It’s Not Just the Economy; It’s the SHEconomy!
Though often taken for granted, women absolutely drive the consumer economy; our contribution is even larger than the GDP of China and India combined.
According to a post on The Transatlanticist, women control roughly $20 trillion in annual consumer spending. It can be difficult to fully comprehend how small, micro spending decisions taking place among women possessing this level of financial power could be forged into macro change, including household dynamics, workplace equality, healthier communities, both local and global. But when you consider that women are “multipliers,” meaning we buy for ourselves, our children, partners, homes, elderly parents, and we’re often the purchasers of gifts for others, the pieces start to fall into place.
Women are responsible for between 70 and 80 percent (by some accounts, up to 85 percent) of all consumer purchases. And within the next few years, this number is expected to increase by up to 40 percent.
As we say around here, it’s not just the economy; it’s the SHEconomy!
But we see a broken equation; in return for our vital contributions to the health of the economy, we receive:
- Lower pay which, if things stay the same, most experts project will be a reality for another 100+ years
- Meager representation of women at corporate decision-making tables
- Women’s voices underrepresented in workplaces and product innovation processes
- Women as the first to get hit, and hit harder, in tumultous times (as we’ve seen as a result of the COVID pandemic)
- Women still performing the vast majority of unpaid work
- Nonprofits focused explicitly on serving women and girls receiving only 1.6% of all philanthropic dollars in the U.S. (of which women give 70-80%)
By now, we know that diversity and inclusion practices work wonders for companies’ bottoms lines. Progress has begun as businesses adapt to new imperatives. But we believe powerful women consumers can give the speed of this progress a healthy boost.
ElleRate believes that a reexamination of this broken equation is in order, one that enables women and our business and nonprofit champions to partner in making common sense commerce commonplace.
We’re here to make this easier (and downright enjoyable!) for us to do just that.
Thank you for joining us on this mission to elevate and help drive equality for women. Because when women win, everyone wins.