How Do Women Wield Their Purchasing Power?
More women are taking the reins with their own finances, holding 60 percent of the country’s personal wealth, and 51 percent of all U.S stocks. In addition, the number of wealthy women in the U.S. is growing twice as fast as the number of wealthy men, according to Virginia Tech.
At home, the majority of women act as “chief purchasing officer,” influencing or managing 85 percent of all consumer purchases. And that’s not just diapers and detergent. Women buy more cars, insurance and consumer electronics than men as well.
See the infographic below from the Business Insider for more fun stats on women’s purchasing power:
It bears repeating that women are the top marketing opportunity in today’s economy. They make 85 percent of all consumer purchasing decisions, and account for $7 trillion in consumer and business spending. Savvy marketers understand this, and will continue to look at ways to build relationships with this key consumer.