Why should a New England small business owners take note of this demographic? A study by investment bank Morgan Stanley finds 41% of working-age women are single. That number is expected to increase to 45% over the next ten years.
The study, called 'Growth of the SHEconomy', indicates that single women outspend the average household in many retail categories. Remarkably, says, Erica Sweeney of MarketingDive, "Women purchase more than half of products traditionally considered 'male' including autos, home improvement products, and consumer electronics."
To claim a share of the SHEconomy, business owners should consider advertising on Boston radio stations. The medium consistently reaches more single women than all other options including, local TV, newspapers, social media sites like Facebook and Instagram, or streaming sites like Pandora and Spotify.
If New England small business owners are not focusing a portion of their advertising and marketing budgets on the local SHEconomy, then here is what is being missed.
According to Nielsen, compared to the general population, single women in the Boston area are
- 13% more likely to buy a mattress
- 15% more likely to buy furniture
- 16% more likely to shop for apparel
- 19% more likely to move
- 20% more likely to look for a new job
- 20% more likely to buy a restaurant meal
- 21% more likely to buy furniture
- 48% more likely to go back to school for a degree/certification
Furthermore, in the Boston area:
- 333,431 single women will use a tax preparation service
- 141,577 single women will use a financial planner
- 118,116 single women will buy a car or truck
- 91,630 will buy a smartphone
- 82,927 single women will buy paint or wall coverings
- 86,866 will hire an attorney
- 66,779 single women will buy a computer
Boston area business owners who ignore this rapidly expanding demographic do so at their own peril.
In Adweek, Jess Lloyd writes, "It's time to ditch the isolating single women stereotypes and expand marketing efforts to include them."
"This new generation of smart, independent women," she says, "is continuing to grow in size and value. Brands who underestimate their buying power are leaving money on the table to the tune of $3 trillion in annual consumer spending."
"No matter your brand or category, it’s past time to retire the idea that single women are incomplete people. Let’s portray these women accurately, create experiences that recognize single people as consumers and prepare brands for the demographic riptide."
More Great Advice For New England Business Owners
- Where Will Boston Consumers Do Their Holiday Shopping This Year?
- What Is The Best Way To Advertise In Boston?
- How Newspaper Advertising In Boston Compares To Local Radio
- New England Small Business Can Advertise For Free On Boston Radio