Tuesday, October 31, 2006
Welcome to the Revolution
Grrrrrrrreat New York Times article today about the purchasing power of women. Stunning statistics and comprehensive coverage of the feminine world of financial acumen.
The reporter buried the most stunning statistic of all (which I heard before, but forgot because it was... well - so STUNNING): According to the National Association of Realtors single women are the fastest growing segment of home buyers purchasing 21 percent of homes, compared with just 9 percent for single men.
Market researchers are now embracing women as much more than domestic divas. They recognize them as buyers with their own careers and fattened pocketbooks, who are finding plenty to do and plenty to buy outside the home.
The article is chock full of other great statistics; the Canadian developer Shane Homes states that women control 80 percent of every consumer dollar spent. They call that the 80 Percent Minority.
Also interesting websites to check out:
www.bostongalsopenwallet.blogspot.com - tracks "Jane Dough's" finances and her financial decision making every month "because speaking publicly about your personal finances was a no-no in my family" says Dough. She feels by blogging about it - she can find enlightenment in managing her $461,435.59 (in October) of assets.
Of course there is BeJane.com the early bird on-line community for women into home improvement.
More companies, in the United States and elsewhere, have realized that they overlook women at their own financial peril. The companies are realigning their marketing and design practices, learning to court an increasingly female-centric consumer base that boasts more financial muscle and purchasing independence than ever before.
“We are perhaps on the first step to a matriarchal society; women will earn more money than men if current trends continue by 2028,” said Michael J. Silverstein of the Boston Consulting Group. “The trend has been escalating in the last 10 years as there has been a gradual, slow erosion of the power balance in the family, a psychic rebalancing.”
Women, Mr. Silverstein added, are “controlling purchases and driving a shift in our economy.”