When it comes to advertising to women, many marketers seem to have a lot of shared misconceptions about who this demographic really is, what they’re interested in and how much influence they have over purchase decisions. Many brands whose products/services are generally considered male-dominant tend to avoid marketing to women when, in reality, that is exactly who they should be focused on reaching. And for those brands who do want to reach women, it seems they have a lot to learn – at least according to the target demographic. In fact, 91% of women say advertisers don’t understand them.
MediaPost recently pulled together this plethora of powerful stats showing just how much of a priority understanding women should be for marketers looking to reach the most relevant audience with the most influence and purchasing power. So take a look: this quick list of stats might just pack enough of a punch to change the way you think about marketing to women.
Let’s Talk Money: Earning Power
- The average American woman is expected to earn more than the average American male by 2028
- Fifty-one percent of U.S. private wealth is controlled by women
- Women account for over 50% of all stock ownership in the U.S.
- Women control more than 60% of all personal wealth in the U.S.
Mo’ Money Mo’ Spending Power
- Women are earning, spending, and influencing spending at a greater rate than ever before, accounting for $7 trillion in consumer and business spending in the U.S.
- Over the next decade, women will control two-thirds of consumer wealth
- Women account for 85% of all consumer purchases, including everything from autos to healthcare
- Women purchase over 50% of traditional male products, including automobiles, home improvement products and consumer electronics
- Women make 80% of healthcare decisions and 68% of new car purchase decisions
- Seventy-five percent of women identified themselves as the primary shoppers for their households
- Women influenced $90 billion of consumer electronic purchases in 2007
- Nearly 50% of women say they want more green choices, with 37% are more likely to pay attention to brands that are committed to environmental causes
Ladies Love Their Cars
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- Women buy more than half of the new cars in the U.S. and influence up to 80% of all car purchases
- Women request 65% of the service work done at dealerships
- Women spend over $200 billion on new cars and mechanical servicing of vehicles each year
- Forty-five percent of all light trucks and SUVs are purchased by women
The Power of Moms
- Moms represent a $2.4 trillion market
- Fifty-five percent of active (daily) social media moms said they made their purchase because of a recommendation from a personal review blog
- 18.3 million Internet users who are moms read blogs at least once a month
- In 2014, 63% (nearly 21 million) of all online moms will read blogs
- Moms mention brands an average of 73 times per week compared with just 57 times per week among males
- Seventy-seven percent of mom bloggers will only write about products or brands whose reputations they approve of, and another 14% will write about brands or products they boycott
- Ninety percent of moms are online vs. just 76% of women in general
- Sixty-four percent of moms ask other mothers for advice before they purchase a new product and 63% of all mothers surveyed consider other moms the most credible experts when they have questions
Women on the Web
- As early as 2000, women were found to have surpassed men in Internet usage
- Seventy-eight percent of women in the U.S. use the Internet for product information before making a purchase
- Thirty-three percent research products and services online before buying offline
- Women account for 58% of all total online spending
- Twenty-two percent shop online at least once a day
- Ninety-two percent pass along information about deals or finds to others
- The average number of contacts in their e-mail or mobile lists is 171
- Seventy-six percent want to be part of a special or select panel
- Fifty-eight percent would toss a TV if they had to get rid of one digital device (only 11% would ditch their laptops)
The sources for the statistics cited in this article are as follows: She-Economy, Ms Smith Marketing, StartUpNation, Clickz, Inc.com, Girl Power Marketing, Catalyst, Forbes.