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Are women the unsung heroes of economic growth?

by Beauty Expert Rachel Lee 10 Aug 2023


Forget about major economies like China and India or even the vast expanse of the internet; if there's one force driving the economic growth worldwide, it's women. An eye-opening revelation by The Economist underscores the profound importance of gender in global commerce.


Here are some staggering stats that might surprise you:

Furniture and interior products: Women account for a whopping 94% of purchases.
Vacation products: Ladies lead the way with 92%.
Housing: A significant 91% is influenced by female decisions.
Appliances: Women are at the forefront with 51%.
Automobiles: Women make up 68% of buyers, but their influence in the purchase decision is a staggering 90%.
Overall, women dominate 83% of all consumer purchases in the U.S. Whether it's banking (89%), home investments (67%), initiating small businesses (70%), healthcare decisions (80%), or even philanthropy (a massive 156% more than men), women are at the epicenter.
In essence, women don't just buy a lot - they buy everything. This idea has been eloquently captured in the term "Womanomics."

Here's the Big Picture:

Women are the #1 consumers.
Women stand as the #1 commercial buyer.
There are many arguments for increasing the representation of women in senior executive roles. Social justice is undoubtedly a prominent one, and countless studies demonstrate that women often outshine as leaders. However, from a sheer market perception and profitability perspective, achieving a true gender balance at leadership levels — or even a tilt towards female dominance — aligns perfectly with the current market dynamics.

Several studies have pointed out the misunderstandings men often have about the female market, ranging from design nuances to marketing strategies. Admittedly, it's amusing to see the reactions when I mention in a talk that men (barring a few exceptions) generally struggle to design keeping women's preferences in mind.

As a female entrepreneur selling hair clips, I feel my gender gives me a unique edge, and I start every day with confidence. For all the budding entrepreneurs out there, particularly in the U.S., I hope this data empowers you. And for those shopping for hair barrettes, know that understanding and serving the female market is at the heart of our brand.

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