According to TIME Magazine approximately 50.04 percent of the U.S. workforce is comprised of women, and 76.8 percent of them are ages 25 to 54. Another interesting tidbit from INC. is that women drive an estimated 70–80 percent of consumer spending with their purchasing power and influence. Yet surprisingly, nearly 56 percent of women say that marketers don’t understand them, according to a recent survey by the Marketing to Moms Coalition.
As marketers, we continually look at demographics and psychographics. We study consumer values and beliefs and the ways in which they consume information. It’s in our DNA to build advertising, marketing communications and public relations programs that are grounded in research in order to create the best strategies to drive results. But in our quest for discovering eye-opening, thought-provoking data, it’s important not to overlook the obvious.
- 70 percent of women with children 18 years of age and younger are employed full-time in the U.S. labor force (Bureau of Labor Statistics).
What this means to marketers: Working moms are looking for products and services that make their lives easier and make them feel good about themselves. Because she is earning a higher income, her spending patterns have changed. She spends more on sophisticated clothing, drives a more upscale car, and spends more on items that were once considered luxuries but are now viewed as necessities. In fact, 80 percent of all travel decisions are made by women regardless of who they travel with or where they go.
- Women make 80 percent of the healthcare decisions for their household.
What this means to marketers: Women are now the key decision maker in the household for the selection of daycare, healthcare, care giving services for the elders in the family, and even nutrition. Furthermore, nearly 70 percent of women use social media where they influence the health care decision of women in their online communities and their families in the form of blogs and posts. According to Pew Internet Projects (PIP), nearly half of consumers said social media-derived information would affect their healthcare decisions.
- Earnings of full-time female workers have increased by 31 percent since 1979, compared to a two percent increase for males (U.S. Department of Commerce).
57 percent of bachelor’s degrees are earned by women, the majority of master’s and doctoral degrees, and many women work for several years before considering marriage (U.S. Census data).
What this means to marketers: These single, young, and driven women often make purchases that were once considered primarily for married couples. According to the National Association of Realtors 2019, single women accounted for 20 percent of home purchases in 2019 and that number is only continuing to grow. This addresses the need for marketers to showcase a diverse representation of women in marketing campaigns beyond the married with children life stage.
Census data, labor statistics and demographic changes bring new opportunities to marketers, new ways of communicating and new media to reach them. As we look at the remainder of the year and into the upcoming year – is your brand looking for newer and better opportunities to reach the power decision maker in most households?
At The Point Group, we understand the nuances of marketing to women and how to build marketing communications programs relevant to all stages of their lives.