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The Rise of Female Consumer Power - I Am Woman, Hear Me Shop!

Rising female consumer power is changing the way companies design, make, and market products -- and it's about more than adding pastels?

Who's the apple of marketers' eye? It's not free-spending teens or men 25-50. It's women, thanks to their one-two punch of purchasing power and decision-making authority. Working women ages of 24-54 -- of whom the U.S. has some 55 million -- have emerged as a potent force in the marketplace, changing the way companies design, position, and sell their products

Women earn less money than their counterparts -- 78 cents for every dollar a man gets. But they make more than 80% of buying decisions in all homes. And women shop differently from the way men do: Females research more extensively and are less likely to be influenced by ads. "Today's woman is the chief purchasing agent of the family and marketers have to recognize that," says Michael Silverstein, principal at Boston Consulting Group and author of Trading Up: The New American Luxury.

SOARING INCOMES. Smart companies already have. Product manufacturers are paying more attention to style and form, and marketers are shifting away from TV ads in favor of promotional efforts in venues women trust: reviews in women's magazines and spots on TV shows like Oprah and Extreme Makeover: Home Edition. "Pinched for time and skeptical, these women are forcing marketers to look at more ways than ever when pitching a product," says Kelley Skoloda, director of global brand marketing practice at Ketchum, a communications firm that assists companies on marketing strategies.

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