The key to improving the economy? Marketing to women

It’s been a summer for girls, at least from an economic standpoint. Content that attracted a majority female audience dominated the box office and live event space:

• Greta Gerwig barbie won more $1.28 billion at the box office since its release in July
• that of Beyoncé Renaissance the tour has impacted inflation rates in the UK and Sweden and is expected to bring in over 2 billion dollarshighest generated by a female act
• Taylor Swift eras the tour has already grossed $1 billion and is expected to help circulate 5 billion dollars throughout the global economy

Major publications have attributed this renaissance (pun intended) in female consumer spending to being influenced by changing post-pandemic habits, but in reality it has been more than a decade in the making.

From an economic point of view…

Women have held great economic power for years, they just spent their money differently. It has been widely reported that for women with children, approximately 90% of their income goes to their family. A staggering statistic compared to their male counterparts, who typically spend 30-40% of their income on their family.

According to Wall Street JournalMajor demographic changes are impacting how women now spend their money, including:

• More women are choosing to have children later in life, if at all
• Higher labor market participation and wage increases compared to the previous decade
• Evolution of gender roles within the household

In other words, women have more money and more freedom than ever in how they spend it, and the female public is spending on goods and experiences that align with their personal interests.

Women-centric marketing

It’s no wonder that Barbie, Beyoncé and Taylor Swift have been so successful: all three have used women-centric marketing effectively.

Before the public even knew that barbie The film’s plot was about examining the patriarchy, the marketing was clearly geared towards a female audience. Viewers were attracted by the many cross-collaborations with their favorite brands, an eye-catching message theme song It was trending on TikTok for most of the summer and pure nostalgia for their own childhoods.

Beyoncé and Taylor Swift, arguably two of the most popular musicians on the planet with extensive musical catalogs focused on female empowerment, have used social media to rally their predominantly female audiences around their subsequent tours.

Not only have they had some of the most profitable tours in the world historybut their audiences have also swelled millions of dollars into local economies at each stop. After all, fans don’t just spend money on tickets. They also pay for accommodation for the trip (often sparkling) clothing and other goods and services to enhance their concert experience. It’s hard to ignore the economic domino effect across all sectors.

It’s not just about entertainment, women’s sport also had a record year:

• The first half of this year’s WNBA season played out save viewers and sponsorships
• The FIFA Women’s World Cup also attracted record numbers of viewers around the world. world

The key takeaway for marketers is not to go all-in on toy-related content or promote pink glitter products. That’s because when customer groups feel seen, heard and understood, they show up in important ways. Barbie, Beyoncé and Taylor showed us that it’s always a victory when you succeed.