The Buying Power of Women:
A Woman’s Role in Shaping the Economy & Business World
W
omen today account
for or influence a sig-
nificant
percentage
of all buying decisions. According to
the latest report, by Nielsen in 2013,
American women wield a whopping
$5 trillion to $15 trillion in buying
power annually. Globally, by 2020,
says The Economist, the private
wealth held by women is expected
to rise to $72 trillion. These statistics
reveal the crucial role women play
in keeping the economy afloat — in
good times and in bad.
When buying a home, men and
women each look for certain features.
Women are most concerned with floor
plan and design and how these factors
will accommodate their lifestyle. Spe-
cific features of importance to women
include large closets, kitchen space
and design, space needs, and overall
comfort. Men focus mainly on tech-
nology, energy-efficiency, and garage
functionality.
Probably one of the most under
recognized areas of women’s buying
power, however, is in the tool and
home improvement industry. With
the surge in do-it-yourself remodel-
ing, women are fast becoming one of
the big spenders in tool departments
and home improvement aisles. Kim-
berly Stevens, staff reporter for The
Wall Street Journal explains, “We’re
talking buzz saws, routers and power
sanders.”
As a result, many businesses have
taken heed. Still, plenty of industries
and companies remain behind the
times when it comes to treating wom-
en as major consumers. They fail to
see the power this segment possesses.
For example, most women can
attest to occasions when their gender
has negatively affected the service and
attention they received. Additionally,
women are still taken advantage of be-
cause of their lack of or perceived lack
of knowledge in certain industries.
Women, however, have become
increasingly educated consumers, and
businesses that don’t recognize this are
learning the hard way. Many women, of-
fended by these biases, walk away from
a purchase and go elsewhere, demand-
ing to be treated with respect.
Advertising and marketing special-
ists are also catching on. Advertising
that stereotypes women and marketing
geared specifically to male audiences
doesn’t set well in the minds of women
today. Stereotyping and the absence of
recognizing women as potential con-
sumers for traditionally male products
is off target, offensive, and fails to give
these large consumers the information
they need.
House & Home
It’s probable women today account
for much more than half the spending
on household goods and personal items.
That’s because they take more interest
in shopping for these items, especially
12 WNY Family May 2019
— by Kimberly Blaker
non-essentials. Women control most of
the spending not only on décor, linens,
and kitchen gadgets, but furniture, cabi-
netry, carpeting, lighting, and more.
Furthermore, women play a major
role in the purchase of real estate, the
biggest investment most families make.
According to a report by Lending Tree,
in analyzing data from the 2017 Ameri-
can Community Survey, about 22% per-
cent of single women are homeowners
as opposed to only 13% of single men
being homeowners.
Married women also markedly in-
fluence real estate decisions. According
to David Powers Homes of Houston,
Texas, couples ultimately agree on the
purchase together. Yet research conduct-
ed by the company found women make
almost 80 percent of the home-buying
decisions in the company’s $180,000 to
$500,000 price range.
The growth of female tool shop-
pers isn’t minimal, Stevens points out.
A survey by the Home Improvement
Research Institute, found women are
outpacing men in their involvement in
do-it-yourself projects. According to a
female industrial designer at Porter-Ca-
ble of Jackson, Tennessee, as reported
by Daily Gist, “Women are using these
tools on a regular basis.”
Health Care
Women’s voices are gaining promi-
nence in the healthcare industry as well.
Women make at least two-thirds of the
healthcare decisions in U.S. households,
according to Amy Ertel Bellcourt, vice
president of corporate communications
for MVP Health Plan. Recognizing this,
healthcare systems are paying special
attention by improving maternity wards
and focusing a portion of their market-
ing on services affecting women.
Travel
Women are equally important to the
travel market. They now make seventy
percent of all travel decisions. They’re
the larger clientele of adventure travel.