Did you know that, women account for $7 trillion in consumer and business spending in the United States? And, over the next decade, they will control two thirds of consumer wealth?
In “The Top 30 Stats You Need to Know When Marketing to Women,” Ekaterina Walter wrote, “Women make or influence 85% of all purchasing decisions, and purchase over 50% of traditional male products, including automobiles, home improvement products and consumer electronics.”
As early as 2000, women were found to have surpassed men in Internet usage. And according to ComScore, women’s sites were one of the fastest growing Web site categories in 2008, gaining 46% more unique visitors than that category saw in 2007.
Kristi Faulkner, founder & creative director of WomenKind put it this way, “Women are incredibly powerful consumers . . . . The big opportunity is to realize that these women are critical to the success of most brands and need to be spoken to with dignity and respect, and [Web sites] give you the opportunity to connect with them in a very powerful way.”
Boomer Women Have Buying Power
As you can see from these observations, women have always been an audience to pay attention to (if you’re a woman reading this, you already know that. Don’t you?). Now, savvy marketers are taking a closer look at a more specific group – “boomer women” and their buying power.
For instance, according to Facebook, since September 2008, the number of women over 55 on the site has tripled. These women are making up the social network’s fastest growing age group.
Co-authors of Boom: Marketing to the Ultimate Power Consumer – the Baby-Boomer Woman, Mary Brown & Carol Orsborn, Ph.D. observed that women:
• Make 80% of home improvement decisions.
• Account for 65% of all new automobiles sold every year.
• Purchase over 66% of computers.
In an excerpt from their book, they also explain that the “the majority of Baby Boomers today are women, a proportion that will increase substantially over the coming decades. Beyond their sheer numbers, Boomer households spend more every year on consumer goods and services than their younger cohorts.”
“Additionally, with more established careers than younger generations, Boomer women are at the peak of their earning potential, with many planning to work well into their 60’s, 70’s, and beyond.”
As discussed in a previous blog post about identifying your ideal client, saying that you’re marketing to women is too broad a niche.
If marketing to boomer women makes sense for you, get even more specific about what their needs are and how you can help them. Then, go for it.
“These are exciting times to be a woman 40+. She has never been more powerful, more creative, and more demanding,” said Mary Brown “Get in sync with her, and these can be equally exciting times to be a marketer as well.”
So, fellow marketers, what say you? Do you have a product or service targeted toward boomer women? If so, please share more about it in the comment section. I am a boomer woman and would love to hear from you!
For some online resources about Boomer Women, check out:
National Association of Baby Boomer Women
Boomer Women Speak
More Magazine
Marketing to Women Report
