Women are driving change in Retail Rise of Women Buyers Trends Upward
This Coffee with Carrie video blog talks about the change in the women “head of household”, and the retail rise of women buyers. Learn how executives need to support this demographic through convenience and digital solutions or fall out of favor with this powerful group.
They will control 75% of household spending by 2028
Men are longer the ubiquitous controllers of money. More women are “career moms” and 29% of wives now earn more than their husband, a dramatic increase from 17.8% in 1987. And while men still spend more on average for luxury items, the gap is closing rapidly.
The need to support women in retail will only grow as Millennials and Gen Z’s enter the workforce. Already 46% of the US population is under 35, and Gen Z’s make up 26% of our total population. With an ever-increasing demand from this new demographic, how do you reach and relate?
Convenience is King
Women have less time than ever, packed with busy schedules. Between full-time careers, school events, dinner, and finances, they can’t afford to take leisurely trips to the mall. Competing retailers have already begun to shift their strategy for working moms, bringing the product to the consumer.
Grocers now deliver straight to your door, day-of-delivery from online distributors, online fashion advisors, subscription-based beauty kits, you name it. IKEA has implemented augmented reality in home furnishings so you can shop from the convenience of your own home. And pop up shops bring the experience straight to local communities.
Each of these companies is gaining market share in retail by catering to women. It is estimated that online sales of consumer products will increase by 350% to $36 billion in 2018 from $8 billion in 2013. Brick-and_Mortar sales will only increase by 3.6% in the same period. Will you be part of the 350% growth?