The female factor: buying power of the affluent woman
By Franco Devivo
Retirement Income Network
How many times have you met with a client and everything goes great. He loves the pitch, the product and is ready to go. But then he says, "I need to run it by my wife."
Ouch. Let's take a look at the facts below and re-think who were are pitching.
One huge, affluent segment wields more spending clout than any other: baby boomer women. Born between 1946 and 1964, these women represent a portion of the buying public no marketer can afford to ignore. With successful careers, investments made during the boom years, and inheritances from parents or husbands, they are more financially empowered than any previous generation of women.
The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68 percent, while the number of men grew only 36 percent.
In many cases, women are the primary breadwinners in affluent households: 67 percent of affluent women work, and many are at the executive level or own their own companies. Regardless of who earns the most, though, women actively control the money in a majority of affluent households, even among a generation of women who left this to their husbands in the past.
Today, 80 percent of affluent boomer women control their family's day-to-day finances. And regardless of whether she earns a majority of her household's income or not, remember: the affluent woman is your target customer. The primary wage earner isn't critical to your marketing plan; the one who makes the majority of buying decisions for the household is.
With the digital boom occurring in the insurance and financial fields, let's dare not forget that affluent working women with family incomes of $75,000 or more are growing in number, and 94.3 percent access the Internet during an average month. About half are now considered heavy users of the Internet.
Why in the world would you not want the wife to be a part of the meeting? All too often I hear, “I met with the husband..."
Folks, we all know who makes the decisions in the household. Good hunting.