Why should Delaware Valley 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 Philadelphia 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 Delaware Valley 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 Delaware Valley are
- 10% more likely to buy a new house
- 13% more likely to buy a house/condo
- 14% more likely to move
- 19% more likely to buy furniture
- 26%% more likely to buy a mattress
- 28% more likely to buy a home security system
- 83% more likely to look for a new job
Furthermore, in the Delaware Valley:
- 93,308 single women will buy a major appliance
- 108,198 single women will hire a financial planner
- 205,029 single women will go back to school for a degree
- 230,296 single women will buy a car or truck
- 232,161 single women will hire a tax prep service
- 235,705 single women will look for a new job
- 249,256 single women will manage an IRA
- 373,981 single women will shop for hardware
- 1,116,907 single women eat in restaurants every month
Philadelphia 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 Delaware Valley Business Owners
- Advertising On Philadelphia Media: Best Options For Business Owners
- Marketing To Mothers In The Delaware Valley
- Political Advertising: How To Reach Likely Delaware Valley Voters
- Meet 5 Successful Small Business Owners Who Advertise on Philly Radio
- Bridal & Wedding Advertising: How To Engage Delaware Valley Brides