Monthly Archives: July 2010

Women Ruling the World… Well, The Spending World

Any time you pick up the newspaper or turn on the TV all you hear is recession this and recession that, but did you know that women are the ones thriving in this economy? Men are most commonly the ones with higher paying jobs in construction, finance and manufacturing. All of which have come to a screeching halt as the economy pulls its reigns on spending. This is where the new name for the recession has become ‘mancession’.
Have you ever noticed that women are the ones that have the sustainable jobs (i.e. teachers, nurses etc)? In a recent Newsweek article called “Women Will Rule the World” Jessica Bennett and Jesse Ellison point out how important women are in this economy. In the next decade women will continue to stay on top in our work force. Out of 15 job categories expected to grow, all but two are primarily filled by women.
Women not only are making the money, they are also spending it. In a new book about female economic power called Influence authors point out that American woman are responsible for 83 percent of all consumer purchases, and are worth more than $5 trillion in consumer spending power. I always knew that we loved retail therapy but that takes it to an all new level! Think about it, women are the ones doing the grocery shopping, back to school shopping, and we are the ones hitting the latest sale at Nordstrom’s. On a global perspective women are currently the largest emerging market in the history of the planet. Now there’s something to brag about!
With the state of the current economy, corporations are starting to realize that women are their biggest hope. They are shifting their focus and keeping women on the forefront of their minds (it’s about time)! They are starting to ask questions like how can we capitalize on the market, how do we nurture the women, and how do we use this asset? This is a very smart tactic seeing that women are the ones that now have the buying power. I bet you never thought your splurge at J.Crew would be helping the economy but guess what, it is!