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Myths about Women and Money (Part I)

Myth #1: Women Spend More Money than Men

Do women spend more money then men?

If you said yes, you are not alone!

  • In a study of 300 articles, researchers found that women were defined as “excessive spenders” across 65% of the articles aimed at them. The consensus was that when women shop, it’s frivolous, but when men spend money on big purchases, they’re ‘investments’.
  • 74.9% of women identified themselves as the primary shoppers for their households*

This myth is actually true. The part I am debunking is the negative connotation that comes along with spending. Women generally run their households and make the purchases for their households. If there is spending to be done, we are the ones to do it! Women make up more than half of the U.S. population, and control or influence 85% of consumer spending. (Source, Forbes 2019)

Since shopping online is now the norm, the Amazon Prime van visits my house multiple times a week. All my husband, Joe, sees are piles of boxes. His imagination runs wild with what can be in them: new clothes for me and the kids, décor for the house and more. The reality is that those boxes are holding toilet paper, dishwasher detergent and sippy cups.

The purchases women make drive our economy. Millennial women represent $170 million in spending power.** Women can also hold the keys to a brand or product’s success. Millennial women are price conscious and purpose driven consumers: 88% say customer ratings influence their purchase decisions, 57% say a brand’s values influence their purchase decisions** 

The purchasing power of women in the U.S. ranges from $5 trillion to $15 trillion annually. (Source: Nielsen Consumer, 2013)

If you’re not sure how you feel about money, take our quiz about being Money CHIC.

Fact: Women Spend More than Men!!!

 

*GFK MRI, Survey of the American Consumer, 2011
**Merkle: Why Millennial Women Buy

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