SHEconomy: It’s a term that Morgan Stanley coined in their recent study about the impact that single women are making on the economy. Our economy has seen a rise in working women recently, and now there is an expected 45 percent of women in the workforce between 25-44 to be single in the next decade.
That’s some interesting research. But what’s really grabbing some attention is what this reality means for the profit of many companies. Trust me, Starbucks will be grabbing their PSL’s to toast to this news.
The SHEconomic Breakthrough
You may be familiar with some statistics floating around that more and more couples are delaying marriages and plans to grow a family due to financial concerns and/or career development.
These are certainly factors in the breakthrough of our SHEconomy, along with more women getting degrees than ever before. These degrees are taking them to corporate America, and on exciting entrepreneurial adventures, while of course, still alongside those working women that are married with children. With more earning power than ever before, we are seeing women become the sole decision-makers when it comes to making purchases.
For those women wearing multiple hats, America has witnessed a massive influx of them becoming the breadwinners of their households. As of 2017, 41 percent of women were found to be the breadwinners of their homes, including single moms. It’s safe to say that single or not; women are playing a role in America’s economy like never before.
Bringing a Smile to These Brands
So which brands are welcoming a profit increase with the boom of our SHEconomy?
Apparel, food and beverage, and beauty brands will likely be seeing a positive impact. As for apparel, Lululemon Athletica is likely to see a rise. The Canadian athletic apparel retailer’s sales come from 70 percent women, although they do have a men's apparel line, as well.
Yet, Nike will be nipping at the heels of Lululemon, with their empowering “Dream Crazier” ad for women, student discount options for those even attending graduate school, and their outspoken support in U.S. Women’s Soccer team’s fight for equal pay through their ad, “Never Stop Winning.”
Outside of apparel, food and beverage brands that currently see a lot of female customers like Starbucks and Chipotle, are also likely to see a rise. Beauty brands, including Sephora and Ulta will keep their doors open for an influx of female consumers, too. These brands are increasingly marketing to women. Pair that with the hike in personal spending the U.S. economy experienced last month, you best believe that brands will continue to monopolize on positive shopping experiences for women.
It can be exciting to have so many options to choose from and to be a part of our booming SHEconomy! Just don’t let it hold you back from reaching the financial independence or prosperity that you’re after. There a few things that you can do to make sure that you’re still on the right track while enjoying the many consumer spending options that there are.
Remember to prioritize the things that you want to spend your money on. Maybe this year, you don't plan to make the most of out of those Labor Day or Black Friday sales. Instead, save for that vacation you've been wanting to go on with your friends.
But if you do plan on making the most out of those sales, be sure to look for coupons ahead of time and figure out where you’ll be getting the best deals. As for the companies that are reaping the rewards of the SHEconomic breakthrough, be sure to be on the lookout for their deals. These companies aren’t cheap to support but offer some decent deals to make sure that you’re getting as much for your money as possible. Sign up for the rewards points and check out articles like this one for tips on how to save while you shop!
Philadelphia native and Penn State alumna, Kate Hynson, always had a flair for marketing. During her college years, Kate took on several brand ambassador roles and even a President role for the Penn State CHAARG chapter, which held over 275 members. Her ability to command a room and deliver a clear message aligned perfectly with the myWorth mission as we aim to provide clear financial guidance to women on a mission. Through myWorth, Kate has been able to help women feel empowered by fearlessly owning their finances.