How Women’s Spending Habits Contribute to Financial Empowerment
Photo by Karolina Grabowska from Pexels
Let’s be real: whenever you’re buying a new pair of shoes, are you thinking about the impact your purchase may have on the economy? If not, it’s time to start.
With women making up over half of the United States population, it’s important to realize the influence that this ever-growing market has on the economy. In fact, women control over 20 trillion dollars in annual consumer spending in the U.S. Not only is it time for you to recognize the impact of women’s spending habits, but it’s paramount that businesses do the same.
In this article, we’ll be looking at women’s spending habits and how they contribute to our financial empowerment. Despite blockers such as the glass ceiling, the gender pay gap and other gender-related financial struggles, women have slowly begun to take the wheel when it comes to consumer spending and are proving to be an important demographic within the economy.
Women dominate household spending
Worldwide, an average of 89 percent of women stated that they control or share household tasks, as opposed to 41 percent of men. That being said, women are the driving force behind household spending. Between grocery shopping, buying cleaning supplies, and providing typical household necessities, women are shown to take on these tasks much more than men and are the primary consumers when it comes to household and grocery spending.
While this can be looked at through a patriarchal lens, it’s important to realize the power of women within this industry. On average, women spend around $44.43 per grocery trip, which is more than that of men. This means that women are (mostly) in control of the household/lifestyle industries, and are seemingly the backbone of that entire market.
Most women tend to be more “sale savvy”
There’s nothing I love more than a good sale, and a majority of women can definitely say the same. In fact, 74 percent of women say that finding on-sale items is important when it comes to purchasing. And, in relation, that same study found that 34 percent of women care more about using coupons and applying promotional sales to their purchases than that of men.
Women are way more selective when it comes to shopping, and are even willing to spend more time in order to find the products they need. This makes women a fantastic market to appeal to: they spend smartly and prioritize quality.
Photo by Karolina Grabowska from Pexels
Most women do their brand research
When it comes to buying, studies show that women are more likely to care about the brand and use their values to influence their purchase. Around half of American women find it important if brands have minority-held leadership positions. Similarly, 55 percent of women report that they would temporarily stop shopping from a specific brand if they released an offensive and insensitive product. This goes to show that, not only are women smart when it comes to spending, but they’re smart when it comes to supporting and shopping from brands.
While it’s proven that women are responsible for most of consumer spending, there are still many obstacles in the way of financial equality. The gender pay gap is one of these financial hurdles: to this day, women earn 81 cents for every dollar a man makes for doing the same job. However, with more women in the U.S. workforce than ever before and their purchasing power continuing to rise, it’s safe to say that financial empowerment is underway as well.
So own that financial power, and buy that pair of shoes. After all, it’s good for the economy!
Thank you to Lexington Law for providing this graphic!