The numbers have been coming in steadily over the past few years, and there is no way to deny anymore that women are taking greater control of the U.S. economy (and much of the global economy) and doing it quietly and quickly.
For example, back in 2008, U.S. News and World Report released data telling us that women controlled 60% of the wealth in the United States. That figure was estimated to be approximately $10-$12 trillion. At the same time, U.S. News and World Report projected that women will control $22 trillion of all wealth in the United states by 2020. That’s just a decade away!
Considering data released in 2009 by The Nielsen Company revealed almost all income growth in the United States over the past 15-20 years came from women, that U.S. News and World Report projection shouldn’t be very shocking. The Small Business Administration has reported in recent years that women-owned businesses are far outpacing all other businesses in terms of growth. The bottom-line is that women are making their presence in the economy better known.
I’m a marketer by profession, and as a marketer, I’ve seen statistics and research reports for years telling us that women control the vast majority of <em>all</em> purchase decisions. Combine that decision-making power with the growing influence of women on the business side of the economy, and the stage is set for an interesting 10-20 years in front of us.
Already, we’re seeing advertisements shift tones to speak directly to women (albeit with a long path ahead of them before they actually speak to women in the <em>right</em> ways) and financial institutions are creating more and more products targeted directly to the female population. With President Obama’s recent signing of legislation related to fair and equal pay for women, the focus is pointed squarely at women who appear to be holding the future in their hands.
It’s an exciting time to be a woman, and an even more interesting time to be a woman in business! Let’s hope the changing landscape continues in a positive manner for all.