In today’s world, we are inundated with advertising on the benefit – the necessity – of staying “young,” whatever that means. We are also treated to story after story of the power of the patriarchy, whether the story in question approves or deplores that power.
But what if both those ideas are missing the reality of today?
The U.S. population over age 64 has experienced the greatest increase in wealth and income over the past decade, and is responsible for a significant – and growing – percentage of U.S. discretionary spending.
There is further good news: more and more “retirees” are not actually retiring from economic life – they are extending their careers as consultants and entrepreneurs. People over 60 are striking out on their own and finding new creative ways to live and work – many of them are doing so with the help of cutting-edge technologies, products and services that they have chosen to use to extend their healthy lives. Many of these technologies, products and services were in fact invented and brought to market by these very same consumers.
Even more surprising, perhaps, is the fact that women hold ~60% of the nation’s personal wealth, and exercise enormous control over their household’s purchases – ~85% of all consumer spending decisions are made by women – the world’s most powerful consumers.
Women are more and more informed consumers, as well – they tend to make fewer large purchases on impulse than men do, and are more likely to do their homework first.
Women account for:
• 91% of new home purchase decisions,
• 80% of new home improvement projects,
• 80% of luxury automobile purchases – and are likelier than men to purchase new vehicles,
• 80% of healthcare decisions,
• 93% of food-related decisions,
• 92% of vacation-based spending, and
• 89% of financial services decisions
Female purchasing power is massive, and many entrepreneurs ignore or take it for granted at their peril. Apple made a huge mistake in developing the 1st version of their health app by not incorporating the one health cycle that many women track – menstruation.
In the tech blog The Verge, Arielle Duhaime-Ross wrote, “In short, if you are a human who menstruates and owns an iPhone, you’re shit out of luck.”
In later versions of their health app, Apple remedied this omission – but how on earth did they miss this significant female market, and what would matter to women, in the first place?
The future is silver, and it’s female – is your business positioned to take advantage of this?
What innovative ways have you found to market to the largest consumer purchasing group in the U.S.? You certainly don’t want to make the same mistake that Apple made.
Please click here to email me directly – I would love to know more about your experiences in marketing to women.
Until next Wednesday – have a great week!