November 29, 2024

The Power Of Your Purse: Using Your Economic Force To Support Women

29 minutes

Women are responsible for over 85% of consumer spending. Not only do we buy for ourselves, but we purchase for everyone else in the house! (Don’t get us started on the burden that represents). Why not consider using your economic power to support businesses that are owned by WOMEN!

SHOW NOTES

Globally, women control about $20 trillion in annual consumer spending, and that figure could climb as high as $28 trillion in the next five years. These numbers amount to women controlling and/or influencing 85% of all consumer spending. Wow - that’s a lot of votes with our economic dollars. We buy for ourselves, our families, including children and spouses and so many of the people we care for. And yes, women find the shopping experience unsatisfactory and in many cases shopping experiences are foolishly geared to men. Ladies, let’s leverage our economic voting power for women owned businesses.

The number of new women owned businesses is outpacing the number of businesses owned by men. In 2021, women owned about 25% of all businesses in the US and by 2023, that number had reached 39%. While women owned 39% of business in 2023, we employed about 9% of the employees and about 5% of all revenues. Just under 40,000 women owned businesses employ 50 or more people. This is all to say there are lots of small women owned businesses out there.

Women owned businesses face particular challenges - such as lack of access to capital - but the impacts of women owned businesses are significant, and that incongruity does not make sense. So let’s use our dollars to support the business making the most difference. Women tend to start businesses to make a difference rather than just to make money; and women owned businesses are more likely to support their communities.

Turn Black Friday into a political act and shop women owned.