The 51% Minority: Women's Buying Power
Who is the 51% minority that accounts for 85% of all consumer purchases? Women.
Women purchase more than 51% of all new cars and influence the purchase decision of 85% of all new cars sold in the U.S., yet shopping for a new car still remains a unpleasant experience for many women.
The advent of the internet has enabled women to find the resources and information they need to take charge of their own finances and buying decisions, and give voice to their needs and preferences.
In today's competitive auto industry, dealership owners and employees can no longer afford to ignore the need to create a safe comfortable experience for the woman car buyer. If anything, they should cater to women, win their trust or risk losing market share to competitors who do recognize the huge opportunity to grow their business with these loyal customers.
Here are some facts on the purchasing power of women:
Women account for 85% of all consumer purchases
including everything from autos to health care:
91% of New Homes
65% New Cars
89% Bank Accounts
93 % OTC Pharmaceuticals
American women spend about $5 trillion annually...
Over half the U.S. GDP
Women represent the majority of the online market.
Women process information and make purchasing
decisions differently than men:
59% of women feel misunderstood by food marketers
66% misunderstood by health care marketers
74% misunderstood by automotive marketers
84% misunderstood by investment marketers
91% of women in one survey said that advertisers donât
70% of new businesses are started by women
According to a recent CarMax survey of nearly 10,000 women, the car-buying experience for women continues to not measure up to a good experience for many.
Women are relationship buyers and trust is a major factor for them.
Women will pay up to 28% more for a product if she likes and trusts the salesperson.
So what can you do about it? Tell your dealers to become Female Friendly and check out our Ask Patty Female Friendly dealer search tool to find those dealers near you that are doing something different!