Did you know that 51% of women are mothers? That’s 83 million consumers who often take control of spending decisions for their whole family. Moms are also more active on social media, where they’re twice as likely to recommend brands and services to their friends than non-mothers—especially on Facebook.
Did you also know that women control a total spending power of about $5 billion? They influence 96% of overall buying decisions in the United States, and they make 85% of all household purchases as of 2015. Plus, 43% of Americans with over $500,000 in assets are women.
Here are a few unexpected markets where female consumers dominate:
- Cars – 65%
- Computers – 66%
- Bank Accounts – 89%
- New Homes – 91%
- Vacations – 92%
- Pharmaceuticals – 93%
Women are now controlling more of the nation’s discretionary spending than ever before, making this the perfect time to learn more about what they want and how to connect with them through intelligent, targeted marketing.
With Mother’s Day coming up this Sunday, we wanted to provide you with some interesting facts about marketing to women of all ages—which has been Mad 4 Marketing’s specialty since 1992.
Marketing to Women: 2016 and Beyond
In the future, it’s going to be more important than ever to segment data on female consumers. For example, many ads today are geared toward female Baby Boomers, who control a net worth of $19 trillion. Older women buy luxury items, but expect that their big-ticket purchases will be more than a product to them; they value emotional resonance, memories, and experience as part of the package.
However, Millennials will likely be out-earning female Baby Boomers in the coming decades, since more women are pursuing higher education and getting married later—for a combination of higher earnings and more time to ascend in the workplace, and therefore more disposable income earlier in life. This group has different expectations of marketing materials, including a higher suspicion of messages that cater to a perceived “feminine mindset.” They will also continue to become savvier and more demanding shoppers. For example, they’re likely to expect eco-friendly, locally sourced, fair trade, and health-conscious products.
Or call us for a consultation on how to help your business communicate women of all ages—who may just be your most important untapped target audience—and totally rejuvenate your marketing approach.