The research question is “why do women hold the majority of buying power?”
“Why do women hold the majority of buying power?”
Driving more than 70 percent of consumer spending with their buying power and influence — unsurprisingly, it’s women in control.
Here, WWD speaks with Bridget Brennan, author of “Winning Her Business: How to Transform the Customer Experience for the World’s Most Powerful Consumers.” Brennan is also founder and chief executive officer of Female Factor, a strategic consultancy.
WWD: Why do women hold the most spending power?
Bridget Brennan: Women are the majority of primary caregivers for both children and the elderly in nearly every society in the world. In the marketplace, this means that women are often buying for multiple constituencies that may include everyone from spouses and partners to children, parents, in-laws, friends and businesses.
This is a key reason women have a “multiplier effect” on sales:
They are typically the gateway to everyone else in the household and beyond.
WWD: What are the top trends impacting women’s purchasing?
Six of the influential trends I cover in “Winning Her Business” are:
Firstly, double Duty, Half the Time: The blurred lines between work life and home life are one of the factors driving an increased appetite for helpful services, not just products.
Secondly, tthe Mini-Me Effect: Witness the multigenerational appeal of everything from couture brands to Converse:
Moving up and down the age spectrum is an opportunity for many brands.
Thirdly, visual Storytelling: Women dominate most of the major social media networks. The opportunity for brands is to get in the picture.
Fourthly, Health and Wellness as a Lifestyle: From functional food to functional fashion, wellness is now a decision-making factor across industry categories.
Finally, Sixty is the New Forty: Toss out the old stereotypes about age: Maye Musk is a CoverGirl model at 70; reinvention is becoming the new normal as people embark on second and third acts in their careers and personal lives.