According to the Harvard Review, women now drive the world economy. Globally, women control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. Their $13 trillion in total yearly earnings could reach $18 trillion in the same period. Women represent a growth market bigger than China and India combined—more than twice as big, in fact. Women make the decision in the purchases of 94% of home furnishings…92% of vacations…91% of homes… 60% of automobiles…51% of consumer electronics.
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
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 brief: Women feel vastly underserved. Despite the remarkable strides in market power and social position that they have made in the past century, they still appear to be undervalued in the marketplace and underestimated in the workplace. They have too many demands on their time and constantly juggle conflicting priorities—work, home, and family. Few companies have responded to their need for time-saving solutions or for products and services designed specifically for them.
It’s still tough for women to find a pair of pants, buy a healthful meal, get financial advice without feeling patronized, or make the time to stay in shape. Although women control spending in most categories of consumer goods, too many businesses behave as if they had no say over purchasing decisions. Companies continue to offer them poorly conceived products and services and outdated marketing narratives that promote female stereotypes. Look at the automotive industry. Cars are designed for speed—not utility, which is what really matters to women. No SUV is built to accommodate a mother who needs to load two small children into it. Or consider a recent ad for Bounty paper towels, in which a husband and son stand by watching a spill cross the room, until Mom comes along and cheerfully cleans up the mess.
Meanwhile, women are increasingly gaining influence in the work world. The number of working women in the United States is about to surpass the number of working men. Three-quarters of the people who lost jobs during The Great Recession of 2007 were men. To be fair, women are still paid less, on average, than men, and are more likely to work part-time—factors that have helped insulate them somewhat from the crisis. Women not only will represent one of the largest market opportunities in our lifetimes but also will be an important force in spurring a recovery and generating new prosperity.