Women Control Spending Power in America

AUTHOR:

Chris Stone


Nielsen findings consistent with data on $2 trillion Faith Driven Consumer segment

Grocery stores, mass retailers, and drug stores – these are a few store types that women disproportionately control in terms of spending power in America.  

New data released by Nielsen in April 2013 show that women have vast spending power – ranging from $5 trillion to $15 trillion annually. The report indicates that in the next decade, women as a demographic will control two-thirds of the consumer wealth in the U.S. and will continue to grow to unprecedented levels as a segment. 

The study also finds that women are also likely to influence big purchases – homes, autos, appliances, furniture – as well as consumer goods and everyday purchases. In the mass merchandiser and dollar store channels, women hold a 72 percent share of the shopping trips compared to a 28 percent share for men.

Share   of Retail Shopping Trips (2012; % of Respondents)
Store   Type %   Female Shoppers %   Male Shoppers
Dollar

72%

28%

Mass

72

28

Supers

69

31

Drug

68

32

Grocery

63

37

WHC

61

39

Conv/Gas

43

57

Source:   Nielsen, April 2013

These data show the importance for brands to resonate with women in order to win the demographic and gain market share over competitors. And the Nielsen findings are consistent with primary research conducted by Faith Driven Consumer, which found that 66 percent of Faith Driven Consumers are women.

With a purchasing power of $2 trillion, 41 million Americans – 17 percent of the U.S. adult population – are defined as “faith-driven” in their consumer spending habits. And two-thirds of these Faith Driven Consumers are women – equating to 27.3 million Americans. They hold the purse strings in their families and control tremendous spending power.

Retailers should know that female Faith Driven Consumers make their purchasing decisions based on a biblical worldview and actively seek faith-compatible brands that will welcome them into the rainbow of market segmentation diversity.  In fact, Faith Driven Consumers are willing to pay a premium with retailers that respect them and their Christian values and beliefs.

While the Nielsen report highlights the importance of delivering women-focused advertising and marketing messages, our research also shows that resonant messaging that specifically welcomes  female Faith Driven Consumers motivates the desired response.  

Brands that take active steps to employ messaging that resonates with the values of the one-out-of-every-six American adults who are Faith Driven Consumers – particularly the female demographic within this segment – will be rewarded with an affinity-driven loyalty that will reap long-term dividends.

Like the female demographic studied by Nielsen, the largely untapped, newly emerging and economically powerful Faith Driven Consumer segment is here to stay.  Faith-compatible brands that respectfully and effectively reach out to women – specifically Faith Driven Consumers – can gain a huge advantage over their competition.



Be the first to comment

Please check your e-mail for a link to activate your account.