In Business / August 2007
Women – Target Market Of The Future
Finally, women are being recognized as the mega consumers they are. The new hot target market is women!
Women who are between the ages of 25 and 70 will be the ultimate consumers of the future. We (women) have known this all along, but businesses are just now catching on to this trend. Trendsights.com has recently confirmed that women make 80-85% of all buying decisions for the family. This new target market – women - is 55 million strong!
An interesting statistic – women purchase 81% of all riding lawn mowers. Hard to imagine?
Healthcare marketers have long known that women make at least 80% of the healthcare decisions, not to mention 93% of all the over-the-counter pharmaceuticals or healthcare products.
A further breakdown of the vastness of a woman’s purchasing power reveals women purchase, on the average, 94% of home furnishings, 93% of food, 91% of new homes, 89% of bank accounts, make 92% of vacations decisions, and 85% of all auto purchase decisions. Toyota has recently taken the lead in new car sales. Their leading car is the Toyota Camry. Who buys and drives Toyota Camrys? You guessed it -- women. Women’s main purchasing criteria for a vehicle is “reliability”. There may be other criteria like color, gas mileage, room for children, etc, but the first one is reliability. Toyota markets its “reliability”.
In the home and in business, the trend in women’s purchasing power continues. Women are starting businesses everyday. Women entrepreneurs have started 70% of all new US businesses in the last decade. Women Presidents and CEOs own over 40% of all business in America. These firms are generating $2.5 trillion in sales and employ 19.1 million people nationwide. Women are making major purchasing decision on home office supplies, communication devices, and new information technology. To be more specific, women are the purchase decision makers for 66% of all PCs and 57% consumer electronics.
According to Marti Barlett’s new book PrimeTime Women, “Boomer women are currently in PrimeTime ‘(a name she coined)’ and are the healthiest, wealthiest, most active, educated and engaged generation of women in history”. Take a moment and think about yourself and then think about all of today’s women in future years.
So, what does this mean and how does this change the dynamics of consumerism?
Well, as the new trends become apparent, you will begin to see a new type of advertising that is targeted to “women”. Those businesses that discover that their major customer “target market” is female, will begin to cater and listen to the wants and needs of women in America. (Statistical Information from TrendSight.com)
Copyright © 2007 A Woman's View. All rights reserved.
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