The
Buying Power
How Women Shape the Economy and Business World of
Women
By KIMBERLY BLAKER
Women today account for or influence
70 to 80 % of all buying decisions . The ‘ female economy ’ was estimated by Forbes in 2017 to be worth $ 18 trillion , and continues to grow . These statistics reveal the crucial role women play in keeping the economy afloat — in good times and in bad .
As a result , many businesses have taken heed . Still , plenty of industries and companies remain behind the times when it comes to treating women as major consumers . They fail to see the power this segment possesses .
For example , most women can attest to occasions when their gender has negatively affected the service and attention they received . Additionally , women are still taken advantage of because of their lack of or perceived lack of knowledge in certain industries .
Women , however , have become increasingly educated consumers , and businesses that don ’ t recognize this are learning the hard way . Many women , offended by these biases , walk away from a purchase and go elsewhere , demanding to be treated with respect .
Advertising and marketing specialists are also catching on . Advertising that stereotypes women and marketing explicitly geared to male audiences don ’ t sit well in the minds of women today . Stereotyping and the absence of recognizing women as potential consumers for traditionally male products are off-target , offensive , and fail to give these large consumers the information they need .
HOUSE AND HOME
Women today account for well over half of the spending on household goods and personal items . That ’ s because they take more interest in shopping for these items , especially non-essentials . Women control most of the expenditure not only on décor , linens , and kitchen gadgets , but furniture , cabinetry , carpeting , lighting , and more .
Furthermore , women play a significant role in the purchase of real estate , the biggest investment most families make . According to a report by Lending Tree , in analyzing data from the 2017 American Community Survey , about 22 % of single women are homeowners , as opposed to only 13 % of single men being homeowners .
Married women also markedly influence real estate decisions . According to David Powers Homes of Houston , Texas , couples ultimately agree on the purchase together . Yet research conducted by the company found women make almost 80 % of the home-buying decisions in the company ’ s $ 180,000 to $ 500,000 price range .
When buying a home , men and women
48 • MARCH / APRIL 2021