Time magazine: ‘The Rise of the Sheconomy,’ and why men, and women, should join Cincy CREW

'The Rise of the Sheconomy' - Time magazine 11.22.10, page one.

The Greater Cincinnati Chapter of Commercial Real Estate Women, dba CREW GC, is in the midst of a membership and sponsorship blitz, and there’s ample reason why professionals – men and women alike – should join.

The Nov. 22 edition of Time magazine states it best in a superb article by Belinda Luscombe, “The Rise of the Sheconomy: How Women Are Using Their Rapidly Increasing Spending Power to Impel Changes in the Way Companies Operate.”

The bullet points:

108 percent is the median income of single, childless women in their 20s, as a percentage of their male counterparts, in U.S. metropolitan areas;

$13 trillion is the estimated amount that women earned globally in 2009. By 2014, that number could reach $18 trillion;

9 out of 10 occupations predicted to add the most jobs in the next eight years are dominated by women;

51.3 percent of the private wealth in the U.S. is controlled by women.

'The Rise of the Sheconomy' - Time magazine 11.22.10, page 2.

Some tidbits:

“Everyone knows, or has long suspected, that the purse strings are held by women. It’s oft repeated that they make 85 percent of the buying decisions or are the chief purchasing officers of their households.

“The difference today – one that has enormous consequences across global economies – is that women are also the earners. In October 2009, the U.S. workforce became nearly half female:

– women held 49.9 percent of all nonfarm labor jobs, and

51.5 percent of high-paying management and professionals

…. according to the Bureau of Labor Statistics.

“This is not likely to be a blip.

“For every two guys who graduate from college or get a higher degree, three women do. This is almost the exact opposite of the graduation ratio that existed when the Baby Boomers entered college.”

'The Rise of the Sheconomy' - Time magazine 11.22.10, page 3.

A tad more:

“In Atlanta, women are at 121 percent of men’s pay; in NYC, 117 percent.

“These gains, mostly the product of education, may dissipate as these women have kids. Nevertheless, better pay for more women changes many things – including, most fundamentally, how much money they have.

“A recent Booz & Co. report called women “the Third Billion,” meaning that, globally, they are the next emerging economy.

“As these things often do, the changes start at home. A recent Pew study of 30-to-40 year-olds showed that when a husband is the primary or sole breadwinner, household spending decisions are divided equally. He makes about a third of the them, she makes a third, and they make a third jointly.

“But in the 22 percent of households studied in which the wife earned more, she made more than twice as many decisions as her husband about where the women would go. The more money women earn, the potentially more money they manage.

“To appeal to women, the changes in a product or service or even the way a company is run have to be more profound. ‘Women have a more comprehensive decision process,’ says Marti Barletta, author of three books about marketing to women.

“A guy, she suggests, is a targeted shopper. He will book the first hotel room he finds at his price point. For a woman, the secondary characterisitcs are key: the gym, the spa, the sustainability, the thread count.

Get the guy right and you’ve made a sale; get the woman right and you have a customer.”

'The Rise of the Sheconomy' - Time magazine 11.22.10 - page 4.

“Midas and Best Buy, after discovering that steering their business toward women is less like changing the oil and more like reinventing the lightbulb, transformed their relationships with their customers, letting them see more of the guys of the operation and weigh in on changes.

“If women can’t get a place in the corporate inner sanctum, then they’re just going to start running companies from the outside – where the money is.”

Next up for CREW GC: the Sponsorship Appreciation lunch on Dec. 7 at McCormick & Schmick’s, Downtown Cincy.

For more information, please visit http://www.CREWCincinnati.org.

[Full disclosure: I am a Board Member of CREW GC; husband to my sweet and loving wife; father of two beautiful daughters; son to an incredible mother; brother to three sassy, smart and sophisticated sisters; and son-in-law to an equally awesome mother-in-law.]

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