Rising female consumer power is changing the way companies design, make, and market products — and it’s about more than adding pastels.
It’s not free-spending teens or men 25-50. It’s women, thanks to purchasing power and decision-making authority. Working women ages of 24-54 — of whom the U.S. has some 55 million — have emerged as a potent force in the marketplace, changing the way companies design, position, and sell their products.
Women earn less money than their counterparts
78 cents for every dollar a man gets. But they make more than 80% of buying decisions in all homes. And they shop differently from the way men do: Females research more extensively and are less likely to be influenced by ads. “Today’s woman is the chief purchasing agent of the family and marketers have to recognize that,” says Michael Silverstein, principal at Boston Consulting Group and author of Trading Up: The New American Luxury.
Has grown in part because more households are headed by women– 27% at last count, a fourfold increase since 1950. Their buying power has grown, too. In the past three decades, men’s median income has barely budged — up just 0.6% — while women’s has soared 63%. Some 30% of working women out earn their husbands, notes Martha Barletta, author of Marketing to Women How to Understand, Reach and Increase Your Share of the World’s Largest Market Segment. And 75% of them with the title of vice-president or higher at Fortune 500 companies out earn their husbands, bringing home on average 68% of household income, according to Barletta.
(from BIGresearch LLC for the Retail Advertising and Marketing Association).
We’ll it means that you need to think about your web site design & merchandise to cater to women but not to alienate men as they can be a shopper who may spend more on fewer items. Watch the trends in My Space, YouTube, Facebook and see how it relates to your customer. If you are a betting person I would bet on the female audience to bring in the sale.