Impact of Women in Your Market

Impact of Women in Your Market

Does your board fully understand the impact of women in your marketplace?

If you don’t have women on your board today, your discussions about strategy and products are likely missing out on a great deal of understanding about the role of women in your marketplace!  A May 2015 article in the Financial Post sums it up nicely.

The stats show how womens’ influence and spending are increasingly important:

 

  • The number of women-owned firms increased by 54% between 1997 and 2012 – that’s a rate 1.5 times the national average (The New York Times, January 2013)
  • 65% of business owners are women (National Entrepreneurial Attitudes Study, 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  (Mediapost, 2013)
  • Women control over $20 trillion in world-wide spending  (Muhtar Kent, Chair & CEO, The Coca-Cola Company, October 2010)
Women represent the majority of the online market: (Mindshare/Ogilvy & Mather)
  • 22% shop online at least once a day
  • 92% pass along information about deals or finds to others
Market Stats*  (from www.sheconomy.com)

American women spend about $5 trillion annually… over half the U.S. GDP & account for 85% of all consumer purchases:

  • 91% New Homes
  • 66% PCs
  • 92% Vacations
  • 80% Healthcare
  • 65% New Cars
  • 89% Bank Accounts
  • 93% Food
  • 93 % OTC Pharmaceuticals

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
  • 51% would give a company a second chance if a product or service missed the mark the first time

 Did you know?

  • The average black woman spends 3 times as much on beauty products than 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% of women 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.
  • Women make more than 80% of all consumer purchasing decisions
  • Women purchase 60% of all cars
  • Women 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
  • Over the past 10 years, the number of women 25-34 who were single or living with a significant other increased 8% to 38%
  • The percentage of women who had an undergraduate or graduate degree increased, from 28% to 41%, over those 10 years

Women and sports — women are:

  • 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
  • 46% of official NFL merchandise
  • 80% of all sport apparel dollars
  • 60% of all money spent on men’s clothing
  • 34% of the adult audience for ESPN sport event programs

*While some of these stats are from several years ago, the trend for many is higher than these numbers

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