Marketing to women

February 2009  |  Posted by: Carolyn Pikoulas

A 2007 study by the National Association of Realtors revealed that female first-time homebuyers have outnumbered men two to one. In fact, 22% of all home purchases have been made by single women. A whopping 60% of purchases made by women are detached, single-family homes. There are many causes to this trend including education, higher salaries, delayed marriage, higher divorce rates and widowhood. Additionally, women between the ages of 50 and 70 are now the largest and wealthiest consumer segment. What does all this mean for realtors and builders? Well, for one thing, they must not underestimate the power of marketing to women.

Consumer spending accounts for two-thirds of the U.S. economy, and women make up 80 percent of all consumer buying decisions. And no, it's not because we women "like to shop." It's because women are starting to out-earn their male counterparts in both education and career. Another advantage is our instinctive organizational skills. We're able to save more for a down payment and keep bills paid on time to protect that crucial credit score. When it comes to maintaining a home, women inherently become financial advisors, inventory supervisors and project managers. A 2005 study has revealed that women are the primary decision-makers in 91% of new home purchases. Other big purchases like cars and technology, are also being bought primarily by women.

Generally speaking, women are also more likely to "do their homework" and research big ticket items thoroughly before making a buying decision. Women want to feel secure before taking the plunge, especially with a first-time major purchase. So, we'll spend hours surfing the web to become extra prepared and avoid that feeling of mistrust (like when dealing with the typical car salesman).

Many real estate marketers have taken advantage of this trend in a variety of ways. For instance, home builders in Minnesota have started to label their floor plans with words like "drop zone" in the entryway, "storage," and "entertaining area." Others offer special features such as a "work-in" pantry with outlets and counter space for appliances, and a master bath cabinet that has a drawer with metal bins for storing a hairdryer or curling iron. They also hold "Women-Centric" events including cooking demonstrations, spa nights, or faux-painting classes. Local newspapers, magazines and websites have posted articles about the builders and their new homes, bringing even more traffic to their businesses.

QUICK FACTS

• The average female consumer builds an emotional connection to almost every product that is purchased.
• The female Baby Boomer Generation has more money, leisure time and technology than any other generation in history. They can easily stay in touch with family and friends, thanks to Wi-Fi, e-mail and cell phones.
• The number of wealthy women investors in the U.S. is growing at a faster rate than that of men. In a two-year period, the number of wealthy women in the U.S. grew 68%, while the number of men grew only 36%.
• Affluent working women with family incomes of $75,000 or more are growing in number, and 94% access the Internet during an average month. About half are considered heavy users of the Internet, while the use of radio, television, newspapers and direct mail has declined within this group.
• 54% of females in the U.S. are mothers; 55% of mothers with infants are in the workforce; 75% of mothers with school-age children are in the workforce.
• 70% of new businesses are started by women.
• Nearly 50% of women say they want more green choices, and 37% are more likely to pay attention to brands that are committed to environmental causes.
• 57% of women gardened within the last year.
• The percentage of women who had an undergraduate or graduate degree increased from 28% to 41%, over 10 years.

ONLINE STATISTICS
Women represent the majority of the online market:

• 22% shop online at least once a day
• 92% pass along information about deals to others
• 171: average number of contacts in their e-mail or mobile lists
• 58% would drop TV if they had to get rid of one digital service (only 11% would ditch their internet)

Source: http://she-conomy.com/report/facts-on-women/

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