Given the outsize influence of female shoppers, it’s becoming increasingly important for businesses to tailor their marketing strategies to meet the demands of women consumers. Women control the purse strings and conducting single-gender focus groups can be a great way to gain the insights you need to make your marketing more effective. If you’re not already convinced that marketing to women should be a key consideration for your organization, then read on to learn more about some of the most convincing statistics that illustrate why women should be a key focus of your marketing strategy.
Marketing to women requires a different approach than men, but it’s well worth the effort.
Why Marketing to Women Matters
Earning Power
Although women have historically earned less than their male counterparts, this trend is beginning to shift. The earning power of women is quickly making huge gains and earning patterns are likely to shift drastically in the coming decade.
- 51% of private wealth is controlled by women in the U.S.
- 60% of all personal wealth is controlled by women
Spending Power
While it may sound like a stereotype, studies indicate that women do enjoy shopping more than men and they have a huge influence on product purchases. From cars to healthcare to toiletries, women control the majority of household spending decisions.
- 85% of all consumer purchases are completed by women
- In 2007, women influenced decisions over electronics shopping to the tune of $90 billion
- 75% of women consider themselves to be the primary shopper in their household
- 58% of all online spending is completed by women
Mom Power
Mothers are an important segment of the female shopper market and mothers tend to shop slightly differently from women without children.
- Moms make up a $2.4 trillion market
- 55% of moms who use social media said their purchasing decisions were influenced by product reviews they read on a personal blog
- 21 million moms read blogs in 2014 and that number is only expected to grow
- 90% of moms spend time online as compared to only 74% of childless women
By tailoring your marketing strategy to take advantage of women’s purchasing power, you can better position your product for success.
About Observation Baltimore:
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