Femnomics: The Stats That Prove That Women Have More Power Than You Think
Who run the world? You, because women are making more and more of an impact in society, and here are the effects.
The year that passed saw some pretty powerful moments for the fairer sex. In 2017, the global Women’s March had the world watching as people all over marched in solidarity about women’s rights and civil liberties. Time magazine, which once featured Trump as their Person Of The Year, had five “Silence Breakers” grace their December 18 issue in 2017. Among the names were celebrities Taylor Swift and Ashley Judd, engineer Susan Fowler and lobbyist Adama Iwu.
And of course Queen Bey made waves; in 2017 when Forbes released its Celebrity 100 list, she was crowned the most influential person on the planet. But perhaps you weren’t aware of just how powerful you are in today’s society. Did you know that we, as women, are responsible for 85 per cent of global consumer purchases, with even more power in other decision-making matters? Well, here’s to heralding a new era of girl power.
THE AGE OF FEM-NOMICS
When it comes to money, the purchasing power of women is being called a global tidal wave, encapsulated in catchy buzzwords like ‘SHEconomy’ and ‘Womenomics’. Our status as the decision-maker (and our love of brand new shiny things) has made us an economic powerhouse, accounting for US$20 trillion of global spend. In fact, a report done by Ernst & Young showed that we’re expected to control three-quarters of the world’s discretionary spending once we hit 2028. Translation? We’ve ever been more of a force to be reckoned with.
More than ever before, we’re flexing our credit-card-swiping-muscle at the cash register for typically male-dominated areas, too. We are purchasing 50 per cent more in tech departments and car dealerships. With women now influencing 75 per cent of all home purchases and purchasing decisions, executive business director of advertising giant Ogilvy, Leigh Bignell, says auto companies have woken up to the fact women play a major role when it comes to buying cars. “In fact, many car companies now know the key is to get the woman onside first in the car yard because she is the decision maker,” says Bignell.
“Not only are women buying cars for themselves, they’ll often make the call when it comes to the family car.” Long gone are we the sex kitten used to sell cars, we are now the target audience. This dynamic is now the norm for many companies selling ‘dude products’, who have realised it’s girls buying goods for their boyfriends, brothers, fathers and husbands. Women are no longer just the fashion trendsetters, they are now the agenda-setters and jetsetters.