What you should know about the world right now
How are women making a difference in the Economy today?
- For starters Women contribute $7 Trillion (that’s with a T) in consumer and business spending as well as influencing 85% of all purchasing decisions.
- Moms alone represent a 2.4 Trillion market when it comes to providing products for their families and homes.
- The US Bureau of Census reports, currently women outnumber men by 6 million.
- Over the next decade, women will control two thirds of consumer wealth in the U.S. and be the beneficiaries of the largest transference of wealth in our country’s history. Estimates range from $12 to $14 Trillion.
(Data from www.she-conomy.com/facts-on-women)
So what does this mean to you? You may not be one of the beneficiaries receiving a large transfer of wealth but you will definitely benefit from this transfer. We are seeing a Paradigm shift. The world economy is paying attention and understands that we are experiencing a “role reinvention”…giving both men and women more options when it comes to providing for their families and expressing their own talents and strengths”
Companies are paying attention to women consumers and doing more than just painting their products pink.
One example of this is the GMC Acadia. The GMC Acadia is a seven seater crossover vehicle between a station wagon and a minvan. It was introduced in 2006, designed for Mom’s, by moms: Chief engineer Grace Lieblein, mother of a teenage daughter, headed an all female design team to dream up a car that’s been lauded for such family friendly conveniences as seats that slide around with one hand instead of two, interior space that’s easily reconfigured for people, car seats, and cargo, and more than two dozen storage compartments. The results: In its first year on the market, 53% of the Acadia’s primary drivers were women and GMC had to cut TV advertising in the car’s first year because demand exceeded supply.
The GMC example is right in line with another fact: “Companies with more women on the board outperform those with fewer women. A study by Catalyst in 2007 found that Fortune 500 companies with more women board members had a better return on equity by more than 50%.” This is also the case in Europe, “Consulting firm McKinsey & Co. looked at 89 leading European firms. Those with more women on the board and in senior management performed better and saw their stock prices improve more.”
Even in countries where cultural norms restrict women’s, women’s movement, money speaks loud and clear. Dubai Islamic bank created Johara Banking line to serve Women. In United Arab Emirates, a government holding company launched Forsa, an investment company run by women to invest capital of sophisticated women investors.
(from Influence: How Women’s soaring economic power will transform our world for the better, Maddy Dychtwald)
Every day I uncover a new statistic about women and the impact we are making on the world’s economy. It is a great time to embrace our role as consumers, business owners, heads of households, and partners in homes and in business. It is no longer necessary to think “more like men” nor do they need to think more like women. Instead we can work together and bring both perspectives to the table and create solutions, wealth, and innovation together.
It is time to embrace our financial empowerment and live our life on our own terms.
