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Considering women make up 51 percent of the U.S. population, female consumer trends have a strong influence on the economy. Collectively they make up a sizable growth market that can’t be ignored.
Women are increasingly invested in the quality of the items they buy and how well they fit their lifestyle. Since they’re more likely to shoulder the responsibility for things like household purchases, grocery shopping and meal preparation, convenience is a high priority in women’s spending habits and something they seek out in their everyday lives.
Businesses that fail to understand the unique characteristics of female consumers are ultimately losing out on a valuable market. Greater effort will be required to keep up with the evolving consumer landscape that is driven largely by women. By analyzing the statistics associated with women’s spending habits, we can gain insight into their preferences, values and thought processes when it comes to what and how they buy. Read on to learn more.
Note: We reference the most updated data available, but sometimes that information is from several years ago—check each individual source for specifics.
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The impact of female consumerism in the U.S. is hard to understate, as they make the majority of all consumer purchases. This could be attributed to the fact that women often buy not only for themselves but also for their families and children.
With women leading the majority of household purchases, retailers could benefit from focusing on how they can best serve the vast number of female consumers who stimulate their sales year after year.
There are often notable differences between the minds of men and women, including what motivates them when it comes to their spending habits. While neither gender can be placed in a box and a broad range of characteristics exist for each, there are general patterns that can shed light on their financial lives and choices.
The answer to the question “Do women shop more than men?” is a bit complex. Women are often far more selective in their purchases than men and are willing to spend the time necessary to find products that fit their needs and requirements. While men are usually more straightforward and goal-oriented in their shopping, women are more detail-oriented, paying attention to the quality of an item before purchasing. The majority of men prefer to get in and get out of a store as quickly as possible, while women generally enjoy the shopping process as a whole.
Female buying behaviors indicate that they want a risk-free and convenient shopping experience, which goes hand in hand with their desire for their purchases to enhance their lifestyles. They frequently prioritize ensuring that their purchases check every box and fulfill their needs, and usually spend more time than men making sure of this before spending any money.
While the digital shopping landscape continues to grow more robust and popular with each passing year, women are still making more in-store purchases than they are online. However, even though women consumers are more inclined to spend more in-store, they aren’t as inclined to visit a store in person unless they have a specific purchase in mind. Retailers can capture this opportunity by making sure they’re offering the exact products women are specifically searching for when they visit a store.
With data pointing to women as most often responsible for the majority of grocery shopping and meal preparation, the food industry represents a significant opportunity for companies to find ways to connect with their female consumers.
Women also spend significant amounts on beauty products, clothes and travel. With clothing ranking as a top spending category among women, the continued evolution of the retail world represents a chance to lean further into the habits of women consumers.
Women have historically spent a considerable amount on personal care, cosmetics and skin care, and it’s no different today. While makeup and beauty products aren’t a part of every woman’s routine, almost everyone uses some type of skin care product—even if it’s just sunscreen or hand lotion. This sheds some light on the astonishing size and increasing growth of the skin care market, particularly among women.
While older consumers used to lead the demand for products in these industries, an increasing number of younger women now play a significant part. This could explain the shift in the market, indicating women’s increasing desire for more natural and organic products, which continues to go up as consumers become more knowledgeable about toxic ingredients in their products and factors like sun damage. Cosmetics and skin care brands that recognize these emerging values among their consumers will outgrow those that don’t.
Data shows that women do the majority of household spending, grocery shopping and meal preparation. With women generally spending more time on household duties than men, it’s no surprise that much of their spending is allocated to these categories.
Clothes have always been a large category of spend among women. The market value for women’s retail is expected to rise to around $394 billion by 2025, and retailers are becoming more aware of what women want in their clothing. They value versatility and functionality without sacrificing function and utilize their fashion choices as a source of empowerment and confidence.
Growth in the retail industry among women could be due to the fact that economically empowered female consumers who maintain the majority of control of spending in American homes have more purchasing power, much of which continues to be allocated toward clothes.
Digital trends are also impacting women’s shopping habits, and almost three-quarters of women now shop online. Women are increasingly utilizing social media platforms for fashion discovery, product inspiration and finding authentic reviews from their peers online.
Diversity and inclusion factors have a larger impact than ever on women’s shopping decisions and expectations. With diversity and inclusivity growing increasingly important in the world of retail and beyond, women consumers expect brands to evolve with the cultures they serve. Among women today there is more scrutiny of brands’ and retailers’ values, hiring practices, product-to-market placements and ability to truly listen to their customers.
Women, like all people, are driven by their values and habits, so understanding what’s important to them, what their day-to-day lives look like and what makes them unique is crucial in fostering a true connection that might influence purchasing behavior.
Women who are active in their own financial planning are less stressed on average than those who avoid it. There are many ways to prioritize financial success such as committing to your retirement savings, learning investment strategies and managing your personal credit and debt.
Managing credit card debt or poor credit is an important starting point on the road to financial success. Taking responsibility for debt or bad credit will help you secure a more prosperous financial future, and utilizing the help of a credit repair team could help you manage the process. If you are a woman moving toward financial independence, know that it’s never too late to take steps toward a brighter financial future.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
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