Thursday, January 28, 2016
RADIO: The Purchasing Power of Women
Targeting the female demo should be good for radio revenue. According to Forbes magazine, women represent the largest market opportunity in the world. Globally, they control $20 trillion in annual consumer spending. In the next five years, it is expected that this number will rise to nearly $30 trillion dollars.
In the U.S., women have enormous control, and it's increasing. Reports range from $5-15 trillion, with Marketing Zeus citing sources that $7 trillion is contributed by women in the U.S. in consumer and business spending. Fleishman Hillard Inc. estimates that women will control two-thirds of the consumer wealth in the U.S. over the next 10 years.
Women handle the bulk of purchasing decisions for everyday items like groceries and clothing - even for those items targeted at men. In fact, 50% of products marketed to men are actually purchased by women. That's why items for men are often marketed with women in mind, as well. In addition to being responsible for most of the day-to-day purchases, women are also heading-up or influential in large ticket purchases like cars, homes and appliances.
And more than 70% of Boomer couples are dual earners. Thanks to Boomer women, these two-paycheck families bring home a lot more money. Married couples account for 82% of households with income of $100,000 or more.
Do you understand them?
"One of the big mistakes companies make is assuming women are all about the warm and fuzzy, and they're not," says Marti Barletta, founder of TrendSight and "high priestess of marketing to women." "They want all the same things men do and then some."
Anna Shaw from Smart Design, a design and innovation company with a lab that focuses on female consumers. told Inc. magazine that companies flounder when they interpret women as "smaller, softer humans." "Companies need to understand who she is, what are her emotions, what are her values," says Shaw.
Gabe Rosenberg of the brand and content strategy company Contently, says brands need to smarten up about women and engage with them to understand the nuances and expansive definition of who women and men are in America. "The heart of the matter," he explains, "is that brands, marketers, and advertisers all need to be in conversation with women about what they buy, what they respond to, and what will encourage them to be loyal to a brand."
WOMEN ARE BIG SPENDERS
Women aged 50+ have a combined net worth of $19 trillion. Women aged 50-70 are the largest segment of female consumers and are by far the biggest spenders. Prime Timers have higher incomes, greater net worth and stronger spending than younger adults. They have the freedom and disposable income to make purchases.
PASSING THE TORCH
Like Boomer women before them, today's young women are earning college degrees and set to transform the work place and, in turn, the marketplace. According to the Harvard Business Review, women are obtaining higher education degrees at rates higher than men. It also reports that the 1 billion women in the workforce will grow to 1.2 billion in the next five years.
According to Muhtar Kent, Women control over $20 Trillion in world-wide spending.
Women have tremendous spending power in America today-and it's growing. Market estimates about their total purchasing prowess varies, ranging anywhere from $5 trillion to $15 trillion annually.
With statistics like this, are you tapping into the female marketplace that is available through HealthyLife.net? To see the super saver rates offered go to: <http://www.healthylife.net/RadioShow/AdvertisingA.htm> and advertise on radio! You may have been missing the very market that has been looking for what you do and supply. Don't ever under estimate the power of women!
Call 800-555-5453 for more information.
Boston Consulting Group survey "What Women Want"