A recent study found that women control 73% of household spending for their families. But they rely on their spouses’ opinions in five major categories of spending, including purchases of some leisure products and services.
Women control the spending in the family, but advertisers don’t seem to notice.
Boston Consulting Group estimates that women control $4.3 trillion of the $5.9 trillion in U.S. consumer spending, or 73% of household purchases. But many women feel that brands don’t tailor their products or services to their needs. Other surveys seem to confirm these findings. For instance,the women’s insight and review blog She Speaks found that as many as 90% of advertisers don’t focus their advertising on women. Which begs the question: As the CMO of a travel brand should you be focusing more of your marketing dollars on women?
A study by Ad Age and JWT takes a deeper look at who influences a woman’s purchases.
In the white paper, The New Female Consumer: The Rise of the Real Mom, Ad Age and JWT explored the question of who makes the purchase decisions for a family in greater depth. They conducted a study of 970 working women and men across the country of varying age groups, and discovered something surprising: Women make most of the purchases for their families, but depending on the category of spending, their spouse or partner’s opinions can be more or less important to them then their own.
In 10 out of 15 spending categories, women trust their own opinions more than their spouses’.
For everything from personal care products to clothing and food to entertainment and buying furniture, a woman follows her own opinion more than her spouse’s. But when making decisions about large purchases like electronics, new cars, and where to go on vacation, women say they rely more on their husbands’ or partner’s opinions than their own. So if you’re a CMO marketing travel brands, remember this: women are asking their husbands where they want to go on vacation, but they are still making more of the travel purchases for their family. So don’t leave them out of your marketing campaigns.