source: Harvard Business Review, 2013)
- As of 2010, women were:
- 55% of purchasing agents
- 46% of purchasing managers
- 52% of wholesale and retail buyers
- 69% of HR managers
- 59% of financial managers
(Source: U.S. Bureau of Labor Statistics, 2010)
Women are more active online than men. 116 million U.S. women were active on the Web, compared with 102 million males. – Nielsen 04-02-2013
- 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
*Mindshare/Ogilvy & Mather
WOMEN AND CARS
- Women buy more than half of the new cars in the U.S., AND influence up to 80% of all car purchases.
- Women also request 65% of the service work done at dealerships.
- Women spend over $200 billion on new cars & mechanical servicing of vehicles each year.
- 45% of all light trucks and SUVs are purchased by women.
Source: Women-Drivers.com, 2010 (via M2W.biz)
- Women continue having poor experiences when trying to buy a car.
° 3/4 of women surveyed say they feel misunderstood by car marketers.
Source: Forbes, 2010 (via M2W.biz)
- 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 influenced $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
° 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.===
- Ladies are moving away from DIY:****
° Women are making the majority of home renovation decisions, fewer of them are looking to DIY this year.
° While 81% of Americans are planning home improvement projects in 2008, only 44% want to do it themselves, down from 56% in 2006.
° Women are even less likely to be wielding a paintbrush: Just 32% of female decision-makers between the ages of 25 and 34 say they are likely to take on a DIY project, compared to 59% in 2006.
° Among women decision-makers in the 18-to-24 category, only 29% are eager to get their hands dirty, compared to 48% in 2006.
WOMEN AND SPORTS
- 46% of self-identified MLB fans are women
- 44% of NFL TV viewers are women, up from 34% in 2011
- More women watch the Super Bowl than the Oscars – 46% of the viewers for that game are women, up from 14% in 2002
- The NFL reports that spending on women’s apparel has risen 76% since 2010
- Products that are made specifically for women make up 17% of sports apparel, whereas eight years ago it was close to zero
(Source: Businessweek, November 2013)
- Super Bowl survey: 44% of women say they prefer ads to any other aspect of the game
(Source: Lab42 Research study, 2013)
Of the NFL’s 185 million fans, 45% are women
- Half of all NFL fans classify themselves as “avid”, and one-third of those fans are women
- Slightly more women than men classify themselves as “casual” fans of the NFL
(Source: Businessweek, September 2013)
- 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+
- In Motorsports…^
° 74% of male respondents and 62% of female respondents agreed “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 motorsports races if more females were involved
° 40% of the 6.6 million people attending Winston Cup races each year are women^^
*Compiled by Marketing to Women Conference (Including Yankelovich Monitor & Greenfield Online for Arnold’s Women’s Insight Team)
**Consumer Electronics Association
= Procter & Gamble Co., P&G/Essence poll
==Frank About Women
*= Trendwatching, August 2007
***Statistcial Abstract of the United States, 2007
= = = Vertis Communications Consumer Focus Study, 2008