What Every Marketer Should Know About Women’s Economic Power

CMO Network What Every Marketer Should Know About Women’s Economic Power Bridget Brennan Contributor Opinions expressed by Forbes Contributors are their own. I write about the world’s most powerful consumers: women Following New! Follow this author to stay notified about their latest stories. Got it! Oct 20, 2022, 12:55pm EDT | New! Click on the conversation bubble to join the conversation Got it! Share to Facebook Share to Twitter Share to Linkedin Women drive the majority of consumer spending through a combination of buying power and influence.

Here’s what you need to know now. Women are the world’s most powerful consumers getty Women are the world’s most powerful consumers. As the majority of primary caregivers for both children and the elderly, women are often buying on behalf of everyone in their households and beyond.

Their sprawling network of influence may include everyone from parents and in-laws to friends, neighbors, colleagues and community groups, all of which multiply women’s buying power and influence. There is a gender gap between women and the leadership of companies that manufacture, market and sell to them. Developing innovations that meet women’s needs can be a “blind spot” for companies in which women are largely absent from senior leadership positions.

Although women drive the majority of consumer spending through their buying power and influence, they represent only 6% of the CEOs of S&P 500 companies. Women’s engagement has the power to move markets . If you’re in a product category or industry that’s hit a plateau, focusing on engaging women consumers can help spike growth.

And when mothers get involved, they may just bring the next generation of customers along with them. Women are a compass for a changing world. In the same way that women’s needs are driving changes for men in the workplace (for example, the evolution of maternity leave into parental leave and increased job flexibility options for all genders), women are driving changes in the consumer marketplace that younger generations not only appreciate but also expect.

One example: the desire to buy from companies that make a positive social impact. Women dominate higher education. In the U.

S. , women earn the majority of associate’s degrees, bachelor’s degrees, master’s degrees and even doctoral degrees. This is part of a global shift, as women outpace men in higher education throughout many parts of the world.

What does this means to you? Women aren’t only the customers of today, they’re the customers of the future. Women are increasingly the breadwinners for their families. According to research from the Council of Contemporary Families , about 70% of U.

S. mothers can expect to be primary financial providers before their children turn 18. Women control wealth .

U. S. women control approximately $11 trillion in assets, a number that is expected to grow to $30 trillion by 2030, according to McKinsey.

Most mothers of young children work outside the home. The labor force participation rate for U. S.

women with children under 18 years of age is 72. 5 percent, according to the U. S.

Bureau of Labor Statistics . What’s good for women is good for business. In our ever-changing world, women’s consumer power is a constant, and a powerful compass for navigating the future.

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